Turkey’s Compliance and Risk Management Practices Under Scrutiny
As Turkey’s business landscape continues to evolve, internationally operating companies are under increasing pressure to ensure compliance with legal standards and regulations. With recent political developments and unlawful acts such as money laundering and sanctions violations casting a shadow over the country’s economic stability, management and shareholders alike have a responsibility to ensure that their organizations adhere to the highest ethical and legal standards.
The Importance of Governance, Risk Management, and Compliance (GRC)
A critical aspect of this is Governance, Risk Management, and Compliance (GRC), which has become a crucial concept for companies operating globally. GRC refers to the processes by which decisions related to risk management and compliance are made within an organization, as defined by Prof. Geoffrey Parsons Miller of New York University Law School.
GRC in Turkey
In Turkey, GRC work is critical to ensuring that companies avoid unsafe and unethical actions, while also protecting their reputation and financial stability. Lexsu Consultancy, a leading provider of legal advice in governance, risk management, and compliance, can help Turkish enterprises improve their GRC practices.
The Components of GRC
According to Miller’s definition, Governance refers to the approach and manner of governance, including the code of conduct and its oversight. This complex process involves various layers of responsibility, departments, offices, and service relationships, which often do not correspond to the formal structure or informal power dynamics within an organization.
- Risk Management: The processes by which risks are identified, analyzed, incorporated into strategic planning, and either mitigated through risk management tactics or accepted as incidental to activities.
- Compliance: The processes by which an organization monitors its own behavior to ensure that it complies with applicable regulations.
Lexsu Consultancy’s Services
Lexsu Consultancy offers a range of services aimed at supporting Turkish enterprises in their GRC activities, including:
- Evaluating, planning, and improving governance, risk management, and compliance
- Reviewing compliance programs and processes
- Providing management support
- Preparing for audits
- Offering training on international sanctions
The company also has a partnership with RegulusCORE, an international team of experts who specialize in various areas of law by country.
Conclusion
As Turkey’s business landscape continues to evolve, it is essential that companies prioritize GRC practices to ensure legal standards and regulations are met. Lexsu Consultancy stands ready to provide expert advice and support to Turkish enterprises looking to improve their governance, risk management, and compliance practices.