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Value-Based Code of Ethics is the need of hour in public as well as corporate organizations. How do you institutionalize compliance to the value based code of ethics?

Topic: Codes of Ethics, Codes of Conduct;

7. Value-Based Code of Ethics is the need of hour in public as well as corporate organizations. How do you institutionalize compliance to the value based code of ethics? (150 words)

Reference: Ethics, Integrity and Aptitude by Lexicon Publications.

Why the question:

The question is part of the static syllabus of General studies paper – 4.

Key Demand of the question:

To stress on the importance of value based code of ethics and the way to make its compliance more acceptable.

Structure of the answer:

Introduction:

Start by defining value-based code of ethics and need for it.

Body:

Mention about the need for a value-based code of ethics addresses a core value system of the organisation. Emphasize how it may outline standards of responsible conduct as they relate to the larger public good and the environment. Value-based ethical codes may require a greater degree of self-regulation than compliance-based codes.

In the next part, bring out steps which can institutionalize compliance and ensure continuity to compliance. Suggest measures such as considering the needs of their employees, comprehensive compliance training program, people-centric approach and informed decision-making etc.

Conclusion:

Complete the answer by highlighting the importance of compliance to value based code of ethics.