The Insurance e offer are mutual funds, trust, retirement, education, business retirement. A company similar in the industry to mine is Mass Mutual. Their code of conduct is as follows Focus on the Customer Know your customers well; add value with a sense of urgency Act with Integrity be trustworthy, adhere to high ethical standards, adhere to the letter and spirit of applicable laws, rules, regulations and company policies Value People Lead people to success; appreciate diverse backgrounds, ideas and experiences Work Collaboratively Partner with others to achieve results that leverage the right resources Achieve
Results Focus on winning; consistently exceed expectations, beat the competition The next company I looked at would be national western life. Their code of conduct is as follows: Honest and ethical conduct; Full, fair, accurate, timely, and understandable disclosure in reports and documents That are filed with, or submitted to, the Securities and Exchange Commission (SEC) and In other public communications made by the Company; Compliance with applicable governmental laws, rules, and regulations; Prompt internal reporting to an appropriate person, identified herein, of violations of The Code.
Accountability for breaches of the Code. The three company’s code of conducts I will be critiquing is State Farm, Travelers, and Hanover insurance companies. The first company Hanover had a rather impressive display for their company code of conduct. Unfair business practices, insider trading, policy on financial integrity and good business practices Just to name a few. Hanover looks to improve the employee not Just the company. Travelers are quite the same as Hanover. Travelers have a letter to employees about its expectations and the way to conduct themselves.
They then go into the legal laws of he industry and how to conduct should be toward customers. State Farms was quite the same as the others. The entire industry has to adhere to the same laws and rules. The difference in the company’s policy is catering to employee or customers or both. Analyze ways ethical challenges affect your business and create a code of conduct for your company. Provide a rationale on how these specific codes enhance your company’s ethics program. High ethical standards require both businesses and individuals to conform to sound moral principles.
Business ethics comprises the principles and standards that guide behavior in the world of business. Culture does affect ethical standards and shape business behavior in the world of business. High ethical standards require both businesses and individuals of the company to conform to moral principles. Company ethics ensures the principles and standards that provide a model of behavior in the world of business. Culture does affect ethical standards. My company having a code of conduct for cultural differences will ensure and protect the company from any wrong doings by the employee or the business.
Accepting cultural religious holidays will be in our code of conduct policy. Respecting elisions rituals and prayer times will be allowed and expected to be accepted by management. Another ethical problem that can negatively affect our company is is very important as one bad employee can bring the company down. This will be protected by ensuring the company are hiring state license insurance agent that shows proof that they completed all requirements to be a licensed insurance agent.
This will boost our customers trust and integrity in our company, by ensuring our customers are getting the best service. Knowledgeable and licensed agents will help our company grown. No misrepresentation of any kind shall be made to an assured r to the Insurance Companies. The agents are an extension of the company. They are most of the times the only representation of the company. Agents are the first and sometime only person the customer will ever work with. Agents representing the company in the correct way across the board will help retain customers and referrals.
The last challenge that we may face is Commission rates shall be fair and equitable, and strictly in accordance with the prevailing custom in the locality, and must, where laws or regulations of insurance departments exist, comply fully with such laws or regulations. This will ensure we are following the laws on omissions based rates and practices being fair. This will enhance the company moral rate and ensure everyone has a fair chance to make a commission on the same accord. After reviewing the Federal Sentencing Guidelines for Organizations, explain how these guidelines influence the ethics program you created.
The Federal Sentencing Commissions main purpose is to establish sentencing policies and practices for the federal criminal Justice system that will assure the ends of Justice by promulgating detailed guidelines prescribing the appropriate sentences for offenders convicted of federal crimes. The basic objective was to enhance the ability of the criminal Justice system to combat crime through an effective, fair sentencing system. In 1991, the United States Sentencing Commission promulgated guidelines to govern the imposition of sentences by Federal Judges on organizational defendants.
Referred to as the Federal Sentencing Guidelines for Organizations (FOGS), the guidelines impose harsh penalties upon organizations whose employees or other agents have committed federal crimes. Penalties include restitution, remedial orders, community service, and substantial fines, based upon a point system for determining severity of offense. The guidelines encourage organizations o develop effective programs to prevent and detect violations of law, and prescribe seven types of steps that should be included in an effective program.
Where organizations demonstrate an effort to implement the seven steps, lower sanctions are levied by Federal Judges. The seven steps involve From my reading of the FOGS website they give companies an outlet or lighter sentence if they followed industry and organization laws by putting forth effort to ensure they train and develop employees to practice safe organization practices. Each organization is responsible for the wrongful acts of its employees as long as the hares a degree of culpability if an employee acts in an unlawful manner, even if the organization did not know of or approve of their actions.
This makes my code of ethics for the company extremely important in every aspect of following the law. The company must enhance ethical polices to employees on a continuous bases. We can complete this by have annual or bi-annual training where employees must complete ethics trainings. We also must ensure we have the correct set of policies for our industry. Lastly, we must ensure we have a rigorous hiring process to ensure we hire the best most knowledgeable agents. Anticipate where the challenges or setbacks may be in the adoption and enforcement of the codes of conduct for your company.
Explain how you will address these challenges and anticipated setbacks. The first set back that comes to mind is integrity. When is comes to employees and money we must always have an open eye to integrity. This can and will destroy a company if not handled from the start. The company will address this challenge by hiring the right candidate. We will ensure the agents are properly licensed with and extensive hiring policy they must pass. The policy will consist of criminal and credit heck, extensive records checks, a 40 hour class room training, and corporate headquarter visit for 3 weeks to the company and meet every level of management.
The agents will have to work a minimum of 30 days is a seasoned employee office before being let go on there own. If employees can get through this training process our company will have limited liability. Given the influences of changing economic, political, social, cultural, and technological forces on business and society, explain how you can ensure that your codes of conduct will remain relevant in the years ahead. The world is an ever changing society. When we look at the economic, political, social, cultural and technological forces nothing stays the same.
My code of conduct must match up with recent trends in each subject area. The main areas would be political and technological forces. Technology changes by the moment. If we have a more innovative, faster, and safe way to communicate our codes of conduct to employee it will improve our company. When it comes to politics we must ensure we have a team that keeps up with new political industry happening and laws. We must do this swiftly to communicate changes to our employees. My current employers is arced to make changes to there code of ethics due to new industry laws that have taken place with new government entering.
