What is the main function of ethics in procurement?

The primary function of ethics in procurement is to foster integrity and transparency in decision-making processes. Ethical standards require procurement professionals to act with honesty and fairness, ensuring that all transactions are conducted in a manner that is transparent and justifiable. This focus on integrity helps build trust among stakeholders, including suppliers, customers, and the community.

When ethics are prioritized in procurement, it leads to better decision-making practices, encourages adherence to established rules and policies, and minimizes the risk of fraudulent activities. Furthermore, ethical procurement practices ensure that all parties are treated equitably and that there is no favoritism or bias. This ultimately contributes to a more efficient, effective, and fair procurement process, enhancing the overall integrity of the organization.