Compliance

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Q.1 Which factor does existentialism emphasizes on?
Existentialism emphasizes on individual autonomy and the necessity of making reasoned decisions for oneself.
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Q.2 What does level four of cognitive development, characterizes?
The conventions that frame a person’s morality are not social but organizational and institutional.
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Q.3 What is the main purpose of corporate governance?
To separate ownership and management control of organisations and to make organisations more visibly accountable to a wider range of stakeholders.
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Q.4 What is triple bottom line?
An accounting tool that looks at the impact on people, planet and profits.
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Q.5 What does pragmatic view of value focuss on?
Pragmatic view of values, focus on turning their gaze inwards and not outwards to other groups and societies thus, fail to recognize the fragmentation and diversity of values that surrounds them.
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Q.6 Which are the key ingredients for achieving sustainably successful business?
Corporate Social Entrepreneurship generation of social and economic value, and strategic cross-sector alliances.
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Q.7 What does justice as ethical principle aims for?
Ethical decisions should be consistent with the ethical theory.
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Q.8 What is compliance in a business context?
Compliance refers to adhering to laws, regulations, and standards relevant to an industry or organization's operations.
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Q.9 Why is compliance important for businesses?
Compliance helps businesses avoid legal issues, maintain trust with stakeholders, and promote ethical behavior and governance.
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Q.10 What are regulatory compliance requirements?
Regulatory compliance requirements are specific laws and regulations that organizations must follow in their operations.
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Q.11 What is the role of a compliance officer?
A compliance officer is responsible for ensuring an organization complies with relevant laws, regulations, and internal policies.
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Q.12 What is the difference between compliance and ethics?
Compliance focuses on following rules and regulations, while ethics involve moral principles and values guiding behavior.
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Q.13 What are some common areas of regulatory compliance?
Common areas include financial reporting, data privacy, anti-money laundering (AML), and consumer protection.
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Q.14 What is the Dodd-Frank Act, and why is it significant?
The Dodd-Frank Act is U.S. legislation that addresses financial regulatory reform, aiming to prevent another financial crisis.
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Q.15 What is the Sarbanes-Oxley Act (SOX), and what does it require?
SOX is a U.S. law that enhances corporate governance and requires companies to maintain accurate financial records and internal controls.
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Q.16 What is HIPAA, and how does it impact healthcare compliance?
HIPAA (Health Insurance Portability and Accountability Act) protects patient health information and privacy in the healthcare industry.
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Q.17 What is GDPR, and who does it apply to?
GDPR (General Data Protection Regulation) is an EU regulation that governs data protection and applies to organizations handling EU citizens' data.
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Q.18 What is FCPA, and why is it important for international business?
The Foreign Corrupt Practices Act (FCPA) prohibits bribery and corrupt practices by U.S. companies and individuals abroad.
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Q.19 What are anti-money laundering (AML) regulations?
AML regulations require financial institutions to detect and report suspicious financial activities to prevent money laundering.
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Q.20 How do you establish a compliance program in an organization?
Establishing a compliance program involves assessing risks, creating policies and procedures, and implementing training and monitoring.
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Q.21 What is a compliance risk assessment?
A compliance risk assessment identifies potential risks and evaluates their impact on an organization's compliance efforts.
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Q.22 How does an organization monitor compliance with regulations?
Monitoring includes regular audits, reviews, and assessments to ensure that policies and procedures are followed.
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Q.23 What is a compliance audit, and what does it entail?
A compliance audit is a thorough examination of an organization's adherence to regulatory requirements and internal policies.
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Q.24 What is a code of conduct, and why is it important?
A code of conduct outlines expected behavior and ethical standards for employees, promoting a culture of compliance and ethics.
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Q.25 How does whistleblower protection support compliance efforts?
Whistleblower protection encourages employees to report compliance violations without fear of retaliation, promoting transparency.
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Q.26 What is the role of training and education in compliance programs?
Training and education help employees understand regulations and their responsibilities, reducing compliance risks.
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Q.27 What is the Foreign Account Tax Compliance Act (FATCA)?
FATCA requires foreign financial institutions to report on U.S. account holders to the IRS to prevent tax evasion.
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Q.28 How does technology assist in compliance efforts?
Technology, such as compliance software and automation, helps streamline monitoring, reporting, and data analysis.
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Q.29 What is the role of internal controls in compliance?
Internal controls are processes and procedures that help ensure compliance with laws and regulations and prevent fraud and errors.
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Q.30 What is the Whistleblower Protection Program (WPP)?
The WPP is a U.S. government program that protects whistleblowers who report violations of federal laws, including fraud and misconduct.
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Q.31 What is the role of the Financial Industry Regulatory Authority (FINRA)?
FINRA regulates securities firms, enforces compliance with securities laws, and protects investors in the U.S. financial industry.
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Q.32 What is KYC (Know Your Customer) compliance?
KYC compliance involves verifying the identity of customers to prevent money laundering, fraud, and other financial crimes.
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Q.33 How does environmental compliance impact businesses?
Environmental compliance ensures that businesses meet environmental laws and regulations, reducing their ecological footprint.
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Q.34 What is the importance of trade compliance in international business?
Trade compliance ensures adherence to import and export regulations, preventing legal issues and facilitating global trade.
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Q.35 What is the role of the Office of Foreign Assets Control (OFAC)?
OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals.
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Q.36 How does GDPR affect companies outside the European Union?
GDPR applies to companies outside the EU that process the personal data of EU citizens, necessitating compliance efforts.
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Q.37 What are the consequences of non-compliance with data protection laws?
Non-compliance may result in fines, legal actions, loss of customer trust, and damage to an organization's reputation.
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Q.38 What is the role of due diligence in compliance?
Due diligence involves conducting thorough investigations and assessments to ensure that business transactions and relationships comply with laws and regulations.
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Q.39 What is the Foreign Corrupt Practices Act (FCPA) enforcement?
FCPA enforcement involves penalties for companies and individuals engaging in bribery and corrupt practices abroad.
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Q.40 How do organizations ensure compliance with accessibility standards for individuals with disabilities?
Compliance with accessibility standards ensures that websites and facilities are accessible to individuals with disabilities, promoting inclusivity.
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Q.41 What is the role of trade sanctions in international compliance?
Trade sanctions are used by governments to influence the behavior of other countries and organizations, and compliance involves adhering to these sanctions.
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Q.42 How does the Payment Card Industry Data Security Standard (PCI DSS) impact businesses?
PCI DSS compliance is required for organizations that handle credit card data to protect cardholder information from data breaches.
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Q.43 What is the role of the Office of Compliance Inspections and Examinations (OCIE) in the U.S. SEC?
OCIE conducts examinations and inspections to assess compliance with securities laws and regulations in the U.S. financial industry.
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Q.44 How does export control compliance affect international trade?
Export control compliance involves restrictions on the export of certain goods and technologies to safeguard national security interests.
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Q.45 What is the role of third-party risk management in compliance?
Third-party risk management involves assessing and mitigating compliance risks associated with vendors, suppliers, and partners.
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Q.46 What is the Basel III framework, and why is it important for banks?
Basel III is a global regulatory framework that sets standards for capital adequacy, liquidity, and risk management in the banking sector.
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Q.47 What is the significance of anti-corruption compliance programs for multinational corporations?
Anti-corruption compliance programs help multinational corporations prevent bribery and corruption, ensuring ethical business practices.
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Q.48 What is the role of the United Nations Convention Against Corruption (UNCAC)?
UNCAC is an international treaty that addresses corruption in both the public and private sectors, promoting global anti-corruption efforts.
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Q.49 How do sanctions screening tools assist in compliance efforts?
Sanctions screening tools automate the process of checking individuals and entities against government sanctions lists to ensure compliance.
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Q.50 What is the role of the Federal Trade Commission (FTC) in consumer protection compliance?
The FTC enforces consumer protection laws, including regulations related to advertising, privacy, and unfair business practices.
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Q.51 How does anti-discrimination compliance benefit workplaces?
Anti-discrimination compliance promotes diversity and inclusion by preventing discrimination based on factors such as race, gender, or disability.
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Q.52 What is the role of the Committee of Sponsoring Organizations of the Treadway Commission (COSO)?
COSO develops frameworks and guidance on internal controls, risk management, and corporate governance, supporting compliance efforts.
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Q.53 What is the Foreign Terrorist Organization (FTO) list, and how does it impact compliance?
The FTO list designates foreign organizations as terrorists, and compliance involves refraining from providing support to these organizations.
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Q.54 How do organizations address export control compliance in a global supply chain?
Organizations must ensure that their products and technologies do not violate export control regulations at any point in the supply chain.
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Q.55 What is the role of the Financial Crimes Enforcement Network (FinCEN)?
FinCEN combats financial crimes, including money laundering and terrorist financing, by enforcing compliance with related laws and regulations.
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Q.56 What are trade secrets, and how does compliance protect them?
Trade secrets are valuable business information, and compliance measures help protect them from theft and unauthorized disclosure.
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Q.57 How does conflict of interest compliance benefit organizations?
Conflict of interest compliance policies help prevent situations where personal interests conflict with the interests of the organization.
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Q.58 What is the role of the Bureau of Industry and Security (BIS) in export control compliance?
BIS administers and enforces export control regulations to safeguard U.S. national security and foreign policy interests.
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Q.59 What is the role of regulatory reporting in financial compliance?
Regulatory reporting involves submitting accurate and timely financial information to regulatory authorities to demonstrate compliance with financial regulations.
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Q.60 How does the Financial Action Task Force (FATF) influence anti-money laundering (AML) compliance globally?
FATF sets international standards and promotes AML compliance to combat money laundering and terrorist financing worldwide.
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Q.61 How do organizations ensure compliance with labor laws and employment regulations?
Compliance with labor laws involves fair employment practices, workplace safety, wage laws, and adherence to labor standards.
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Q.62 What is the role of the Securities and Exchange Commission (SEC) in securities compliance?
The SEC regulates securities markets and enforces compliance with securities laws to protect investors and maintain market integrity.
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Q.63 What is the role of the Compliance, Safety, and Accountability (CSA) program in the transportation industry?
CSA evaluates the safety and compliance of commercial motor carriers and drivers to improve overall transportation safety.
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Q.64 What is the role of data protection authorities in enforcing GDPR compliance?
Data protection authorities monitor and enforce GDPR compliance by investigating data breaches and violations and imposing fines when necessary.
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Q.65 How do organizations manage and report data breaches in compliance with data protection laws?
Compliance requires organizations to have procedures for promptly identifying, managing, and reporting data breaches to relevant authorities and affected individuals.
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Q.66 How does anti-bribery compliance impact international business ethics?
Anti-bribery compliance programs help organizations maintain ethical business practices and avoid engaging in corrupt activities.
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Q.67 What is the role of regulatory sandbox programs in fostering compliance in fintech and innovation?
Regulatory sandbox programs allow fintech companies to test innovative financial products and services within a controlled regulatory environment.
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Q.68 How does the Health Insurance Portability and Accountability Act (HIPAA) protect patient data?
HIPAA compliance safeguards the privacy and security of patient health information (PHI) to prevent unauthorized access or disclosure.
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Q.69 What is the significance of compliance with anti-discrimination laws in hiring and employment practices?
Compliance ensures equal employment opportunities and prevents discrimination based on race, gender, age, religion, and other protected categories.
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Q.70 How do organizations maintain compliance with food safety regulations?
Food safety compliance involves following regulations and best practices to prevent contamination, illness, and foodborne outbreaks.
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Q.71 How does compliance with environmental laws impact sustainability?
Environmental compliance reduces an organization's environmental footprint by following regulations related to air and water quality, waste management, and conservation.
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Q.72 What are the responsibilities of a compliance officer?
Compliance officers are responsible for developing and implementing an effective legal compliance program They build sound internal controls and monitor adherence to them Draft and proactively audit processes, practices, and documents for identifying weaknesses. Next, a compliance officer also examines business activities (e.g. investments) to assess compliance risk. They collaborate with external auditors and HR when needed and create plans to manage a crisis or compliance violation. They also educate and train employees on regulations and industry practices. Lastly, the compliance officer addresses employee concerns or questions on legal compliance.
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Q.73 Define business ethics.
Business ethics can be defined as the study of appropriate business policies and practices regarding potentially controversial subjects including corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities.
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Q.74 Can you describe an example of business ethics?
Consider an employee who is told in a meeting that the company will face a shortfall for the quarter in the earnings. This employee also owns shares in the firm. It would be unethical for the employee to sell his shares since he was subject to insider information. Alternatively, if two large competitors came together to gain an unfair advantage, such as controlling prices in a given market, this would raise serious ethical concerns.
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Q.75 What is an organizational ethic?
These are the principles and standards by which businesses work, according to reference for business. They are best demonstrated via acts of fairness, compassion, integrity, honor, and responsibility. However, the key for business owners and executives is ensuring that all employees understand these ethics. And, the best way to communicate organizational ethics is by training employees on company standards.
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Q.76 Which factor does existentialism emphasizes on?
Existentialism emphasizes on individual autonomy and the necessity of making reasoned decisions for oneself.
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Q.77 Name the types of Ethical Theories.
There are three categories of ethical theories: Normative ethics Metaethics Applied ethics
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Q.78 What does level four of cognitive development, characterizes?
The conventions that frame a person’s morality are not social but organizational and institutional.
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Q.79 What do you understand about normative ethics and meta-ethics?
Normative theories tell us not only what we ought to do, but also why we do things that in some instances may appear counterintuitive to what we think an ethical decision would be. Such theories are often called ethical systems because they provide a system that allows people to determine ethical actions that individuals should take. The most common examples of normative ethical theories are utilitarianism, Kantian duty-based ethics (deontology), and divine command theory. Meta-ethics does not address how we ought to behave as meta-ethics is related more to the study of the ethical theory itself. Here the interest is in evaluating moral and ethical theories and systems. Further, it can be defined as the theories of ethics concerned with the moral concepts, theories, and the meaning of moral language.
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Q.80 What is the main purpose of corporate governance?
To separate ownership and management control of organisations and to make organisations more visibly accountable to a wider range of stakeholders.
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Q.81 Define applied ethics.
This explains how we apply normative theories to specific issues, usually related to work or belonging to an organization; for example, policies and procedures of organizations or ethical codes of outlaw bikers versus ethical codes of police officers. Further, this can be defined as the theories of ethics concerned with the application of normative ethics to particular ethical issues.
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Q.82 What is triple bottom line?
An accounting tool that looks at the impact on people, planet and profits.
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Q.83 What are deontological ethics?
Deontological ethics or deontology refers to the normative ethical theory that the morality of an action should be based on whether that action itself is right or wrong under a series of rules instead they should be based on the consequences of the action.
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Q.84 What does pragmatic view of value focuss on?
Pragmatic view of values, focus on turning their gaze inwards and not outwards to other groups and societies thus, fail to recognize the fragmentation and diversity of values that surrounds them.
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Q.85 Define perceived value.
Perceived value is the customers' evaluation of the merits of a product or service, and its ability to meet their needs and expectations, especially in comparison with its peers. This is measured by the price the public is willing to pay for a good or service.
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Q.86 Which are the key ingredients for achieving sustainably successful business?
Corporate Social Entrepreneurship generation of social and economic value, and strategic cross-sector alliances.
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Q.87 What do you understand by the term heuristic?
This refers to a shortcut that enables people to solve problems and make judgments quickly and efficiently. These rule-of-thumb strategies shorten decision-making time and allow people to function without constantly stopping to think about their next course of action. Heuristics are helpful in many situations, but they can also lead to cognitive biases.
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Q.88 What does justice as ethical principle aims for?
Ethical decisions should be consistent with the ethical theory.
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Q.89 Why we should use Heuristics?
Heuristics play important roles in both problem-solving and decision-making, as we often turn to these mental shortcuts when we need a quick solution. This includes various theories: Firstly, Attribute substitution: People substitute simpler but related questions in place of more complex and difficult questions. Secondly, Effort reduction: People utilize heuristics as a type of cognitive laziness to reduce the mental effort required to make choices and decisions. Lastly, Fast and frugal: People use heuristics because they can be fast and correct in certain contexts. Some theories argue that heuristics are actually more accurate than they are biased.
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Q.90 Define ethical reasoning.
Ethical reasoning is the ability to reflect on moral issues in the abstract and in historical narratives within particular traditions. This helps in identifying, assessing, and developing ethical arguments from a variety of ethical positions. However, it may be useful to think of an ethical reasoning course as one that integrates ethical questions into the intellectual work required in the course. Ethical questions concern judgments of right and wrong, good and bad, as well as matters of justice, fairness, virtue, and social responsibility.
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Q.91 Define media ethics.
Media ethics refers to the best division of applied ethics dealing with the specific ethical principles and standards of media, including broadcast media, film, theatre, the arts, print media, and the internet. The field covers many varied and highly controversial topics, ranging from war journalism to Benetton ad campaigns.
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Q.92 What do you understand about professional ethics?
Professional ethics are principles that govern the behavior of a person or group in a business environment. Like values, professional ethics provide rules on how a person should act towards other people and institutions in such an environment.
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Q.93 Explain Ethical principles in brief.
Ethical principles support all professional codes of conduct. However, this may differ depending on the profession, for example, professional ethics that relate to medical practitioners will differ from those that relate to lawyers or real estate agents. Further, there are some universal ethical principles that apply over every profession, including: honesty trustworthiness loyalty respect for others adherence to the law doing good and avoiding harm to others accountability.
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Q.94 Define engineering ethics.
Engineering ethics can be defined as the field of system of moral principles that apply to the practice of engineering. The field assesses and sets the obligations by engineers to society, to their clients, and to the profession. As a scholarly discipline, it is closely related to subjects such as the philosophy of science, the philosophy of engineering, and the ethics of technology.
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Q.95 Explain the term ethics.
Ethics refers to the branch of philosophy that "involves systematizing, defending, and recommending concepts of right and wrong behavior". The field of ethics, along with aesthetics, concerns matters of value, and these fields comprise the branch of philosophy called axiology. However, ethics seeks to resolve questions of human morality by defining concepts like good and evil, right and wrong, virtue and vice, justice and crime. As a field of intellectual inquiry, moral philosophy is related to the fields of moral psychology, descriptive ethics, and value theory.
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Q.96 Define ethical leadership.
Ethical leadership is defined as the leadership demonstrating and promoting ‘normatively appropriate conduct through personal actions and interpersonal relations. However, leadership with ethics is very important to understand, develop, and recognize in the business world. If you want to become a business leader, learning about ethical leadership is crucial to help you get there.
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Q.97 What do you understand by ethical decision-making?
Ethical decision-making refers to the process of evaluating and selecting alternatives in a manner consistent with ethical principles. In making ethical decisions, it is essential to perceive and remove unethical options and choose the best ethical alternative. However, the process of making ethical decisions requires: Commitment Consciousness Competency Good decisions are both ethical and effective
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Q.98 Differentiate between ethical and effective decisions.
Ethical decisions create and sustain trust, demonstrate respect, responsibility, fairness, and caring, and are consistent with good citizenship. These behaviors provide a foundation for making better decisions by setting the ground rules for our behavior. Whereas effective decisions are effective if they accomplish what we want to be accomplished and if they advance our purposes. A choice that produces unintended and undesirable results is ineffective. The key to making effective decisions is to think about choices in terms of their ability to accomplish our most important goals.
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Q.99 What is corporate governance?
Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled. This defined the way in which companies are governed and to what purpose. It identifies who has power and accountability, and who makes decisions. It is, in essence, a toolkit that enables management and the board to deal more effectively with the challenges of running a company. Further, it ensures that businesses have appropriate decision-making processes and controls in place so that the interests of all stakeholders are balanced.
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Q.100 Define Corporate responsibility and its disciplines.
This refers to the term which has come to characterize a family of professional disciplines intended to help a corporation stay competitive by maintaining accountability to its four main stakeholder groups: customers, employees, shareholders, and communities. However, the professional disciplines included in the corporate responsibility field include legal and financial compliance, business ethics, corporate social responsibility, public and community affairs, investor relations, stakeholder communications, brand management, environmental affairs, sustainability, and socially responsible investment.
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Q.101 Define teleconferencing.
Teleconferencing refers to the umbrella term used for connecting two or more participants electronically. This is used for explaining a telephone meeting between more than two people. Teleconferencing is a more sophisticated alternative to a two-way long-distance phone conversation. Examples include an audio conference call between two separate locations, with more than one person on either end speaking into a speakerphone.
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Q.102 What are Environmental ethics?
This can be considered as a branch of applied philosophy that studies the conceptual foundations of environmental values as well as more concrete issues surrounding societal attitudes, actions, and policies for protecting and sustaining biodiversity and ecological systems. Further, there are many different environmental ethics one could hold, running the gamut from human-centered views to more nature-centered perspectives.
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Q.103 What is Information technology ethics?
This refers to the study of the ethical issues arising out of the use and development of electronic technologies. Its aim is to identify and formulate answers to questions about the moral basis of individual responsibilities and actions, as well as the moral underpinnings of public policy. Further, information technology ethics raises new and unique moral problems because information technology itself has brought about dramatic social, political, and conceptual change.
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