Özet:

The most important value of institutions is their reputation notwithstanding that reputation is an invisible item from the point of balance sheet. Therefore, detection and management of risks, which have a potential for bringing institutions into discredit, are strategically among the most important operations of institutions. Being ranked among the important factors, which lead stakeholders to make their choice in favor of an institution, of a good reputation, a positive correlation between corporate reputation and business results has been discovered. In this sense, the term ‘reputation’ can be defined as a strategical resource for an institution. Ethical practises constitute one of the most important factors of risk management in institutions. Ethical practises not only improve corporate image before public opinion by way of good public relations, but also provide vital benefits such as detection of potential problems, prevention of fraud, protection of corporate reputation, minimization of penalties. This paper dwells upon ethical practises, which would contribute to better management of reputational risk by strengthening reputation. The factors of an ethics program, which should be complied with, have been addressed in the paper for a effective corporate ethics practice in institutions and the paper has been completed with our recommendations based on our own work experience with regard to major ethics practises needing to be performed in order to strengthen reputation and mitigate reputational risk.

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