Final answer:
Developing an effective ethics program in a business is about aligning corporate behavior with ethical principles and core values, while a compliance program focuses on legal adherence and avoiding penalties.
Step-by-step explanation:
The importance of developing an effective ethics program involves establishing principles that govern moral conduct within a business environment. Employing an ethics program serves the purpose of aligning a corporation's actions with its core ethical values, potentially covering areas such as corporate responsibility, social and environmental issues, and emerging technologies. Key concepts discussed in the ethics program can range from the foundational metaethics, which explores the origins and meanings of moral values, to applied ethics, which pertains to specific fields like business ethics and emerging technology, and normative ethics, which details how to act morally.
Fundamental differences between an ethics program and a compliance program
A fundamental difference between an ethics program and a compliance program is focus and intent. An ethics program is centered on guiding behavior according to the company's core values and moral principles, influencing the organization's culture. In contrast, a compliance program primarily focuses on adherence to laws, regulations, and rules to avoid legal penalties, often centering around risk management and corporate governance.