Types of Professional Ethics

Accountability requires a total commitment to the ethical quality of all decisions,

actions and relationships.
- Ethics promotes accountability by holding professionals
responsible for their actions.

RESPECT. Respect is demonstrated by a full commitment to the human rights,

dignity, autonomy, interests and privacy of all personnel.
Respect: Professionals must show respect for the dignity and rights of their clients,
colleagues, and the wider community.

Integrity. A professional accountant should be straightforward and honest in all

professional and business relationships.

Business Ethics. Principles of right and wrong that apply to your position or
profession. Business ethics investigates how ethical principles apply to
corporations.

Fairness. When a business exercises fairness, it applies the same standards for all
team members, regardless of rank. FAIRNESS. All dealings and relationships must
be founded on a conscious commitment to fairness, treating others as you would
like to be treated.

Medical Professional Ethics. People of medicine have to take an oath about

promising and serving the people who are in pain.

Codes of Conduct. Many industries, such as the legal and medical fields, institute
professional codes of conduct that are based on ethical principles.Every company,
group or administration has a particular code of conduct that is to be followed by
the people there.

Competence: Professionals must possess the necessary skills and knowledge to

perform their duties effectively.
Confidentiality involves a set of rules or a promise usually executed through
confidentiality agreements that limits the access to or places restrictions on
distribution of certain types of information.

The difference between personal and professional ethics

Personal ethics refers to the ethics that a person identifies with in respect to people
and situations that they deal with in everyday life.

Professional ethics refers to the ethics that a person must adhere to in respect of
their interactions and business dealings in their professional life.
The meaning of PROFESSIONALISM is the conduct, aims, or qualities that
characterize or mark a profession or a professional person. and it defines a
profession as "a calling requiring specialized knowledge and often long and
intensive academic preparation."

As the saying goes, "Professionalism is not the job you do, it's how you do the job."

Professionalism involves consistently achieving high standards, both visibly and

"behind the scenes" – whatever your role or profession.

8 Characteristics of Professionalism

What are the attributes that will mark you out as a professional? Let's look at eight
key characteristics:

1. Competence

As a professional, you get the job done – and done well. Your abilities match the
requirements of your role, and you often produce results that exceed expectations.

But you never plow on simply for the sake of appearances. Instead, your
professionalism allows you to manage your own and others' expectations, and to
ask for support when necessary.

2. Knowledge

Professionalism involves developing detailed, up-to-date knowledge, which is often

highly specialized. At every stage of your career you can strive to master your role –
and keep adding to what you know.

It's also important to put your knowledge into action. Being professional means
feeling confident to show what you know – not for self-promotion, but to help
yourself and others to succeed.

3. Conscientiousness

Professionalism involves being reliable, setting your own high standards, and
showing that you care about every aspect of your job. It's about being industrious
and organized, and holding yourself accountable for your thoughts, words and
actions.
But don't confuse conscientiousness with working longer hours than everyone else,
or obsessing about details. True professionals plan and prioritize their work to keep
it under control, and they don't let perfectionism hold them back.

4. Integrity

Integrity is what keeps professional people true to their word. It also stops them
compromising their values, even if that means taking a harder road.

Integrity is bound up with being honest – to yourself, and to the people you meet.
Your beliefs and behaviors are aligned, and everyone can see that you're genuine.

5. Respect

Professionalism means being a role model for politeness and good manners – to
everyone, not just those you need to impress.

What's more, you show that you truly respect other people by taking their needs into
account, and by helping to uphold their rights.

6. Emotional Intelligence

To be a true professional you need to stay professional even under pressure. This
takes strategies for managing your emotions, plus a clear awareness of other
people's feelings. In short, emotional intelligence is essential.

Sometimes, professionalism means keeping your emotions in check. But at other

times it's important to express your feelings, in order to have meaningful
conversations or to stand up for what you believe in.

7. Appropriateness

A big part of being professional is knowing what's appropriate in different situations.

It avoids awkwardness or upset, boosts your credibility, and helps you to feel secure
in your role.

Appropriateness relates to outward appearances, such as dress, personal grooming

and body language.
But it also covers the way you speak and write, the topics you choose to discuss,
and how you behave with others.

8. Confidence

Well-founded confidence reassures and motivates other people, boosting your

ability to influence and lead. It also pushes you to take on new challenges, because
you don't fear damaging your professional reputation if things go wrong.

What Is a Code of Ethics?

A code of ethics is a guide of principles designed to help professionals conduct
business honestly and with integrity. A code of ethics document may outline the
mission and values of the business or organization, how professionals are supposed
to approach problems, the ethical principles based on the organization's core
values, and the standards to which the professional is held.

A code of ethics, also referred to as an "ethical code," may encompass areas such
as business ethics, a code of professional practice, and an employee code of
conduct.

What is the Purpose of a Code of Ethics?

Business ethics refers to how ethical principles guide a business's operations.
Common issues that fall under the umbrella of business ethics include employer-
employee relations, discrimination, environmental issues, bribery, insider trading,
and social responsibility.
A code of ethics is important because it clearly lays out the rules for behavior and
provides the groundwork for a preemptive warning.

Types of Codes of Ethics

A code of ethics can take a variety of forms, but the general goal is to ensure that a
business and its employees are following state and federal laws, conducting
themselves according to an ideal that can be exemplary, and ensuring that the
business being conducted is beneficial for all stakeholders. The following are two
types of codes of ethics found in business.

Compliance-Based Code of Ethics

For all businesses, laws regulate issues such as hiring and safety standards.
Compliance-based codes of ethics not only set guidelines for conduct but also
determine penalties for violations. This type of code of ethics is based on clear-cut
rules and well-defined consequences rather than individual monitoring of personal
behavior

Value-Based Code of Ethics

A value-based code of ethics addresses a company's core value system. It may
outline standards of responsible conduct as they relate to the larger public good and
the environment. Value-based ethical codes may require a greater degree of self-
regulation than compliance-based codes.

Some codes of conduct contain language that addresses both compliance and
values. For example, a grocery store chain might create a code of conduct that
espouses the company's commitment to health and safety regulations above
financial gain. That grocery chain might also include a statement about refusing to
contract with suppliers that feed hormones to livestock or raise animals in inhumane
living conditions.

Code of Ethics in Different Professions

Certain professions, such as those in the finance or health fields, have specific laws
that mandate codes of ethics and conduct.

Accountants
Certified public accountants (CPAs), who are not typically considered fiduciaries to
their clients, still are expected to follow similar ethical standards, such as integrity,
objectivity, truthfulness, and avoidance of conflicts of interest, according to the
American Institute of Certified Public Accountants (AICPA).

Financial Advisers
Financial advisers registered with the Securities and Exchange Commission (SEC)
or a state regulator are bound by a code of ethics known as a fiduciary duty. This is
a legal requirement and also a code of loyalty that requires them to act in the best
interest of their clients.

Code of Ethics vs. Code of Conduct

A code of ethics is similar to a code of conduct. Both are sets of professional
standards to guide the behavior of an organization's members.

However, there are some subtle differences: a code of ethics is used to ensure that
members have sound and unclouded judgment. Examples include the legal codes
that prohibit lawyers from accepting cases where they have a conflict of interest or
those that prevent brokers from trading against their clients.

What Are the Five Ethical Principles?

In the accounting profession, there are five ethical principles that guide the industry's
code of ethics: integrity, objectivity, professional competence, confidentiality, and
professional behavior.