• 12 Marks

BMF – Nov 2021 – L1 – SB – Q6C – Business and Organizational Structures and Choices

This question asks candidates to state and explain six values organizations should adopt to promote ethical principles.

In order to put the fundamental principles of ethics into practice, organizations need to adopt values that promote adherence to these principles.

State and explain SIX of these values.

  1. Integrity
    • The organization must encourage employees to act with honesty and integrity in all dealings.
  2. Objectivity
    • Employees must remain unbiased and free from conflicts of interest when making business decisions.
  3. Professional competence and due care
    • Organizations must ensure their staff are competent, maintain professional knowledge, and perform duties carefully.
  4. Confidentiality
    • Employees must respect the confidentiality of information acquired in the course of their work and not disclose it without proper authority.
  5. Transparency
    • The organization must promote openness in operations, ensuring clear communication and no hidden agendas.
  6. Accountability
    • Organizations must hold individuals accountable for their actions and ensure there are clear processes to evaluate decisions.
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