This presentation discusses the scope of risk management in organizations and the legal and ethical issues, policies, and decision-making frameworks involved. It also covers professional/ethical codes of conduct and problem-solving skills for ethical dilemmas.
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RISK MANAGEMENT IN LEGAL AND ETHICAL ISSUES
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TABLE OF CONTENT •INTRODUCTION •TASK •LO1 Identify key legal and ethical issues, the policies and the decision making frameworks the communicate complexities ideas effectively •LO2: Display awareness of professional/ethical codes of conduct in relation to beliefs and rights and apply problem solving skills to an ethical dilemma •CONCLUSION •REFERENCES
INTRODUCTION Comprehension regarding the Scope of Risk Management, taking it into the purview of the companies, the occurrence of risks is not new to the organisation. When it comes to the parameters of risk which can cloud the working of the companies, the managers have to be extra careful in order to secure the corporations. Potentially, when the compass of globalisation showcased the various kinds of risk which can effect the performance of the company,
LO1 Identify key legal and ethical issues, the policies and the decision making frameworks the communicate complexities ideas effectively In the scope of ethical and legal issues which usually occurs in an organisation, be it specifics in any kind. The happenings relate when the a decision, task or difference of opinions circumstances lure out diminishing behaviour within the purview of the company or the any standards which are prescribed by the community.
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Ethical Issues Structure •Discrimination and Harassment •Safeguarding measurements of health and safety in workplace •Rhetoric related to social media and other issues regarding the whistleblowing •Ethical variable in the purview of bookkeeping spaces and other accounting application •Infiltration and shadowing in the corporate field •Application regarding technicalities and privacy issues •Partialism and issues of Nepotism within the workspace •Leadership and Management regarding the Environmental issues
Legal Issues Structure •In the context of United Kingdom, the recent legal issues which affected the organisation, was tend to be BREXIT. •Resourcing •Fiscal Values related to the terms of tax paying •Registration and Licensing of the business •Issues with the Employees •Problems related to the scope of Intellectual Property Rights •Difference of opinions and other disputes with the shareholders •Occurrence of competition in the marketplace between various companies •Components of Insurance
Theories of Ethics •The Utilitarian Approach– The determined theory was penned in the new age by John Stuart Mill, which structured the system well and appraise the standards which works on the postulates of Happiness, as the concept. Moreover, it reflects the ideal doctrine of Pleasure. This approach is covered in the notion of Consequentialist Theory.
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Ways to manage the Risk Management in Ethical and Legal Issues •Nurturing the values–The organisation must stick to the values, as an example the company must hold a sense of dignity with the following the words , Honesty, Integrity and Accountability. The behavioural strategies which works on the leadership board will enhance the devotion in the workers. •Introduction of a system-Every organisation must establish a system where the report and complains regarding the various types of unethical issues and practices can be put forwards or complain about . The company take strict action regarding the unethical issues.
LO2 Display awareness of professional/ ethical codes of conduct in relation to beliefs and rights and apply problem solving skills to an ethical dilemma Professional code of ethics provide the set of guidelines to take better decisions at workplace. It is very beneficial for the organisation's operations, it develop the moral standards and foster harmony in the organisation and build a better image among clients or customers. Code of ethics act as a model that employee's should accord with. It ensure that every individual is responsible for their behaviour and for their treatments.
Professional Code of Ethics in Business Organisation It informs the employee's about the behaviours and action they have to perform in the ethical dilemmas or in challenging situations. Some examples are; •Confidentiality and Privacy Policies-As an employee it is their duty to keep all the secrets sensitive information of the organisation safe such as; company data or organisation blueprints. Some companies take initiative, they make the employee's to sign the document of non-closure agreement to protect business interest.
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There are some steps of Solving Skills to an Ethical Dilemma •Determine-It means to identify if there is a conflict of values, rights and so professional responsibilities (Ren, 2019 ). •Identify-It means to identify the principles involved, and what meanings and limitations are attached to values. •Rank-after identifying, the problem is putting rank wise which is relevant to the issue or dilemma. •Develop-an action plan is consistent with the ethical prioritise that have been determined as central to dilemma (Zimon, and Madzík, 2019).
CONCLUSION In each and every business organisation, there is chances of some risk. None of the business will run without taking risk. In the above report, the scope of risk management got discuss and accordingly the legal and ethical issues, policies and decisions making framework and communicate complex ideas would described. Apart from that, the awareness of professional and ethical codes of conduct in business organisation would also discuss in the above report which includes, components of professional code of ethics ,
REFERENCES •Alabdullah, T.T.Y., 2022. Management accounting insight via a new perspective on risk management-companies' profitability relationship. International Journal of Intelligent Enterprise, 9(2), pp.244- 257. •Brozek, B., 2019. The Legal Mind: A New Introduction to Legal Epistemology. •Bush, S.S., Heck, A.L. and Liff, C.D., 2022. Ethical issues in geriatric neuropsychology. In A Handbook of Geriatric Neuropsychology (pp. 537-554). Routledge.
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