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BETH 200
BETH
Term | Definition |
---|---|
Morals | What is Right or Wrong |
Principles | Specific and pervasive boundaries for behavior that should not be violated |
Values | Enduring beliefs and ideals that are socially enforced |
Business Ethics | Comprises organizational principles, values, and norms that may originate from individuals, organizational statements, or from the legal system that primarily guide individual and group behavior in business |
Ethics | Behavior or decisions made within a group’s values or morals |
Federal Sentencing Guidelines for Organizations (FSGO) | Guidelines that codified into law incentives to reward organizations for taking action to prevent misconduct, such as developing effective internal legal and ethical compliance programs |
Workplace integrity | The pressure to compromise organizational standards, observed misconduct, reporting of misconduct when observed, and retaliation against reports |
Moral dilemma | Two or more morals in conflict with one another |
Value dilemma | Two or more beliefs/ideals in conflict with one another |
Corporate social responsibility | An organization’s obligation to maximize its positive impact on stakeholders and minimize its negative impact |
Defense Industry Initiative on Business Ethics and Conduct | An organization developed to guide corporate support for ethical conduct |
Sarbanes–Oxley Act | The most far-reaching change in organizational control and accounting regulations since the Securities and Exchange Act of 1934, which made securities fraud a criminal offense and stiffened penalties for corporate fraud |
Dodd–Frank Wall Street Reform and Consumer Protection Act | Legislation that addressed some of the issues related to the financial crisis and recession and designed to make the financial services industry moreethical and responsible |
nvironmental social governance (ESG) | A framework for evaluation of firm performance in the areas of environmental, social, and governance |
Ethical culture | Acceptable behavior as defined by the company and industry |
Global compact | Set of 10 principles concerning human rights, labor, the environment, and anti-corruption; the purpose is to create openness and alignment among business, government, society, labor, and the United Nations |
Stakeholders | Those who have a “stake” or claim in some aspect of a company’s products, operations, markets, industry, and outcomes |
Normative | Identifies ethical guidelines that dictate how firms should treat stakeholders |
Descriptive | Focuses on the firm’s behavior; addresses how decisions are made for stakeholder relationships |
Instrumental | Describes what happens if firms behave in a particular way |
Primary stakeholders | Those whose continued association and resources are absolutely necessary for a firm’s survival |
Secondary stakeholders | Stakeholders who do not typically engage directly in transactions with a company and are therefore not essential to its survival |
Stakeholder interaction model | This approach recognizes other stakeholders and explicitly acknowledges that dialogue exists between a firm’s internal and external environments |
Stakeholder orientation | The degree to which a firm understands and addresses stakeholder demands |
four levels of social responsibility | Economic, Legals, Ethical & Philanthropic |
Civil law | Defines the rights and duties of individuals and organizations (including businesses) |
Criminal law | Not only prohibits specific actions—such as fraud, theft, or securities trading violations—but also imposes fines or imprisonment as punishment for breaking the law |
Food and Drug Administration (FDA) | Federal agency of the United States Department of Health and Human Services that has stringent standards for approving drugs |
itle VII of the Civil Rights Act | Prohibits discrimination in employment on the basis of race, sex, religion, color, or national origin |
ccupational Safety and Health Administration (OSHA) | Enforces safe and healthy working conditions and makes regular surprise inspections to ensure businesses maintain safe working environments |
Public company accounting oversight board (PCAOB) | Monitors accounting firms auditing public corporations and establishes standards and rules for auditors in accounting firms |
Consumer Financial Protection Bureau (CFPB) | An independent agency within the Federal Reserve System that “regulate[s] the offering and provision of consumer financial products or services under the Federal consumer financial laws |
Cause-related marketing | Ties an organization’s product(s) directly to a social concern through a marketing program |
Strategic philanthropy | The synergistic and mutually beneficial use of an organization’s core competencies and resources to deal with key stakeholders so as to bring about organizational and societal benefits |
Social Entrepreneurship | When an entrepreneur founds an organization with the purpose of creating social value |
Technology | The application of scientific knowledge to efficiently solve real-world problems |
Technology disruption | When innovation replaces existing systems and habits |
nternet of Things (IoT) | The system of connected devices that provides the ability to send and receive information over the internet |
Reach | The broad nature of technology as it moves through society |
Predictive analytics | Using values or algorithms to provide data-backed decision options |
Artificial intelligence (AI) | Technology that allows machines to learn and perform tasks that typically require human intelligence using algorithms and data |
Algorithm | A set of rules providing instructions for problem solving |
Big data | Large volumes of structured and unstructured data that need to be transmitted at very fast speeds |
Blockchain | A decentralized recordkeeping technology that stores an immutable record of data “blocks” (or ledgers) over time |
Roboethics (machine ethics) | Concerns the design and implementation of a code of conduct that must be programmed into the artificial intelligence of a robot |
Cookies | Data from a website that is stored on a computer, which is then sent back to the website |
Right to Be Forgotten | Law allows internet users in the European Union (EU) to have unwanted links removed from Google search results |
General Data Protection Regulation (GDPR) | European Union (EU) law on data protection and data privacy |
Children’s Online Privacy Protection Act (COPPA) | U.S. law that directs the Federal Trade Commission (FTC) to create and enforce regulations governing the online privacy of children |
Copyright | Protects original works, both published and unpublished, including musical, literary, dramatic, and artistic works |
Trademark | Protects words, phrases, symbols, and designs |
Patent infringement | When an organization makes, uses, or sells a patented item without permission |
Intellectual property | Intangible ideas and creative materials |
Malware | Malicious software that can be used to steal intellectual property or sensitive customer data |
Fraud | Intentional deceit for the purpose of financial or personal gain |
Phishing | A cybercrime in which attackers disguise themselves as a legitimate business in order to obtain sensitive information |
Digital divide | The varying levels of access to technology across social, geographical, and geopolitical groups |
Chief privacy officer (CPO) | An executive responsible for developing and implementing policies and procedures related to privacy protection |
Technology assessment | A procedure that helps organizations evaluate the possible effects that new processes, systems, and products will have on business operations and stakeholders |
Bioethics | The ethical application and implication of ethics in medicine, healthcare, biotechnology, and the environment |
Biotechnology | The exploitation of biological processes for industrial and other purposes, especially the genetic manipulation of microorganisms to produce antibiotics, hormones, and other items |
1920s | Provide a living wage—income sufficient for education, recreation, health, and retirement |
1930s | The New Deal (President Franklin D. Roosevelt)—blamed business as the cause for U.S. problems |
1950s | The Fair Deal (President Harry S. Truman)—defined such matters as environmental responsibility as ethical issues that businesses had to address |
The 1960s | The Rise of Social Issues in Business - Antibusiness trend; decay of inner cities; growth of ecological problems - JKF consumer right of bills |
The 1970s | Business ethics became a common expression |
The 1980s | Business Ethics Reaches Maturity - stakeholder theory |
The 1990s | Institutionalization of Business Ethics - President Bill Clinton: Continued to support self-regulation and free trade |
The 2000s | Misconduct at Enron, WorldCom, Halliburton, and Arthur Andersen caused the government and the public to look for new ways to encourage ethical behavior |
The 2010s | Dodd–Frank Wall Street Reform and Consumer Protection Act |
The 2020s | ESG!!!! ***THINK*** (DELOITTE) |