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Sustainability in Business Ethics and Social Responsibility

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Added on  2019-10-31

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COMPARATIVE BUSINESS ETHICS & SOCIAL RESPONSIBILITY 11 COMPARATIVE BUSINESS ETHICS & SOCIAL RESPONSIBILITY Comparative Business Ethics and Social Responsibility Name of the Student Name of the University Author’s note Executive Summary Sustainability is a concept that is being promoted and encouraged by all the industries including oil and gas leading the list. Contents Executive Summary 1 Introduction 3 Concept of triple bottom line 3 Overview of the Oil and Gas Industry 4 Impact of ethical risk management of oil and gas industry in the reduction of accidents 5 Risks

Sustainability in Business Ethics and Social Responsibility

   Added on 2019-10-31

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Running head: COMPARATIVE BUSINESS ETHICS & SOCIAL RESPONSIBILITYComparative Business Ethics and Social ResponsibilityName of the StudentName of the UniversityAuthor’s note
Sustainability in Business Ethics and Social Responsibility_1
1COMPARATIVE BUSINESS ETHICS & SOCIAL RESPONSIBILITYExecutive Summary Sustainability is a concept that is being promoted and encouraged by all the industries including oil and gas leading the list. People, planet and price are the three pillars of the sustainability model of business organization. In this report there is a detailed discussion about the identification of the risks and management of the risks that is associated with the industry. Some of the major incidents in the history of the oil and gas industry have been discussed in details along with how ethical leadership can affect the business in the long-run. How risks associated with the production, transportation and storage of the energy are being tackled by the leading companies of the industry along with the loophole sin the process are also included.
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2COMPARATIVE BUSINESS ETHICS & SOCIAL RESPONSIBILITYContentsExecutive Summary.........................................................................................................................1Introduction......................................................................................................................................3Concept of triple bottom line.......................................................................................................3Overview of the Oil and Gas Industry.............................................................................................4Impact of ethical risk management of oil and gas industry in the reduction of accidents...........5Risks that BP, Exxon, and the fracking industry continue to face..............................................7Impact of ethical leadership in risk management........................................................................8Conclusion.....................................................................................................................................10Reference List:...............................................................................................................................11
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3COMPARATIVE BUSINESS ETHICS & SOCIAL RESPONSIBILITYIntroduction Ethics is regarded as the backbone of any institution weather it is a business or a non-profit seeking organization. Ethics and values does not merely state what is the right thing to do,but it also defines, doing things in a conscious, responsible and in a smart manner so that thecompany not only garners goodwill among the customers and the internal employees but alsohave a good name in the industry which will only turn out to be an asset in the long run of theoperations of the business. Global ethics are universally accepted guidelines and rules of ethicsand morals which should be adopted by the company and the management in the daily running ofthe operations. There are various aspects of ethics be it on the customer end or the employee endor for the society and the environment. Concept of triple bottom line Traditional concepts of business module include sales maximization, growth, expansionand profit as the primary focus of the business. This is the model of business that was followedby all business organizations as they would focus on increasing the monetary value of thebusiness and create a global footprint. This theory has been replaced by a contemporary modeland perspective which is known as the concept of triple bottom line. In this concept the businessmodel deals with a much broader aspect of responsibilities that business entities have in order tosurvive in the industry and the market. It includes three Ps: Price, People and Planet. Price wouldinclude all that was in the traditional model of business, i.e. expansion of the business, salesoptimization and profit maximization etc. People, this an addition to the new version of thesustainability model of business, it includes the people who are associated with the business be itthe interest of the customers or the employees of the company or the society at large. Forexample: cross-cultural management concept deals with people descending from diversifiedbackground to work as a team for the betterment of the organization. Lastly, the concept ofPlanet as this is one of the most important aspect in the business process that is often neglectedby the organization. An organization like any other individual is entitled towards certainresponsibilities towards the environment and nature as it has received a lot from the naturalresources.
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