Ethics and Compliance

On Audit Structure and Financial Transparency we are building a structure ...

The fact that increasing competition brought about new methods to handle business and the definition of a successful company became ''an institution with high social awareness and reputation'' instead of being solely profit-based, encourages companies to build and manage new systems.

When adding to these developments the local and global corporate scandals in the recent years, it has become a top priority for companies to both maintain their sustainability and protect their reputation.

The company's continuity and reputation, which takes many years to build and can be lost with a small mistake and bad timing, can only be protected when a strong 'Ethics and Compliance Management System' is followed. It's a rational approach to proactively protect these values with a relatively low cost, especially when recovering them costs much more to the company.

Aren's consultation services provided for the instalment of the Ethics and Compliance Management system is comprised of the following steps:

  • Preparing the ethics code
  • Creating the ethical risk map for the company
  • Writing the ethics and compliance policies for the company
  • Applying the ethics and compliance policies to the company functions
  • Putting together the Committee of Ethics and Compliance
  • Preparing information flow diagrams
  • Designing the ethics and compliance management tools
  • Choosing the ethics and compliance manager, specifying their duty, authority and responsibility
  • Preparing ethics statements for the company executives and employees
  • Determining the periods and the type of ethics statements
  • Raising awareness of an issue through in-company training and meetings
  • Designing e-trainings and transferring it to the system
  • Keeping the issue on the agenda through periodic e-trainings
  • Describing the discrepancies in company's ethics and compliance policies
  • Determining the sanctions against the discrepancies
  • Settling the discrepancies and executing the sanctions
  • Evaluating the management system performance periodically
  • Evaluating the increase/decrease of ethics and compliance violations
  • Auditing to see if the employees are taking into account the ethics policies
  • Evaluating both in-company and external ethical messages
  • Auditing to see if the goals of the ethics code are being accomplished or not
  • Observing and auditing the ethics management system periodically through performance (special purpose auditing)