Final answer:
A formal statement of values and standards developed by a company is called a code of conduct. This document is crucial for setting ethical and professional expectations, and similar guidelines are established by professional organizations across various fields.
Step-by-step explanation:
Many companies develop a formal statement of values and standards, which is known as a code of conduct. This document outlines the ethical principles and professional behavior expected from its employees and management. Businesses aren't the only organizations that create these types of guidelines; professional entities, such as the IEEE Computer Society, also establish codes of ethics to set standards for conduct within specific fields.
For instance, the IEEE Computer Society has the Software Engineering Code of Ethics and Professional Practice, designed to guide software engineers in making ethical decisions in their work. These ethical codes are linked to broader moral theories and political discussions about quality of life, privacy, and environmental impact. Understanding and adhering to these codes is critical for maintaining professionalism and corporate responsibility in diverse industries.