Ethical And Legal Considerations

Ethical and Legal Considerations

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Ethical and Legal Considerations

Response one

Determining the behaviors in the organization and the strategies planned for the organizational business are the responsibility of professional strategic financial management. It is an ethical consideration of the strategic financial managers to take care of the employee’s ethics to not disturb the organizational environment, and they have to their ethical behaviors to shape organizational patterns ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"OsggV4cd","properties":{"formattedCitation":"(Gunawan & Aungsuroch, 2017)","plainCitation":"(Gunawan & Aungsuroch, 2017)","noteIndex":0},"citationItems":[{"id":305,"uris":["http://zotero.org/users/local/smYQhi21/items/X4MI8G2I"],"uri":["http://zotero.org/users/local/smYQhi21/items/X4MI8G2I"],"itemData":{"id":305,"type":"article-journal","title":"Managerial competence of first‐line nurse managers: A concept analysis","container-title":"International journal of nursing practice","page":"e12502","volume":"23","issue":"1","author":[{"family":"Gunawan","given":"Joko"},{"family":"Aungsuroch","given":"Yupin"}],"issued":{"date-parts":[["2017"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Gunawan & Aungsuroch, 2017). While there are some interests of the organizational stakeholder, therefore the role of the professional strategic financial management is to keep a balance in the interests and protect them. The concerned professionals of the ethical and legal considerations keep a balance in the managerial obligations, partner, shareholders and partner employees.

Response two

If faced with the legal or ethical dilemma which is related to financial management, then it is important to review the previous plans, strategies, and steps being taken within the organization. Organizations like the healthcare system have a history, that has to be reviewed to plan for the success and to track the mistakes which lead the dilemma. While reviewing and revising the mission of the organization helps to highlight the needs and requirements that need to be implemented to avoid any ethical dilemmas within the organization. Revising the mission statement will help the professionals to make a comparison to identify the actual mission, and where the organization is leading.

Response three

The ethical or legal dilemma does not only impact the financial management of the organization but also the strategic planning and it can make an impact. For the executives who implement strategies, the dilemmas create issues of sharing the information, trust, and hidden motives and personal gains of the people working in the organization, while transparency is important for the appropriate strategic planning in the organization ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"LEvizDnd","properties":{"formattedCitation":"(Piercy & Lane, 2007)","plainCitation":"(Piercy & Lane, 2007)","noteIndex":0},"citationItems":[{"id":302,"uris":["http://zotero.org/users/local/smYQhi21/items/MDCLHPZG"],"uri":["http://zotero.org/users/local/smYQhi21/items/MDCLHPZG"],"itemData":{"id":302,"type":"article-journal","title":"Ethical and Moral Dilemmas Associated with Strategic Relationships between Business-to-Business Buyers and Sellers","container-title":"Journal of Business Ethics","page":"87-102","volume":"72","issue":"1","source":"Springer Link","abstract":"While ethical and moral issues have been widely considered in the general areas of marketing and sales, similar attention has not been given to the impact of strategic account management (SAM) approaches to handling the relationships between suppliers and very␣large customers. SAM approaches have been widely␣adopted by suppliers as a mechanism for managing␣relationships and partnerships with dominant customers␣– characterized by high levels of buyer–seller inter-dependence and forms of collaborative partnership. Observation suggests that the perceived moral intensity of␣these relationships is commonly low, notwithstanding the underlying principles of benefiting the few (large, strategic customers) at the expense of the many (smaller customers and other stakeholders), and the magnitude of the consequences of concessions made to large customers, even though some such consequences may be unintended. Dilemmas exist also for executives implementing strategic account relationships regarding such issues as information sharing, trust, and hidden incentives for unethical behaviour. We propose the need for greater transparency and senior management questioning of the ethical and moral issues implicit in strategic account management.","DOI":"10.1007/s10551-006-9158-6","ISSN":"1573-0697","journalAbbreviation":"J Bus Ethics","language":"en","author":[{"family":"Piercy","given":"Nigel F."},{"family":"Lane","given":"Nikala"}],"issued":{"date-parts":[["2007",4,1]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Piercy & Lane, 2007). Another impact can be that the dilemmas can change the decision-making of the managers which has to be taken during strategic planning.

References

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Gunawan, J., & Aungsuroch, Y. (2017). Managerial competence of first‐line nurse managers: A concept analysis. International Journal of Nursing Practice, 23(1), e12502.

Piercy, N. F., & Lane, N. (2007). Ethical and Moral Dilemmas Associated with Strategic Relationships between Business-to-Business Buyers and Sellers. Journal of Business Ethics, 72(1), 87–102. https://doi.org/10.1007/s10551-006-9158-6