BUSINESS ETHICS…. WHAT IS IT?

As businesses continue to evolve today, there is more emphasis being placed on ethics in the business communities. Hence, this year, Group Internal Audit took on the topic ‘Business Ethics’ for their workshop instead of the usual bread and butter topics like fraud, internal control and governance issues.

So what is Business Ethics? Continue to read more.

It was a great one-day interactive workshop as different scenarios were posed to the participants at the start to help them better understand their ethics IQ.

Key ethics issues in business environments and functional areas were highlighted by our Group Internal Auditor. Through this session, participants were able to relate to and have a better awareness of the potential unethical issues that may arise in their respective functional areas.

The functional areas discussed were:

  • Sales and Marketing
  • Human Resources
  • Information Technology
  • Finance

Real life business cases of unethical behaviour were discussed during the workshop to help facilitate learning in the participants. The cases shared were namely Theranos, Volkswagen Emissions Scandal and Wells Fargo Bank.

The last session of the workshop focused on the following ‘5 Steps in Ethical Decision-Making’:

  1. Define Ethical Situations
  2. Get the Facts
  3. Evaluate the Alternative Actions
  4. Choose one of the Alternatives
  5. Act, and then Reflect on the Decision Later

Case studies were then distributed to each group allowing them to apply the ethical knowledge gained from the day. It was an encouraging session as we went around the room sharing answers and thoughts. Overall, the workshop went well as it was highly interactive and participants appeared to grasp the key points clearly.

Group Internal Auditor then rounded up the workshop by relating the ethics session to how CMS conducts its business practices and how we strive to be an ethical company that exists within our wider community and has high regard for all our various stakeholders. This is clearly reflected in our Vision and Mission that guides us all as we strive to build a profitable and sustainable business.

Contributed by: Group Internal Audit