What is one of the goals of ethical practice regulations?

One of the main goals of ethical practice regulations is to prevent bribery and corruption. Ethical regulations aim to create a fair, transparent, and trustworthy business environment. By establishing clear guidelines and standards, these regulations help organizations operate in a manner that fosters integrity and accountability. Preventing bribery and corruption is essential for ensuring that business dealings are based on merit and ethical considerations rather than unethical practices that can distort competition and harm stakeholders.

Promoting ethical practices not only helps to maintain the integrity of procurement processes but also protects organizations from legal liabilities and reputational damage associated with corrupt activities. Ultimately, ethical practice regulations are designed to cultivate a culture of honesty and ethical behavior, which is fundamental for sustainable business success.