Ethics in the Security Industry
The Security Industry has been considered as one of the most well-practiced business venture for all time. Since the birth of the said type of investing, businessmen worldwide are hooked into it. Their main goal is to collect large amount of money out of security trade and industry. However, there factors that might affect the realization of these primary goal. These factors include ethics, availability of sufficient funds and good business planning and implementation. In this paper, we are more concerned of ethics in the Security Industry which is a vital factor in achieving financial success.
Thus, it is hereby submitted that ethics in the security industry is the most important factor that affects financial improvement in any business endeavor. The Role and Impact of Ethics in the Security Industry According to Velasquez et. als, ethics refers to the proper standards of right and wrong that provide what human beings need to act (Velasquez, 2008). It is a matter of choosing what is right and doing it despite the unethical behaviors in the choices. There is a need to maintain fair and honest business transactions.
This is because the only instance that a customer can trust the businessmen and their products is honesty. The opposite of honesty is fraud and fraudulent machination makes the customers or the consumers loose their trust to the market of goods and commodities. As a result, the economy would be greatly and negatively affected. Another thing is that, security industry is vested with public interest. That is the reason why we mentioned that the economy would be totally affected. The interest of the investors runs second to the list since they are the participants of that kind of business ventures.
So then, most of the laws related to security industry aims to require market players to maintain high ethical standards as well as integrity to make sure that we can have fruitful and strong economic activities. In line with that, the market participants are also required to obey the rules and regulations given by the government (Gadziala, 2008). The ultimate means of applying high ethical standards in business activities involving security industry is to remain faithful of the laws being enacted by the government. Giving all these remarks, there is a need to rebuild the way we apply ethical standards relating to security industry.
The primary part of this purpose is to accept the fact that there is an existing problem and as well as to move for proper responses of this problem. The subsequent steps engaged valuable completion of the curative measures and, maybe more importantly, a wide-ranging assessment to recognize probable risks and troubles followed by practical measures to put off potential transgressions (Gadziala, 2008). To explain these things, we need to think that unethical behaviors results to unsuccessful business venture relating to security industry.
We might as well remember the unsuccessful business occurrences of Enron and World Com wherein unethical standards like fraud and dishonesty highly contributed into the two company’s demise. Aside from that, ethics is also important in security industry since it can prevent conflict of interests between and among officers of the corporations or the shareholders and the clients. Conflict of interest may happen when research analysts in a given company provides conflicting data or results. Aside from that, officers of the business organization may prioritize their personal interests over that of the company it held for leadership.
Situations like these and others transformed business key players, regulators, and policy makers all are aware of the call for for an improved center on fulfillment and ethics, and the necessity to initiate taking curative measures and commence practical initiatives (Gadziala, 2008). Since there are companies worldwide that are experiencing these kinds of problems, there is a need to let their representatives be aware of the solutions before it is too late. It cannot be denied that the fall of Enron affected the economy and made several people jobless.
Moreover, Lyn and Wei mentioned that there is a need to consider employment security and justice even in security industry (Lyn and Wei, 2006). There is a need to care for the welfare of individual shareholders in terms of their interests contributed to the company. Any unethical behavior started when selfish motive creeps in and personal interests runs supreme over general welfare. This issue had erupted due to the merger and acquisition processes that had been entered into by companies that were not properly made thereby affecting several people involved in the business endeavor.
An example of this scenario is what happened with Enron when it ventures into merger wherein unethical behavior of its officers led to its bankruptcy. Finally, it is safe to say that the role and impact of ethics in the security industry is enormous knowing that it can make or break a company. The main idea is that, unethical behavior relating to fraud and dishonesty breaks a business away while high ethical standards make it successful. There is also a need to consider that when security industry fails, the economy can be affected such that it is vested with public interest.
Gadziala, M. A. U. S. Securities and Exchange Commission. 2005, June 23. Speech by SEC Staff: Rebuilding Ethics and Compliance in the Securities Industry. Retrieved August 11, 2008, from http://www. sec. gov/news/speech/ spch062305mag. htm. Lin, C. Y. & Wei, Y. C. (2006). The Role of Business Ethics in Merger and Acquisition Success: An Empirical Study. Journal of Business Ethics, 69: 95-109. Velasquez et. als. Santa Clara University. (2008). What is Ethics? Retrieved August 11, 2008, from http://www. scu. edu/ethics/practicing/decision/whatisethics. html.