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Homework Help: Solved 191491

Ethics and compliance programs are important for any company in order to develop the ethical culture in the organization and contribute to preventing and eliminating the unethical conduct. Stakeholders should be provided with significant information regarding the business purpose, values, standards, and principles of the professional and ethical conduct followed in the organization (Anghel-Ilcu, 2014, p. 113; Brecher, 2014, p. 242). This proposal provides the information on the World Insurance Partnership’s business purpose, statement of values and their explanation, definition, and explanation of the idea of social responsibility, the overview of the procedures of regulatory compliance, discussion of the training programs, and the overview of the monitoring and enforcement systems. Explanation of the Business Purpose World Insurance Partnership is a company that provides insurance services of different types for more than 20,000 households in five Western states of the United States. The business purpose of the company that is associated with the corporate mission is to provide the near perfect insurance services to clients in a timely and accurate manner and guarantee complete protection at the lowest possible cost with the focus on the clients’ needs and interests. As a result, World Insurance Partnership works to improve the quality of human life while focusing on guaranteeing the complete protection for clients. World Insurance Partnership develops the high-performance culture and focuses on conducting business in an ethical manner and in compliance with regulations, laws, and norms followed in the industry. Explanation of the Ethics Program’s Purpose The Ethics Program for the World Insurance Partnership is designed to declare the company’s core values, to promote the ethical principles and standards among the stakeholders with the focus on principles of transparency, integrity, and accountability. Statement of Core Values The World Insurance Partnership’s code of conduct is presented in the form of the statement of core values. This code of conduct includes the definitions of values, guiding principles, and standards followed by the company’s stakeholders. The employees of the company are expected to act in accordance with the values and principles stated in the code of conduct, and the corrective action is developed for the employees who do not follow the principles, values, and standards. Core Values Transparency. World Insurance Partnership focuses on making rules and principles followed in the company transparent, and the company accentuates the transparency of the decision-making process in the organization. Respect. The employees are expected to treat the clients and each other in an ethical and respectful manner, with the focus on stakeholders’ needs and interests (Schwartz, 2002, p. 29-30). Integrity. World Insurance Partnership promotes the value of integrity while providing services for clients and developing relations between employees because of the necessity, to be honest, and focused on providing high-quality results. Get your 100% original paper on any topic done in as little as 3 hours Learn More Diversity. Diversity is supported in the company in all its forms because of the necessity to create an effective multinational team and address the needs of the diverse clients that need the assistance of the company. Accountability. The employees of the World Insurance Partnership are responsible for following the principle of accountability while providing insurance services, and they also should focus on accountability for breaches the standards and principles mentioned in the Ethics Program (Schwartz, 2002, p. 29-30). Guiding Principles and Standards Compliance with laws and regulations. The employees of the World Insurance Partnership should work in compliance with the laws, rules, and regulations used in the industry and with the focus on the state insurance laws and federal insurance laws. Confidentiality. The employees should focus on the confidentiality of information related to the customers and the organization. Employees, directors, and officers of the World Insurance Partnership are responsible for keeping the organization’s information and information about customers confidential. Thus, the protection of customers’ personal data is required. Trustworthiness. In World Insurance Partnership, the focus on trustworthiness is essential because the employees should promote the image of the insurance company as the organization which clients can trust as safeguards. Employees are also expected to build positive relations with clients according to the principles of reliability (Schwartz, 2002, p. 29-30). Communication and reporting unethical behavior. The employees are expected to communicate actively with each other in order to avoid the conflict of interests, and they are encouraged to report the unethical behavior and violations of laws regarding the manipulation of the clients’ personal information. The focus should also be on trustworthy communication with clients in order to address their needs and interests. Fair dealing. World Insurance Partnership guarantees that each employee and director are treated equally; they cannot take the unfair advantage of the other person or their position. Furthermore, the discretionary authority should not be given to persons who are at risk to focus on the misconduct (Ferrell, Fraedrich,

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