Question: Please help me leave a comment on this post. Thank you There are a lot of reasons why companies should focus on eliminating corruption
Please help me leave a comment on this post. Thank you
There are a lot of reasons why companies should focus on eliminating corruption within the business organization. Trust and assurance among investors, customers, employees, and public is significant these days. The Ten Principles, nd For us to encourage more investors and customers we need to gain there trust first; company should address any corruption and extortion for them to protect their reputation as an organization. Companies should proactively develop policies and establish concrete programs to avoid any corruptions internally and within their supply chains. The Ten Principles, nd
All companies are subject or vulnerable to corruptions, business can facelegal risks,all forms of corruption and extortion is illegal, companies that are proven to be involved in any corruption activities is subject for legal risks. The Ten Principles, nd Companies should care also because it affects theirreputationtrust and maintaining good brand image is very essential in an organization. Companies that fail to impose or meet high ethical standards and take a relaxed attitude towards compliance with the laws are exposed to reputational risks. The Ten Principles, nd Company should give importance to their image as an organization, it gives a lot of advantages to your company having a good reputation to the public. Other factor that the company should look of corruption is because offinancial risks, there are explicit evidence that many companies in different countries loses $ trillion due to fraud and corruption. The Ten Principles, nd Imagine losing that amount of money, that amount could be used in expanding, innovating and boost economy of a certain country. One of the reasons is erosion of internal trust and confidence as a company, if company didnt give enough attention to this kind of challenges employees loyalty is affected as well.Employees will not be happy and reach their potentials knowing that their company has been involved in any corruptions and illegal acts. It also affects the overall ethical culture of a company. The Ten Principles, nd For me the most significant among all these factors isreputationalcompany reputation is very valuable, having good reputation can boost confidence towards your investors. It encourages them to invest more in your company and it also effects the trust from them. It also lures some potential clients or customers towards you, you can gain your customers loyalty. Having a good brand name can benefit your company a lot, it gives more confidence, gain more customers, and encourage more investors to invest in your company. Overall, company should put into consideration the problems and challenges in the corruption that is happening specially in supply chain.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
