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The video discusses the importance of ethics in every culture, emphasizing that ethical living is guided by a code of ethics shaped by societal and cultural values, which define concepts of good and bad. It explains that principles, derived from these values, are applied to specific situations to determine appropriate actions. Critical to the effectiveness of a code of ethics is the support from management, particularly top management. Personal responsibility involves accountability for actions, necessitating clear consequences for violations of the code. Additionally, a compliance factor focuses on relevant laws and industry regulations that must be followed, highlighting that organizational ethics must be prioritized for employees to perform ethically.
