Answer to Question #266113 in Marketing for Saif

Question #266113

Explain what is Ethics in Procurement & why it is important? You are a Procurement Head of Consumer Product organization, explain any 4 ISM Standards & link with mention industry scenario.

Expert's answer

Ethical procurement refers to a wide range of issues that can impact the ethical and sustainability goals of a business. Examples include the monitoring of unethical or illegal supplier business procedures and practices that can impact your organization’s procurement efficiency and reputation. Ethical procurement outlines a company’s code of conduct and commitment to social, environmental and legal ethics, and it requires a thorough understanding of your company’s social responsibility, societal obligations and expectations.

Ethics in procurement is important because  by embracing ethical procurement, your company can protect and enhance its profits, public image, and productivity while also pursuing profitability and innovation and protecting itself from unnecessary risk, expense, and scandal. Enter your email below to begin the process of setting up a meeting with one of our product specialists.

The purpose of the ISM Code is to provide an international standard for the safe management and operation of ships and for pollution prevention. In matters of safety and environment protection it is the commitment, competence, attitudes and motivation of individuals at all levels that determines the end result.  The first element is who the Company as per ISM code is. As per ISM code Company means the owner of the ship or any other organization or person such as the manager, or the bareboat charterer, who has assumed the responsibility for operation of the ship from the ship owner and who, on assuming such responsibility, has agreed to take over all duties and responsibility imposed by the Code.  The second element is Company’s responsibilities. The third element is Internal Audits where by an effective Internal audits are the main dividing line between a good ship management company and a bad one. The fourth element is designated person ashore. ISM code requires the company to nominate a designated person who will be a link between ship and shore.

 These elements are linked to the ship industry in that the checklists for safe starting and stopping of shipboard machinery, along with plans to carry out various work procedures on board ship ensures the safety of the ship and marine environment. Procedures are formed to tackle emergency situations onboard ships.

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