International Organization for Standardization/International Electro technical Commission Internationally, a fiduciary duty refers to the highest standard of care imposed through equity or law. Expected behavior of a fiduciary is loyalty to the person or group (principal) owed a duty.
Consequently, managers must not place their affairs before the obligation and must not benefit from their status as a fiduciary, unless the principal consents. Specifically, managers should avoid engaging in activities where personal interests and fiduciary duty conflict; as well as situations where their fiduciary duty conflict with another fiduciary duty.
Furthermore, a fiduciary should not seek personal benefit from their fiduciary position without express principal knowledge and consent.
Why should you Attend: The root explanation or justification for manager-leaders enacting a values-based moral response to an organizational-ethical dilemma is the adoption of a duty or obligation.
Therefore, duty or obligation falls under the general deontological category of imperatives. As agents of the business, manager-leaders are subject to the expectations and pressures of healthcare stakeholders. Thus, manager-leaders assume the responsibilities of an organizational fiduciary with a fiduciary duty.
Consequently, manager-leaders must often deal with issues that relate to organizational potency and viability while simultaneously balancing the needs of various stakeholders.
Employees that value compliance, usually, holds honesty and integrity as desirable personal traits or fear noncompliance repercussions. Considering fiduciary tenets and accepting organizations utilize a top-down approach for legal requirements compliance; an expectation exists for organizational personnel.
Nevertheless, an Ethics Resource Center study discovered that 44% of survey respondents believed their firms exhibited signs of a weak ethics.
Therefore, given the reputational and financial risks, manager-leaders must comprehend the influence they can have in instituting an ethical organizational culture.
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