Instructions:
- Read Discussion 1 and Discussion 2 from the attachments
- Conduct a critical analysis for both discussions and, in at least 150 words each
- Include citations to at least one credible information source in your replies.
The topic that I have drafted for this Capstone project is “Ethics in all aspects of management (Virtuous Business model)”. An ethical business only can flourish and stand permanent in the market till the end. So, it is very much essential to build a strong ethical behavior within the organization. Once a strong ethical behavior is established with in the organization then there won’t be any crooked way of doing things. When all the ways of the business are straight forward then the company is sure to be accepted and approached by people of all strata.
The reason why I chose this topic is that to make a mark on the importance of ethics at the management level and how it plays a vital role in taking the business forward. I also have included “Virtuous Business model” to clearly insist on the need of virtuous leader in an organization that values moral. Virtuous Business model is very much related to ethics, through which the importance of ethics can be well understood.
“The Virtuous Business Model encompasses both the virtuous leader and the moral organization. The model consists of three aspects of virtue: being, knowing, and doing”.
In the absence of ethics, the quality of the product drops, the marketing of products will not be trustworthy, the business won’t be loyal, the business loss the trust of shareholders, pricing will be high for the products to get maximum profit and also there will be security issues within the organization.
In the light of ethics, I would like to discuss how the business deviate from their quality standards because of their greed to capture the market. I also would like to discuss the problems that arises in various department of the organization because of the non-ethical way of doing things, and also how the Virtuous Business model led an organization to success. Finally, I also have few suggestions and recommendations as to how the organizations should follow the ethical behavior and be successful in business for a long run. Ethics can be a cost effective and permanent solution to run a virtuous business (where the “Virtuous Business model” shows the way of doing it).
SMART VENDOR MANAGEMENT SOLUTION (SVMS)
Vendor Management is the process of developing, managing, and controlling relationships and agreement with multiple third-party vendors and contractors to control costs, minimize third-party risk exposure, and drive service excellence. Organizations need to ensure that the products and services provided by the third-party vendors are safe (Data Privacy) and comply with applicable laws, regulations, and standards.
Globalization has connected world economies; local companies can have direct or indirect relationships/partnerships with many domestic and international vendors. Supply chains are more complex than ever before; numerous vendors may carry over products before they get to the buyer. Business tends to outsource shared services to focus more on core business. Information technology, payroll, marketing, and Human resource are good outsourcing candidates. The most crucial point is that COVID-19 has boosted the outsourcing business, especially cloud computing.
The increase of third-party cyber security breaches due to COVID-19 is based on the following factors: –
· People are working remotely.
· Third-party solutions were implemented without proper security assessment.
· Privacy concerns were neglected both by the customer and the vendor.
· Disruption of the supply chain.
As vendor numbers rise, there is a high risk of data breaches. There is a dire need for a vendor management solution that will efficiently manage the growing number of vendors and mitigate or reduce the risk associated with vendors. To achieve these, vendor management solutions should be scalable and security focused.
Nowadays, organizations are using multiple third-party vendors/contractors to expand the business portfolio and improve customer experiences. This makes it more complex while dealing with multiple vendors and contractors. Those organizations who don’t have the capacity, investment support or skills to effectively manage the diverse number of suppliers, may result in:
· the potential for a large (or public) cyber security breach, attributed to the cyber practice failings.
· the lost value within commercial relationships
· the increased risk exposure of supplier service failure or non-compliance, and
· failure to adhere to contractual obligations.
References:
Vendor security risk management – KPMG. (n.d.). January 6, 2022, from https://home.kpmg/content/dam/kpmg/ca/pdf/2017/10/vendor-security-risk-management-kpmg-canada
Vendor management: Realizing opportunities in the Financial Services Sector. Protiviti. (n.d.). January 6, 2022, from https://www.protiviti.com/CA-en/insights/wp-vendor-management
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
