Compliance law has many different facets. It encompasses a variety of interests, including some that you might not think of at first. One such interest is business ethics. Interest and working knowledge of business ethics helps in a career in compliance law.
Seattle University School of Law has an online Master of Legal Studies program (MLS) in compliance and risk management. With this degree, you can take your passion and work in business ethics as your career.
What is Business Ethics?
Business ethics is a form of applied ethics or professional ethics. It examines ethical principles and moral or ethical problems that can come up in a business environment. Business ethics applies to the entirety of a business or organization.
Business ethics standards and reviews are key components that are important to any and every business. Many situations appear black and white when it comes to business morality. And, it may be that a particular situation is, in fact, clear cut. However, there are also a lot of gray areas. Business ethics ensure fair play and morality by working in these gray areas, making it an important part of all business operations. Business ethics practitioners use guidelines and rules to establish a formal program that ensures the law is being followed and that an organization maintains an ethical workplace culture.
Why is Business Ethics Important?
Business ethics is important for other reasons beyond the ones stated above. Ethical missteps are too easy and too common. The negative implications surrounding any kind of business scandal or mishap can be disastrous because such situations have a direct impact on an entity’s reputation. Reputation consistently acts as an indicator as to whether or not a business is doing well. Consumers don’t want to give their patronage to a place that has unethical practices.
There is no doubt that being an ethical business is the best practice. In dealing with other organizations in the same field, being ethical can encourage professional relations and facilitate business negotiations. Reputations are important, especially in a world where you are trying to make a profit. Reputational harm is nearly instantaneous in today’s world of social media and technology.
Business ethics also, directly and indirectly, drive the behavior of employees. Employees will act with a moral compass if that is what is the established practice in the workplace. Upstanding employees mean stronger compliance with ethics standards. Additionally, transparent and respected practices facilitate the retention of quality employees within an organization. People prefer not to work in a space that has unethical practices, and all businesses want to keep their best performers
How Does Compliance Law Come Into Play?
Compliance law focuses on keeping a company within the set governmental guidelines for an industry. Laws and regulations within highly-regulated industries are constantly changing. Keeping up with applicable standards bolsters a company’s ethical reputation. Thus, a company’s ethics and how it relates to that company’s practices is the common thread between compliance law and business ethics.
Compliance is also about more than just governmental regulations and standards. It involves industry norms, evaluating an organization’s operations and customer data, and considering how all of those components exist within and alongside government regulations. This often occurs in the absence of regulations. Compliance is crucial to protecting businesses.
How Seattle University Can Help
Seattle University School of Law has a Master of Legal Studies program in Compliance and Risk Management. The program teaches the skills and knowledge needed to protect businesses from legal risks, giving you the tools to become a compliance expert. The program’s courses teach legal fundamentals and compliance operations. As a student, you will develop fundamental compliance skills and have the opportunity to choose from four relevant concentrations. These concentrations include corporate compliance, healthcare compliance, data and cybersecurity compliance, and financial compliance.
Seattle University offers its MLS program online. This gives our students the ability to obtain their degrees while working. For those already in the field, the MLS degree lets them further their career without missing a beat.
Corporations must protect themselves from legal risks and ethical downfalls. With a degree in compliance law, you can take your passion for business ethics and use that in your career. Contact our admissions office today to get started.