Preparing for New Turkish Commercial Code?
An Opportunity for Your Company's Transformation?
A big change is knocking the door of Turkish Companies: New Turkish Commercial Code (New Code). The New Code has been keeping busy the agenda of many parties in the last couple of years and it seems that it will remain the hot topic for the foreseeable future. The reason is that the New Code brings radical changes to the daily life of management regardless of the size of companies.
Are you currently engaged in any initiative relating to the New Code? Our research shows large companies appear to be further along than small and medium companies. However, changes introduced by the New Code are not subject to large companies only but all capital companies in Turkey.
In Cerebra's view, meeting the requirements of the New Turkish Commercial Code should be about more than just compliance with laws and regulations. Instead, companies should approach the conversion as an opportunity to strengthen their distinctive capabilities.
New Code's impact on the capital companies will be much larger and broader than anticipated, affecting many areas outside of finance including human resources, IT, business operations, external stakeholders and customers. Furthermore, changes introduced by the New Code will add substantial perspectives to a variety of initiatives they currently are pursuing, such as new enterprise information systems implementation, mergers or acquisitions and expansion of global operations.
New Code's impact on enterprise performance management capabilities will be significant, and many board members and executives will make substantial investments in key related processes and technologies to deal with the impact. Effective structure of board and management, management reporting, managing the new accounting and audit mechanism (internal and external audit), financial planning and budgeting are among the capabilities that Cerebra believes will need to be improved to deal with the changes.
New Code provides companies with a significant opportunity to achieve broader transformational change and drive business benefits beyond compliance. Our view is that board members and management should see those changes as an opportunity to transform the companies "systems”, "processes” and particularly "finance function”. The shift will also enable companies help them reduce their risk exposure from dealing with different statutory reporting methods, more smoothly integrate their global operations and expand into new geographic markets, and improve financial reporting and transparency.
Cerebra believes that companies that approach the New Code with a business-improvement mindset and not solely a focus on compliance will be much better positioned to gain competitive advantage and achieve high performance in today's highly dynamic global economy.
Cerebra helps clients to exploit opportunities for transformation in systems and procedures of organisations, particularly in the finance function as part of New Code conversion as well as ensuring the fully compliance with the new regulations. Please refer to our services with regard to the New Turkish Commercial Code Compliance Services.
