Ethics in Business and Accounting Question

1. Apply the five steps to ethical decision making and evaluate the following case. You dont need to do outside research.

You are the CEO of Equifax, and the Company has a big problem. Personal information on 148 million Equifax customers were stolen. Unfortunately, you have found out that the systems Equifax are using are old, and the security systems were out-of-date and could have been updated to prevent the breach. You have a duty to ensure a safe work environment and safe opportunities for consumers and you have a duty to maintain profit and the image of the Company.

What should you do now? (The breach has just occurred a few days ago). Apply the five steps to ethical decision making. (The five steps appear below). Dont worry about what the real CEO actually did. Instead, focus on what should be done, again using the five step approach:

• Gather the facts (relevant/irrelevant; separating fact, assumption, and speculation).
• Identify the values, issues, and problems (at its basic core, what are we dealing with here?)
• Identify stakeholders (Which parties would be impacted by my decision? How would they be impacted? Do I have an obligation to any of these stakeholders? If so, then what obligations exist?)
• Weight alternatives (Focus on feasible and likely courses of action. Think creatively).
• Check your gut (Can you live with your decision? How do you feel about your proposed course of action?)