Compliance Concerns Rise for Multinationals Operating in Turkey
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As multinational companies continue to expand their operations in Turkey, they face increasing pressure to ensure that their third-party contracts comply with anti-corruption laws and regulations. The introduction of stricter legislation and enforcement activity has led organizations to devote more resources to establishing policies, infrastructure, and processes aimed at fighting corruption within their own businesses and supply chains.
Conducting Risk-Based Due Diligence
According to experts, conducting risk-based due diligence on third parties is now a legal expectation in many countries that have ratified the OECD Anti-Bribery Convention and/or the United Nations Convention against Corruption. Organizations that fail to conduct adequate due diligence may face criminal culpability for corrupt third-party conduct.
Proactive Measures in Turkey
In Turkey, where corruption remains a significant concern, companies are taking proactive measures to mitigate risks associated with third-party contracting. Cerebra, a leading provider of third-party due diligence services, is working with clients operating in the country to develop tailored approaches that address varying levels of risk.
“We understand that the level of scrutiny necessary for an organization to reach reasonable confidence varies with corruption risk,” said [Name], Managing Director at Cerebra. “Our comprehensive and dedicated third-party risk management solutions help organizations identify, assess, and mitigate risks associated with their third-party relationships.”
Cerebra’s Services
Cerebra’s services include:
- Third-party risk assessment
- Screening
- Questionnaires
- Due diligence support
- Background checks
- On-site inspections
- Ongoing monitoring
These services are designed to provide clients with a clear understanding of the risks associated with their third-party contracts and ensure compliance with anti-corruption laws and regulations.
Prioritizing Compliance in Turkey
As enforcement activity continues to rise, companies operating in Turkey must prioritize compliance and risk management practices to avoid legal action and reputational damage. By working with experts like Cerebra, organizations can ensure that they are taking proactive measures to mitigate risks associated with third-party contracting and maintain a strong reputation in the market.
Conclusion
In conclusion, conducting thorough due diligence on third parties is no longer a best practice, but a legal requirement for companies operating in Turkey. By prioritizing compliance and risk management practices, organizations can minimize their exposure to corruption risks and maintain a positive reputation in the market.