PHI FPX 2000 Assessment 2 Business Ethics and Corporate Responsibilitydocx
Business Ethics and Corporate Responsibility
Corporate Social Responsibility has different meanings in different industries because of their financial responsibilities and stakeholder relationships. Sustainable development is about meeting present needs without harming future generations, and it combines Corporate Social Responsibility and business ethics. This concept has led to creation of sustainable development goals. Corporate responsibility is now a widely adopted business practice, with many businesses, consumers, academics, and policymakers paying close attention to it. As a result, businesses are increasingly considering their activities’ social and environmental impacts (Manasakis, 2018). Get free PHI FPX 2000 Assessment 2 Business Ethics and Corporate Responsibilitydocx
Relationships between Different Components of the Ethical Issues
The current scenario has several ethical concerns.
- There is the issue of informed consent that the disclosure form has vague wording, and customers may not fully understand how their genetic information is used and shared with whom.
- Uchromz has collected millions of DNA samples, and the biobank is growing continuously. There is a risk to security and confidentiality that sensitive genetic information could be exposed or shared without the customer’s consent.
- Uchromz has no direct control over how third parties, there is a concern of responsibility that the information could be used for profit-driven research or even shared with insurance companies.
PHI FPX 2000 Assessment 2 Business Ethics and Corporate Responsibilitydocx
Privacy, security, informed consent, and confidentiality are key ethical concerns. Informed consent is a crucial aspect of biomedical ethics, as it respects the principle of autonomy and the right of individuals to make decisions about their healthcare. However, there may be situations where obtaining fully informed consent is challenging or impossible due to competing ethical considerations (Darby & Weinstock, 2018). DNA donors need to be sure about the consent because it has vague wording, which was making unclear to customers their DNA samples use. Uchromz should provide clear and detailed consent forms to ensure safety and provide accurate information to customers.
Privacy and confidentiality are important ethical principles in many fields, including healthcare, research, and business. In ethics, privacy refers to an individual’s right to control access to personal information. In contrast, confidentiality refers to the obligation of professionals to maintain the confidentiality of sensitive or private information. Respecting patients’ confidentiality and privacy is considered a fundamental right, and it is necessary to build trust and rapport between patients and healthcare providers (Noroozi et al., 2018). Uchromz must be responsible and keep the confidentiality of customers safe by avoiding sharing DNA samples with third parties, as Uchromz has no control over third parties.
Primary Interests of the Stakeholders
This scenario of Uchromz and DNA sample collection for genetic testing research has key stakeholders and their primary interests.
Uchromz Stakeholders
The key interest of Uchmorz stakeholders is to comply with ethical and legal guidelines for using genetic information and protecting customers’ privacy and confidentiality. Further, they want to Mitigate the potential risks breach of customers’ protected information related to DNA. They are interested in ensuring that customers understand the potential risks and benefits of genetic testing and provide informed consent before their DNA information is shared with third parties.
Consumers of Uchromz
Customers were those who voluntarily sent in their DNA samples. Their interest was genetic testing for ancestry and health information and protection of their privacy and confidentiality, including control over who has access to DNA information and how it is used.
Partnering Institutions with Uchromz
The interests of partnering institutions are to access a large biobank of DNA information that can be used for research purposes. Identification of genetic markers for human diseases and disorders is another interest of third parties. Additionally, they are interested in collaborating with a successful biotech firm (Uchromz) and getting exposure to its large customer base.
PHI FPX 2000 Assessment 2 Business Ethics and Corporate Responsibilitydocx
The rapid collection of genetic information has led to significant advances in science and medicine but also poses a threat to responsible systems. It is well known that information regarding human genetics is sensitive. The security of genetic information receives attention in the modern era. In contrast, all stakeholders are essential and valuable assets to biotechnology. The systems that manage genetic information and their key stakeholders are responsible for to misuse of genetic information and potential harm (Schumacher et al., 2020).
Normative Ethical Theory
Utilitarianism is a normative ethical theory based on action and consequences, that means viability of action being correct and wrong is based on outcome. This allows for a flexible and adaptable approach to ethics that can respond to changing circumstances and contexts (Häyry, 2020).
About the above scenario, Uchromz must apply Utilitarianism as a normative ethical theory to address the security and confidentiality of DNA sample providers. In addition, by employing Utilitarianism ethical theory, Uchromz prioritizes not only its interest but also the interests of customers, biotech employee, partnering sources, and various stakeholders on the whole at a larger scale.
Milton Friedman’s Stakeholder’s Theory to Company’s Social Responsibility
With the growing attention to corporate social responsibility (CSR) and the need to integrate social responsibility principles in high-tech industries, it is important to investigate the link between CSR and firm performance relative to high-tech industry with in United States (US) (Okafor et al., 2021).
Friedman’s stakeholder theory of corporate moral responsibility asserts that a business’s sole obligation is to advance the financial interests of its stakeholders, and he contends that a corporation’s social responsibility is to increase its profits. In Friedman’s view, any social responsibility beyond maximizing profits is ultimately the responsibility of individuals, not corporations (Elrick & Thies, 2018).
PHI FPX 2000 Assessment 2 Business Ethics and Corporate Responsibilitydocx
Friedman’s stakeholders’ theory highlights the importance of considering the interests and concerns of different stakeholders involved in a business decision. Uchromz must balance the interests of its stakeholders to achieve long-term success and sustainability. Implementing the stakeholders’ theory to the scenario of Uchromz will prioritize all stakeholders’ primary interests and values. This will automatically result in the organization and stakeholders’ profit.
The Traditional Theory of Normative Ethics
The traditional theory of normative ethics seeks to provide a rational and objective framework for determining what is morally right or wrong. In the current scenario, the deontology theory of normative ethics is employed. Deontology holds that the morality and ethics of action are identified by their correspondence with the ethical rules or principles. Deontology emphasizes the importance of moral duty and the inherent value of certain actions, regardless of their consequences (Barrow & Khandhar, 2019). By employing the deontology theory of ethics, it is the corporate social responsibility of Uchmorz to protect the privacy and security of DNA sample providers by denying third parties to share information.
Deficiencies of Milton Friedman’s Shareholder Theory
The Shareholder Theory of Milton Friedman is based on maximizing gains of stakeholders and social responsibility is limited for increasing profits of company. This notion has been controversial, suggesting that companies should focus solely on financial performance and shareholder value while neglecting other important social and environmental issues. The shareholder theory emphasizes short-term profits and stock prices, which can lead to companies sacrificing long-term investments and sustainability initiatives in favor of short-term gains (Clarke, 2020).
Uchmorz should prioritize the safety and security of all stakeholders by avoiding the company’s profit. It must follow the core ethical values based on the information shared with the third party without the consent of DNA sample customers. The company’s social responsibility is to protect identity, value stakeholders, and manage the organization’s financial development.
Conclusion
It is concluded that one aspect of CSR is sustainable development, which addresses present needs and will not neglect future generations’ needs to meet their own needs. This involves taking into account social, environmental, and economic factors in decision-making and operations, and considering the long-term impacts of business activities. Business ethics is also important to sustainable development and CSR, as it guides companies to act with integrity and ethical principles.
References
Barrow, J. M., & Khandhar, P. B. (2019). Deontology. Nih.gov. https://www.ncbi.nlm.nih.gov/books/NBK459296
Clarke, T. (2020). The Contest on corporate purpose: Why Lynn Stout was right, and Milton Friedman was wrong. Accounting, Economics, and Law: A Convivium, 10(3). https://doi.org/10.1515/ael-2020-0145
Darby, W. C., & Weinstock, R. (2018). The limits of confidentiality: Informed consent and psychotherapy. Focus, 16(4), 395–401. https://doi.org/10.1176/appi.focus.20180020
Elrick, J., & Thies, C. F. (2018). The social responsibility of business: Milton Friedman reconsidered. Journal of Markets & Morality, 21(2). https://www.marketsandmorality.com/index.php/mandm/article/view/1356
Häyry, M. (2020). Just better Utilitarianism. Cambridge Quarterly of Healthcare Ethics, 30(2), 1–25. https://doi.org/10.1017/S0963180120000882
Manasakis, C. (2018). Business ethics and corporate social responsibility. Managerial and Decision Economics, 39(4), 486–497. https://doi.org/10.1002/mde.2921
Noroozi, M., Zahedi, L., Bathaei, F. S., & Salari, P. (2018). Challenges of confidentiality in clinical settings: Compilation of an ethical guideline. Iranian Journal of Public Health, 47(6), 875–883. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6077627/
Okafor, A., Adeleye, B. N., & Adusei, M. (2021). Corporate social responsibility and financial performance: Evidence from U.S tech firms. Journal of Cleaner Production, 292, 126078. https://doi.org/10.1016/j.jclepro.2021.126078
Schumacher, G. J., Sawaya, S., Nelson, D., & Hansen, A. J. (2020). Genetic information insecurity as state of the art. Frontiers in Bioengineering and Biotechnology, 8. https://doi.org/10.3389/fbioe.2020.591980
