BUS FPX 4070 Assessment 9 Global Financial Management and Improving Ethics
Phillip February 28, 2024 No Comments

BUS FPX 4070 Assessment 9 Global Financial Management and Improving Ethics

BUS FPX 4070 Assessment 9 Global Financial Management and Improving Ethics

Name

Capella university

BUS-FPX4070 Foundations in Finance

Prof. Name

Date

Challenges of Financial Management in a Global Work Environment

Domestic financial management involves monitoring a company’s profit-and-loss statement and balance sheet, as well as tracking various assets and expenses. However, multinational financial management presents additional complexities, including currency risks, different tax regulations, financial reporting differences, borrowing costs, challenges in raising capital, and political risks from foreign governments (Brigham & Houston, n.d.; John, 2017; Woodruff, 2019).

Improving Ethics in Finance

Ethics in finance is crucial for maintaining trust and integrity within organizations. Establishing a clear code of ethics, providing training, and promoting consistent communication about ethical standards are essential steps. Furthermore, fostering a culture of integrity, supporting a zero-tolerance policy for unethical behavior, and implementing internal controls to prevent fraud are effective strategies (Encyclopedia.com, n.d.; Hedborg, 2014; Hayes, 2022; Ethics & Compliance Initiative, n.d.; McLaverty & McKee, 2016).

Improving Ethics in Corporate Governance

Corporate governance involves directing and controlling a firm, balancing the interests of various stakeholders. To enhance corporate governance, organizations should clarify the board’s role in strategy formulation, monitor organizational performance, appoint competent leadership, and establish effective risk management practices. Additionally, building a skilled and diverse board, evaluating board performance regularly, and maintaining transparency in decision-making are critical (Chen, 2021; Effective Governance, n.d.; Lagercrantz, 2021).

Conclusion

Ethics are fundamental to the success and sustainability of organizations. Upholding ethical standards from top management down to employees is essential for fostering trust, maintaining integrity, and achieving long-term profitability. Continuous training, clear communication, and robust governance practices are key to promoting ethical behavior and ensuring organizational success.

References

Brigham, E. F., & Houston, J. F. (n.d.). Fundamentals of financial management. Cengage Learning.

Chen, J. (2021, July 4). Corporate governance. Investopedia. https://www.investopedia.com/terms/c/corporategovernance.asp

Encyclopedia.com. (n.d.). Ethics in finance. https://www.encyclopedia.com/finance/finance-and-accounting-magazines/ethics-finance

Effective Governance. (n.d.). Top ten steps to improving corporate governance. https://www.effectivegovernance.com.au/page/knowledgecentre/news-articles/top-ten-steps-to-improving-corporate-governance

Ethics & Compliance Initiative. (n.d.). Five ways to reduce ethics and compliance risk. https://www.ethics.org/resources/free-toolkit/reducing-risk/

Hedborg, C. (2014, November 3). Five steps to improve ethical performance. CGMA. https://www.cgma.org/blogs/five-steps-to-improve-ethical-performance.html#:~:text=Good%2C%20regular%20and%20consistent%20communication,company%20policies%20on%20ethical%20behaviour.

BUS FPX 4070 Assessment 9 Global Financial Management and Improving Ethics

Hayes, A. (2022). [Barriers to entry]. Unpublished manuscript.

Lagercrantz, M. (2021, October 13). Corporate governance: How to ensure good corporate governance in 10 simple steps. BoardClic. https://boardclic.com/corporategovernance/how-to-ensure-good-corporate-governance/

McLaverty, C., & McKee, A. (2016, December 29). What you can do to improve ethics at your company. Harvard Business Review. https://hbr.org/2016/12/what-you-can-do-to-improve-ethics-at-your-company

Woodruff, D. (2019). [Understanding the challenges of multinational financial management]. Unpublished manuscript.

BUS FPX 4070 Assessment 9 Global Financial Management and Improving Ethics

error: Content is protected, Contact team if you want Free paper for your class!!