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:

Company Ethics and Compliance Policies

Preparing the ethics code
Creating the ethical risk map for the company
Writing the ethics and compliance policies for the company

Integrating the policies to the processes

Applying the ethics and compliance policies to the company functions
Putting together the Committee of Ethics and Compliance
Preparing information flow diagrams

In-company Ethics Management

Designing the ethics and compliance management tools
Choosing the ethics and compliance manager, specifying their duty, authority and responsibility

Ethical Statements and Training

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

Evaluation of Ethics and Compliance Violations

Describing the discrepancies in company's ethics and compliance policies
Determining the sanctions against the discrepancies
Settling the discrepancies and executing the sanctions

Auditing the Ethics and Compliance Management System

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

External Observation of the Ethics and Compliance Management System

Observing and auditing the ethics management system periodically through performance (special purpose auditing)