Question

What is the difference between ethics and morality? What does ethical deliberation entail? What type of policy would you design to reduce conflicts of interest?

Answer 1

Although these terms are used interchangeably there is a subtle difference between the two, morals are beliefs of an individual or group regarding what is right or wrong whereas ethics are guiding principles which helps an individual or group decide good or bad.

Morality is derived from the word "mos" which means customer whereas ethics is derived from "ethikos" meaning character. One more important point to note is that which ethics is applicable in business, morals are not.

The process of ethical deliberation involves taking into consideration various stakeholders and taking a decision which is totally correct and is acceptable to all the stakeholders.

What type of policy would you design to reduce conflicts of interest?

• A step-by-step procedure needs to be developed in a way by which alleged conflicts are examined and designate who would conduct the investigation.
• All potential resulting actions which could lead to a potential COI should be detailed and the action that would be taken in case of non-disclosure.