The need for ethical business practice

'As the dynamics of the market and competitive environment for the financial services sector increase in their complexity, being able to plot the right course for continued success becomes harder. Being able to identify and adapt to the new challenges are a key success factor for the leaders of tomorrow.'
- PricewaterhouseCoopers risk management survey November 2002.

Do you believe that success for a business is more important than ethical business practice?

As our world communications expand and we become a global community the need for ethical business practice becomes critical. Directors and managers of many companies are rethinking their business practice. At first glance it might seem that ethics in business are of little concern to you. However at some point in the future this is very likely to have an impact on you and your fellow students.

You are all currently coming towards the time when you need to think of your own future. Are you going to continue into further education? And if so, would a business-orientated course be a good one for you to choose? Are you thinking about moving straight into the world of work? In that case you may well become actively involved with a variety of businesses.

Whichever path you choose, the way in which businesses conduct themselves will become very important for you. In this activity you are asked to make your fellow students aware of one aspect of the world of business - that of ethical business practice: in other words, the need for transparency in business dealings, the role of codes of conduct and regulation of businesses.

In this activity first investigate the subject to increase your own knowledge and deliver an oral presentation to your fellow students, explaining the intricacies of what is an interesting and important area of business.