+ How can we manage conflicts of interests

- Recapping last week's lesson.

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Ray: Difference between Legal and Ethical

AI:

The distinction between legal and ethical standards often leads to discussions across various contexts, including business, law, and personal conduct. Here’s a breakdown to help clarify:

Legal Standards:

Definition: Laws are rules established by governmental bodies (such as legislatures and courts) that regulate the behavior of individuals and organizations. These standards are enforceable by the courts, and failure to comply can result in penalties like fines or imprisonment.
Objective: The primary aim is to maintain order, protect property and individual rights, ensure justice, and prevent harm.
Nature: Laws are specific and written down, providing clear guidelines on what is permitted and what is not. They can change over time through new legislation or reinterpretation by the courts.

Ethical Standards:

Definition: Ethics refer to moral principles or values that govern the behavior of individuals or groups. Ethical standards are about determining what is right or wrong, fair or unfair, and good or bad in a broader, more abstract sense than legal standards.
Objective: The aim is to guide behavior in a way that is consistent with societal, professional, or personal values and principles.
Nature: Ethical standards are more subjective and can vary significantly across cultures, religions, and individuals. They are not legally enforceable but can influence laws and have consequences in social and professional contexts (such as damage to reputation or relationships).

Key Differences:

Enforcement: Legal standards are enforceable by the state, while ethical standards are self-governed and subject to social or professional censure rather than legal penalties.
Basis: Laws are based on a consensus or a governmental decree, aiming at societal order and safety. Ethics are based on moral principles and personal values.
Flexibility: Ethical standards can be more flexible and adaptable to specific situations, relying on individual judgment. Legal standards are rigid and require formal processes to change.
Scope: Some ethical considerations may not be covered by law, and what is legal is not always ethical. For instance, it might be legal to do something within a business context that is considered unethical by societal standards (like exploiting loopholes in tax laws).

In summary, while legal standards provide a framework for allowable behavior within society, ethical standards delve into moral judgments about what should or should not be done, regardless of legal permissibility. Understanding the difference is crucial in navigating complex situations where legality and morality may not align.

PowerPoint

What happens when someone does something wrong?

Can talk to the person.
Talk to management.

What happens when someone breaches confidentiality?

There could be legal implications.