Ethics in Modern Business Management - Essay Example

Ethics in Management Modern business management requires to hold on numerous challenges with respect to various functions existing in both micro and macro environment. The business environment demands to keep an eye on the way organizations are trying to retrieve the key information about the other organizations'. The recent business trends with respect to the lack of maintaining Integrity of information sharing between the competitors has raised to alarm levels. The organizations are trying to use un lawful ways to intrude into the details of the key features of the products and services of its competitor.

The business entities are now highlighting the social responsibility acts to elevate their social status as a brand. The regulatory authorities are also making the laws more stringent to accommodate global acceptability of firm. Thus organizations are indirectly provoked to participate in eco-friendly initiatives. The organizations, keeping in view of recent debacles with the companies like Aurthur Anderson and enron started focusing on the building up the ethical standards internally with the help of legal authorities.

Sarbanes-Oxley is the most vital tool formulated to monitor the transparency and accountability of organizations in the US. The standards formulated are clubbed with the stringent sanctions, criminal and civil laws. The organizations were made mandatory to disclose the key driving management classifications in the organizations. The minor and major process concerns are to be highlighted to the public through the regular release of financial statements. The audit and key decision making responsibilities were levied on the CEO and CFOs of the organizations.

These management processes were now more legally authenticated with respect to macro and micro business environments.Federal Sentencing Guidelines for Organizations: US federal laws & judges have formulated regulations under which the small (SMEs) and medium scale organizations are monitored with respect to the crime activities carried by the individuals in an organization. FSGO is an apex organization established to monitor, and channelize defendants' of organizations' in the US. The organization encourages, develops, monitors and participates in implementation of programs to enable transparency in the management with respect to the ill lawful acts.

The FSGO formulated seven unique steps to regulate illegal activities in the organizations. FSGO discovered that the even big organizations with effective ethics and compliance committees have reported crime in their organizations'. FSGO raised their concerns with respect to the SMEs and medium scale organizations as they are not equipped with the resources to identify and rectify crime and ill lawful acts in their organizations. FSGO has drawn clear guidelines to put a check on the crime rate in the organizations by implementing stringent penalties' on the parties involved in the acts.

Reference:Federal sentencing guidelines, Ethical resource center, http://www.ethics.org/erc-publications/federal-sentencing-guidelines.aspThe business forum online, the emerging company and the SEC: The Significance of Sarbanes-oxley Act, 2002, Thomas A. Faulhaber / The Business Forum Onlinehttp://www.businessforum.com/SEC01.htmlThe ethics of competitive intelligence, Tuck school of business,2005, http://mba.tuck.dartmouth.edu/pdf/2005-1-0095.pdf Ethical issues in business, tutor2u, http://tutor2u.

net/business/strategy/business-ethics-issues.htmlCode of ethics and business conduct, of the Swiss Association of trust companies, April 2008, http://www.satc.ch/Images/SATC%20Code%20of%20Ethics%20and%20Business%20Conduct.pdfOCEG, Big picture, http://www.oceg.org/view/BigPictureBusiness roundtable institute for corporate ethics , Shaping tomorrow's business leaders, 2007, http://www.ethicsworld.org/ethicsandemployees/PDF%20links/MBA%20principles.pdf