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    Business Ethics-Lecture Notes

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    MY VILLAGE VLOGS
    The document discusses regulatory frameworks for business and mandated requirements for legal compliance. It covers topics like data protection, financial regulations, health and safety, environmental regulations, and employment laws. Business compliance is important as it provides transparency, builds trust, ensures employee safety, protects the business from penalties and potential shutdown.

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    Business Ethics-Lecture Notes

    Uploaded by

    MY VILLAGE VLOGS
    37 views10 pages
    The document discusses regulatory frameworks for business and mandated requirements for legal compliance. It covers topics like data protection, financial regulations, health and safety, environmental regulations, and employment laws. Business compliance is important as it provides transparency, builds trust, ensures employee safety, protects the business from penalties and potential shutdown.

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    Business Ethics-Lecture notes

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    The document discusses regulatory frameworks for business and mandated requirements for legal compliance. It covers topics like data protection, financial regulations, health and safety, environmental regulations, and employment laws. Business compliance is important as it provides transparency, builds trust, ensures employee safety, protects the business from penalties and potential shutdown.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    37 views10 pages

    Business Ethics-Lecture Notes

    Uploaded by

    MY VILLAGE VLOGS
    The document discusses regulatory frameworks for business and mandated requirements for legal compliance. It covers topics like data protection, financial regulations, health and safety, environmental regulations, and employment laws. Business compliance is important as it provides transparency, builds trust, ensures employee safety, protects the business from penalties and potential shutdown.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    Business Ethics

    Regulatory Frameworks for Business


    Mandated requirements for legal compliance
    Rules, regulations, and standards that organizations are
    legally obligated to follow in order to comply with
    applicable laws and regulations.
    These requirements are typically established by
    government agencies or regulatory bodies to ensure
    that businesses operate in a manner that is lawful,
    ethical, and in the public interest.
    Continued..
    A business owner knows how long it can take to build
    trust with employees, customers and suppliers. A lot of
    this effort is centered around business doing the right
    thing, both legally and ethically.
    Regulatory compliance ensures a company is following
    the law so that trust can be established.
    Failure to comply with mandated requirements for
    legal compliance can result in penalties, fines, legal
    action, and damage to reputation.
    Examples of mandated requirements for
    legal compliance may include
    • data protection,
    • financial regulations,
    • health and safety ,
    • environmental regulations,
    • and employment laws/ HR Compliance.
    Data protection compliance
    • These regulations aim to safeguard individuals' privacy
    rights by governing how personal data is collected,
    used, stored, and transferred. They typically require
    organizations to obtain consent for data processing,
    implement security measures to protect data, and
    provide individuals with rights to access, correct, and
    delete their personal information.
    Financial regulations
    Financial regulations are designed to ensure the
    stability, integrity, and transparency of financial
    markets and institutions. They govern activities such as
    banking, securities trading, and insurance, and often
    include measures to prevent fraud, maintain market
    liquidity, and protect consumers' investments.
    Health and safety compliance
    • Health and safety regulations aim to protect
    workers and the public from workplace hazards
    and other risks to health and safety. They
    establish requirements for workplace conditions,
    equipment, and practices to prevent accidents,
    injuries, and illnesses.
    Environmental regulations
    • Environmental laws aim to protect the
    environment and natural resources from
    pollution, degradation, and other harmful
    impacts. They address various issues such as air
    and water quality, waste management,
    biodiversity conservation, and climate change
    mitigation.
    Employment laws/HR compliance
    • Employment regulations govern the relationship
    between employers and employees, setting out rights
    and obligations for both parties. They cover aspects
    such as wages, working hours, leave entitlements,
    workplace discrimination and harassment, and
    collective labor rights. These laws aim to ensure fair
    treatment, promote workplace safety and equality,
    and protect workers' rights.
    There are numerous reasons why certain types of
    compliance are important. However, more broadly
    speaking, business compliance is important because:
    • It provides transparency, to your customers and your
    employees, about how your business operates
    • It builds trust
    • It ensures the safety and care of your employees
    • It protects your business from expensive penalties and
    fees that could result in your organisation being forced to
    shut down

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