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Small Business

Learning Unit 5

QuestionAnswer
Define business ethics focuses on the responsibility of the organisation towards stakeholders
Risk appetite vs risk tolerance Risk appetite: an organisations natural tendency to take risks Risk tolerance: how prepared an organisation is to carry the consequences of the risks
3 types of values Strategic Work Ethical
Values that are valuable to a sustainable business Honesty Reliability Fairness Consistency Loyalty
How to create an ethical organisational culture Decide on the values Communicate to employees how these values will form a basis of their behaviour Explain to employees how their performance will be measured and how living these values will be rewarded
Moral development phases Phase 1: immoral mode Phase 2: reactive mode Phase 3: compliance mode Phase 4: integrity mode
code of conduct vs code of ethics
Social responsibility towards internal and external stakeholders
5 Different approaches to social responsibility
Created by: Zeni
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