What are Code of Ethics? | Meaning & Definition | Akrivia HCM

An organization’s ethical rules and best practices for honesty, integrity, and professionalism are outlined in a code of ethics. Members of a company may face punishment, including termination if they violate the code of ethics.

• An organization’s ethical rules and best practices for honesty, integrity, and professionalism are outlined in a code of ethics.
• Members of an organization may go through punishment, including termination if they violate the code of ethics.
• Specific regulations control company conduct in particular organization, such as finance and banking. In certain cases, a code of ethics may be adopted freely.
• A compliance-based code of ethics, a value-based code of ethics, and a code of ethics for professionals are the three primary codes of ethics.
• Companies’ codes of ethics, which outline their commitment to sustainability, now focus on climate change.

The way ethical standards guide a company’s activities is called business ethics. Employer-employee relations, discrimination, environmental issues, bribery, insider trading, and social responsibility are all topics that fall under the banner of business ethics.