Effectiveness of Ethics Process Assignment Example | Topics and Well Written Essays - 1250 words

Effectiveness of Ethics Process - Assignment Example The first ethical review process in cases where the management has demonstrated a sign of selfishness by failing to execute its primary duty will involve identifying shortcomings in the existing ethical policy. This will step will highlight the underlying reasons behind the company’s unethical conduct. The next important ethical review process will involve identifying the possible alternatives to the existing shortcomings in the ethical policy. The reason behind this move is to ensure that there are no loopholes in the current ethical policy that may be exploited by the management to perpetrate fraud. A fraudulent act will remain to be the crime whether it is contributing to a significant increase in the company revenue or not. The management of the Insurance Company was defrauding the policyholders in improving the company’s earnings. For instance, it was revealed that the insurance company made additional profits close to $40 million annually by concealing insurance p ayments. Fixing shortcomings in the existing ethical policy will ensure that management does not have the loophole to exploit the policyholders and above all the customers gets their right to insurance payment. To undertake retrospective and continuous policy review taking into consideration that it is through reviews that shortcomings in the ethical policy that may be exploited by the management can be identified. Support opportunities for transparency on the operations of the committee. This is only aimed at preventing cases of double standards in the affairs of the committee, as human beings are prone to temptations. Enhance the independence of the committee and mitigate the conflict of interest in order to ensure that the committee performs their roles and responsibilities without fear of intimidation and also to avoid instances of teaming and collusion to breach corporate ethical codes.