Ethics, Corporate Responsibility, Criminal Law, and Torts

Ethics, Corporate Responsibility, Criminal Law, and Torts

Introduction

Importance of ethics in businesses

With the increasing number of businesses at all levels, the competition has increased all over the world which has given rise to the frauds and other unethical behaviors. Especially in America, the business markets have suffered as compared to pervious years due to increased competitions.

The increments in frauds and unethical behaviors have given rise to the concept of corporate ethics and it is more deeply embedded in the minds of public.

Corporate ethics is basically applied ethics whose common and moral principles and behaviors can be applied in daily business activities. It is more important in the environments of the businesses that are stable and that can easily be steered. Practicing corporate ethics ensures a moral and ethical behavior that makes a pleasant environment.

Corporate ethics are of two types. One of the two types deals with legal compliance that is an essential ethics component. Legal compliance bounds the company to carefully conduct its businesses by applying legal standards on business operations. The typically involves environmental and product compliances. The second type deals with corporate responsibility of the businesses and direct environment of business practices. It implies certain implications upon stakeholders, employees and the authorities of the businesses.

Importance of corporate social responsibility

Corporate social responsibility has become an important part of the businesses. This aspect focuses on the human rights and their provisions. The law making bodies has recognized that CSR must be an important part of the businesses that must together human rights concerns in designing their business strategies and conducting their business operations.

Importance of criminal law

The criminal law in businesses is related to the crimes that may be undertaken by any of its employees or authorities. It specifies the laws and their conducts ...