The seminar organized by TEID and YASED discussed the management of “Ethics and Compliance” processes of Third Parties

Organized under the cooperation of the Ethics & Reputation Society (TEID) and the International Investors Association (YASED), the seminar on "Managing Ethics and Compliance Processes for Third Parties of Companies" attracted a great deal of attention from the business world. Drawing attention to the fact that the firms suffered a turnover loss of 5 percent each year due to abuse, the seminar emphasized that the loss of small-sized enterprises was two times higher than that of international businesses.

Organized under the cooperation of the Ethics & Reputation Society (TEID) and the International Investors Association (YASED), the seminar on "Managing Ethics and Compliance Processes for Third Parties of International Companies" was organized with a huge turnout from the private sector.

At the seminar held on December 9 International Anti-Corruption Day designated by the United Nations (UN), the experience and references contributed by international companies to their business partners in the global value chains as well as the prerequisites of contributions toward institutionalization and globalization were discussed.

At the seminar where TEID Secretary General Neslihan Yakal and YASED Secretary General Özlem Özyiğit delivered the opening addresses, the officials of international firms, who are also the members of TEID Board of Directors and Supervisory Board made speeches. During the seminar, representatives from BP Turkey, Astellas Pharma Turkey, Philip Morris Sabancı, Siemens Turkey, L'Oréal Turkey, Integrity Partners and Cerebra CPA & Advisors shared their knowledge and experience with the participants.

During the seminar, attended by representatives from global companies, suppliers, distributors, consultants and similar business partners, panelists drew attention to the adoption of international ethics and compliance rules by firms and touched upon the standards to which global companies were subject as well as their expectations from local partners.

Impact of corruption prevention on corporate profitability

Speakers attending the meeting emphasized that the code of conduct, ethics and compliance constituted a common area for the business world, corruption was a structural problem affecting the entire world and the global cost of such abuses reached 5 percent of the annual turnover of firms. Pointing out that the losses of small and medium-sized enterprises out of abuses were twice those of large businesses, the participants remarked that the average loss of small companies was USD 200,000 per case. The speakers also referred to the impact of the Corruption Perceptions Index annually published by the Transparency International on the decision-making processes of investors and stated that Turkey ranked the 78th with 41 points in this index's 2018 version.

 


With contributions of Vodafone