The short answer is “yes,” if you don’t already have one. The U.S. Commerce Department spells out the reasons in a 355-page business ethics manual that is part of its Good Governance Program. Among the specific business benefits an ethics policy or code can provide are enhanced reputation and good will; reduced risks and costs; protection from the business’s own employees and agents; stronger competitive positions; expanded access to capital; increased profits; and sustained long-term growth.

Ethics policies set forth expectations and requirements for company employees. They can improve employee morale and protect the company in employee disciplinary matters. They can also help businesses avoid or successfully defend against costly lawsuits. Effective policies should address conflicts of interest; protection of corporate opportunities; confidentiality; prohibitions against unfair practices; compliance with laws, rules and regulations; and employee reporting of any illegal or unethical behavior.

For more information and additional resources, visit the International Trade Association’s Good Governance site