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A code of ethics is the essential component for any business organization to establish and ensure that everyone in the company is evident on the mission, values, and guiding principles of the related business organization. Code of Ethics is the principle followed by all. It provides all employees with a framework of which rules exist, from a regulatory and law-enforcement standpoint, and how to act in the dark areas of value-based ethics that aren't always clear.
Usually, the Code of ethics varies from company to company and is created with a specific purpose to develop the working culture. As the Indian Lenders Association, our organization's success depends on the trust and confidence we earn from our employees, customers, etc. We gain credibility adhering to our commitments, displaying honesty and integrity, and reaching our goals solely through honorable conduct. It is effortless to say and show what we must do, but the proof is in our actions.
Ultimately, any organization is judged on what it does. Here, the Code of ethics comes into action to keep an organization's working culture on track and adhere to basic ethics.
The Indian Lenders Association has significantly been committed to a structure of common principles & standards of practice since ILA's inception in the market. This kind of commitment is formalized as the Association's first effective formal Code of Ethics. Regardless of whether an organization is legally mandated to have a code of ethics or not, every organization should aim to have one. A code of ethics has value as an internal guideline and an external statement of corporate values & future commitments.
A well-written code of ethics clarifies an organization's mission, agendas, and principles, linking them with a professional code of ethics. The Code of ethics articulates the values the organization wishes to foster in leaders and employees and, in doing so, defines desired behavior. As a result, written codes of ethics can become benchmarks against which any performance is measured effectively.
A code of ethics is a central guide & road map for employees to support their day-to-day decision-making. A code of ethics further encourages discussions of ethics and compliance, empowering employees to handle the ethical decisions they encounter. It serves as a valuable reference, helping their employees locate relevant documents, services, and other resources related to their ethics.
The Code has been modified and adapted as the profession where laws have changed. The Code does not contain any specific solutions to specific problems but is designed to guide its members to make professional decisions. The Code of Ethics reflects what we value as professionals and establishes particular expectations based on duty, fairness, & responsibility. As the Indian Lenders Association, our Code of ethics intends to ensure our clients' welfare in the long run and protect our private lending, profession's reputation, and integrity.
We can conclude by saying that the Code of Ethics establishes obligations that may be higher than those mandated by law, but in any instance where the Code of Ethics and the law comes in conflict, the law's duties must rule.
All our members and employees voluntarily agree to adhere to the Indian Lender’s Association Code of Ethics to ensure our industry's long-term viability & success. The working mechanism with its employees and the Code of ethics is the secret to any organization's success in the long run.