Compliance Risk Management: A Growing Concern for Turkish Businesses
As businesses in Turkey continue to expand and operate globally, they face an increasing number of compliance challenges. With changing regulations, dispersed operations, and increased enforcement, companies must ensure that their ethics and compliance programs are effective in managing risk.
The Importance of Effective Compliance Programs
Companies must establish strong ethics and compliance practices from the outset to ensure key business initiatives move forward effectively and compliantly. PwC’s ethics and compliance solutions professionals can help Turkish businesses navigate these complexities by providing expert guidance on:
- Code of Ethics Policy & Procedure Design: Developing a clear and effective code of ethics that sets the tone for corporate culture and behavior
- Compliance Program Assessment: Identifying gaps and risks in current compliance programs, and providing recommendations for improvement
Implementing an Effective Compliance Program
One critical aspect of an effective compliance program is the establishment of an ethics hotline and reporting mechanism. PwC’s consulting services can help companies in Turkey design and implement an ethics hotline that:
- Detects fraudulent incidents
- Supports remediation efforts
- Promotes a culture of integrity
In addition to ethics hotline implementation, PwC offers a range of compliance solutions tailored to Turkish businesses, including:
- Contract Compliance Reviews: Ensuring entitlement assessments and contract compliance to prevent disputes and ensure fair payment
- Contract Optimization: Using data analytics and negotiation strategies to optimize contracts and reduce risk
- Distributor/Agent Reviews: Conducting on-site reviews of distributors and agents to identify potential irregularities and mitigate third-party risks
- Competition Investigation Support: Providing expert guidance on competition law compliance, risk mitigation, and policy development
Benefits of Effective Compliance Programs
By implementing effective compliance programs, Turkish businesses can:
- Protect their reputation
- Improve employee behavior
- Meet regulatory requirements
- Stay ahead of competitors
PwC’s ethics and compliance solutions professionals have the expertise and experience to help companies in Turkey navigate these challenges and achieve success.