Jessica Glass Week 6

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University Of Arizona *

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OMM618

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Feb 20, 2024

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1 Ethics Compliance and Auditing Jessica Glass The University of Arizona Global Campus Course Code: Name of Course OMM640: Business Ethics and Social Responsibility Dr. Batrice Majka Due Date February 5, 2024

2 Ethics Compliance and Auditing In this proposal it will define an emerging global risk for this organization as well as organizations all over the world, and that would be economic inflation. It will state the risks for this country as well as the risks for other countries. Then it will go more in-depth with how it can affect each country. After stating more about this global risk this paper will evaluate ethical decision making as it pertains to inflation, and the impact of business ethics and shareholders. Then this paper will discuss why it is important to create an ethic program, provide training, as well as compliance auditing. In the end there will a training plan for ethical considerations and social responsibility. It is important for any organization to be prepared for any emerging global risk, and at the same time have training put into place so there are no ethical violations. Global Risks In today’s world there are a lot of emerging global risks, and not everyone agrees on the importance of one over the other. Over the years there have been many concerns about global risks and how they should be handled and, for this pictural situation the concern is inflation. Inflation can happen for many reasons, but for this paper the part of inflations that causes a problem is when the prices of goods and services go up, and everyone around can not pay the price. Over the years there has been many problems with inflations. For everyone the best way to cut costs is to move their business overseas, layoff employees, or an organization decides to take shot cuts. In today’s world everyone is always trying to cut costs. Every organization wants a profit, and if they do not see a profit or the profit margins are not rising fast enough then they cut costs. Over the last few years there has been inflation with goods and services all over the world.

3 Currently the rises in prices cause a lot of problems, especially when trying to buy goods. Inflation is happening in every country; we just hear about it more in America because we are here. You do have people who say that inflation is because of corporations that raise their prices when they do not have to. When researching inflation in all countries, Statista.com states that most countries are having inflation issues ( Inflation Rate of the Main Industrialized and Emerging Countries in 2020 , n.d.). In this article it states that Russia, Germany, United Kingdome as well as America is higher than other countries in the inflation rate ( Inflation Rate of the Main Industrialized and Emerging Countries in 2020 , n.d.). It also says that most countries are having problems. When inflation starts to rise people look to organizations to help keep costs low, and not raise the prices of goods and services. What everyone does not realize is that even corporations have a problem dealing with inflation. Parker states that “the demand of food, housing, products are what causes inflations” and that higher inflation happens in the richer countries (Parker, 2018). The general population thinks that everyone should just lower their prices, so everything goes back to normal, currently this is the new normal that everyone needs to navigate. It is harder to lower prices once they have risen. The U.S Bureau of Labor Statistics shows that pay has increase all over the United States but that is not enough to fight the rising cost of goods and services (U.S. Bureau of Labor Statistics, 2023). Because inflation has happened it is important for businesses and organizations to evaluate their ethical decisions making process to help with inflation.

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4 Ethics Ethics plays a huge role in the world today, and the people demand that business and organizations are held accountable for their actions (Lim et al., 2023). Inside any organization it is important for stakeholders to be on top of ethical decision making, and make sure everyone stays in compliance. Some organizations over the years have tried to push ethical blame on lower-level employees. The problem with that is no matter who is at fault the blame should always be cast on higher management. Shareholders can lose everything that they have put into an organization, especially if there are any kind of ethical issues. For the purposes of this paper, it would be inflation. If consumers thought that an organization was just raising prices and could prove it there would be an ethical issue. If consumers could prove an organization is charging higher prices but doing less work, or the product is not as good, it causes ethical issues. It is important for any organization to have an ethical program to help secure the values of the organization. Even though you have an ethical program the organization will need to train all employees and perform a compliance audit. Creating an ethical program, providing training, and making sure the organization is in compliance will help the organization stay focused on their goals. Once an organization has had ethical issues that have been brought to the publics eye it is hard for them to come back from that. In the next section there will be an ethical training plan relating to inflation. .

5 Training Plan for ethical consideration and social responsibility Ethics and social responsibility are important in any organization. When it comes to inflation and any organization including overseas it is important to keep the integrity of the company in place. The first thing would be never to use cheaper materials, if you are raising the price make sure the quality of the product is the same if not better than it currently is. Never cut corners. Never promote lying and always have checks and balance put into place. Training For any organization it is important to have training to promote the values of the organization. Ethics plays a huge role in any organization, and there needs to be standards put into place to protect the consumers and shareholders. In the training that is created for ethics one of the main focuses will be how to do their job correctly. The next part of the training would be what is ethically correct, and what would not be ethically correct. During the training that will be provided it will also go over how to approach management with ethical issues that may arise. At the same time providing an open-door policy for any issues that may arise and associates don’t feel like they can speak to management. Interactive seniors will also show how much employees understand what is being taught. 1. Goals of the training program- Goals of the training program is promote ethical sound decisions. How each associated will know how to do their job correctly. Promote the understanding that no one is above the law.

6 2. The objective of the training is- to make sure everyone understands the rules and regulations of the organization. Where each and every person is able to make sound ethical decisions within the company. 3. Learning methods, and activities- At first there will be a presentation going over everything that is expected. After the presentation there will be a Q&A to get everyone involved. The last part is creating seniors where everyone will have to make the right ethical decision. These learning methods will reinforce each other and promote a better understanding of situations that may happen. 4. The training program will be evaluated but observation, as well as a test. It is important that every employee takes the training seriously and will need to sign a contract understanding the ethical code that needs to be followed in this organization. The training will be conducted at orientation, and then once a year every year. The training will be mandatory. Compliance is important and is mandatory so there will be audits. Audits will be done on the work the employee does, as well as observations of how everyone interacts with each other. If employees decide not to follow the rules of the ethics program, there will be consequences that will match the infraction. It is important to hold everyone accountable, especially when the whole organization is at stake. Making sure employees know what they should and should not do is just as important.

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7 Conclusion It is important to understand the world around you, and what is going on in it. Economic inflation is a big concern for everyone. Generally, inflation happens the most in the wealthier countries. With inflation there can be a lot of ethical issues that may arise. It is important to put into place an ethical program so the organization does not suffer in times of need. No one is perfect, but it is important for everyone to know the code and conduct of the organization they are working for. Everyone needs to work together so there is no price gouging. Most organizations want the products they need to be at the best price they can get it, but at the same time they cannot change the values of the company to do something cheaper. Every organization can not be treated the same and they will all need to be evaluated differently.

8 References Inflation rate of the main industrialized and emerging countries in 2020 . (n.d.). Statista. https://www.statista.com/statistics/256630/inflation-rate-in-selected-global-regions/ Lim, W. M., O’Connor, P., Nair, S., Soleimani, S., & Rasul, T. (2023). A foundational theory of ethical decision-making: The case of marketing professionals. Journal of Business Research , 158 , 113579. https://doi.org/10.1016/j.jbusres.2022.113579 Parker, M. (2018). How global is “global inflation”?. Journal of Macroeconomics , 58 , 174–197. https://doi.org/10.1016/j.jmacro.2018.09.003 U.S. Bureau of Labor Statistics. (2023, September 6). U.S. Bureau of Labor Statistics . Bls.gov; U.S. Bureau of Labor Statistics. https://www.bls.gov/ World Economic Forum. (2023, January 11). Global Risks Report 2023 . World Economic Forum. https://www.weforum.org/publications/global-risks-report-2023/digest/

Jessica Glass Week 6

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