What is the primary purpose of confidentiality in business?
Confidentiality protects sensitive information and ensures that it is only accessible to authorized individuals.
Why is compliance important for businesses?
Compliance ensures businesses operate within the law and avoid legal risks.
What is an ethical dilemma in the workplace?
An ethical dilemma occurs when a person faces conflicting ethical principles and must make a choice.
How can businesses ensure compliance with ethical standards?
Businesses can create clear policies, provide regular training, and monitor adherence to ethical standards.
Why should businesses adopt a code of ethics?
A code of ethics sets clear expectations for behavior, promotes trust, and ensures legal compliance.
How does confidentiality impact customer relationships?
Confidentiality fosters trust and strengthens relationships by ensuring customers' sensitive information is protected.
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What should an organization do when a compliance violation occurs?
The organization must investigate the violation, take corrective actions, and ensure it does not happen again.
What is the role of ethics in maintaining corporate governance?
Ethical behavior supports transparency, accountability, and the fair treatment of all stakeholders.
Why is it important to maintain confidentiality in legal compliance?
Maintaining confidentiality ensures that sensitive legal information is protected and complies with legal standards.