What is safety worth, and just how much does safety cost when ensuring the rights of consumers are addressed appropriately? Finding the balance between production profits and Research & Development (R&D) in safety issues can be the difference between profits, profit loss, and Malevolent Disregard (Meel, M. & Saat, M., 2002). Even though profits and root earnings can make or break an organization, when the safety of the consumer is at risk, ethical decisions are required. Business ethics, within the law abiding countries, considers safety a consumer’s basic right. Laws are currently in place to protect both consumers and organizations in determining historical, current, and or future fault of unsafe products.
2.1 Early Detection of Misconduct Issues An early detection of misconduct due to the implementation of compliance program allows businesses to address the real risk and deter any... ... middle of paper ... ...rvices to the customers. Hence, the establishment of compliance program creates a guideline that urges the corporations to be responsible for the actions that they commit and helps to detect any misconduct and offenses. Nevertheless, the implementation of compliance program requires higher cost and once the corporations introduce the compliance program, they are bound to comply with the standards listed. The disclosure of the internal reports may as well disadvantages the firms by creating substantial risk that will waive the information protection from attorney-client. In my opinion, corporation should consider developing and implementing effective compliance program despite having certain disadvantages.
It also makes the company look good and keeps its compliance record intact. The simulation showed the importance of regulations and the implications of not abiding by these regulations. Moreover, the simulation illustrated that companies need to be legally savvy and aware of their environmental impacts. When disputes arise, both businesses and individuals have to be aware of the social, legal and financial ramifications of how they respond to any legal challenge. References University of Phoenix (2008).
Their first violations with the EPA and only violations thus far. The EPA establishes the water quality standards and keeps an eye on the states and water suppliers. The EPA responsibility is to protect the public from contaminated waters produce by businesses’ water waste. A local new reporter has written an article in the local papers alleging that Alumina is polluting the water supply and making people sick. This information came from a Ms Kelly Bates whose daughter is seriously ill with leukemia.
Therefore, federal laws, governmental regulations, and company rules are those items that must be followed. Historically, laws regulating business practices are established to provide basic rules for responsible business activity and to protect consumer safety (Ferrell et al., 2009). Ultimately, the American Red Cross should monitor and routinely conduct self examinations of their business transactions and activities to ensure they are compliant. Additionally, they could hire outside agencies to conduct the audits to ensure they are fair and impartial. Voluntary practices are those items such as beliefs, values, and acts of philanthropy or culture of the organization (Ferrell et al., 2009).
The National Commission was made up of various industry representatives who studied the underlying causes that lead to fraudulent financial reporting. The committee developed recommendations for public companies, independent auditors, regulators, and educational organizations, which are designed to improve "the quality of financial reporting through business ethics, effective internal controls, and corporate governance"(COSO, n.d., 1). Recognizing the need for organizations to evaluate risk management efforts, COSCO developed a framework for Enterprise Risk Management (ERM) that Morrison Management Specialists and other companies can use to establish strong internal controls. Enterprise Risk Management ERM is a controlled approach to help management identify and manage uncertainties and reach certain risk objectives. COSO's ERM framework concentrates on the development of a strategy that includes the importance of a risk and internal control "consciousness" throughout an organization.
Life is no longer what formerly was known as being normal. Life with cancer becomes a new journey, the new normal family life that, unfortunately is not normal, but a life that includes cancer. Keywords: childhood cancer, family life, new journey, leukemia (ALL), chemo The Effects of Childhood Cancer on Families and the Journey That Becomes the New Normal Childhood cancer is a life altering experience, not only for a child, but for their entire family. It is the leading cause of death in children from the time of birth to 14 years of age, defined by the ag... ... middle of paper ... ...o.org/Home.aspx [Accessed: 4Apr 2014]. Cancer.gov.
An estimated 10,000 birth defects and thousands of fetal deaths worldwide as a result from failed animal testing. Women were prescribed the sedative thalidomide to reduce morning sickness. As these children grew older, many scored below average in intelligence by possible direct damage to the central nervous system (Berk, L. 2008). Damage to the central nervous system could have correlated with a negative bi-directional influence between child and parent. Subsequently, this event influenced researchers to develop a new branch of study into the causation of birth defects called Teratology.
Business Regulation: Alumina Inc. Since the creation of the Environmental Protection Agency in the 1970s, businesses in the US have been required to adhere to stringent federal environmental regulations. (Reed, 2005) Alumina Inc., a US-based aluminum manufacturing company, is not the exception. Alumina is faced with the challenge of remaining financially viable, while meeting EPA expectations, as well as stockholder expectations. The following is an analysis of those issues and opportunities as well as a proposed solution to the problems that face Alumina Inc. (University of Phoenix, 2008) Situation Analysis Issue Identification and Overview Alumina Inc. is a USA-based aluminum maker with revenues in excess of $4 billion.
Introduction This paper will examine the statement, “Strict government regulations are necessary to make companies behave ethically.” It will also examine the impact of government regulations have on business ethics and social responsibility along with the chosen statement. Also, this paper will defend the position of the author with relevant business examples and appropriate references. As a manager, we bring along with us our own concepts of what is right and what is wrong. Every decision that is made, for better or worse is the application of these values to the question at hand. This is made more difficult by the pressures of organizational life.