Legal aspects of risk management in joint stock companies

The purpose of this study is to analyze the concept of risk management in terms of joint stock company law. Although risk management in Turkish Law has been addressed especially in listed companies, other joint stock companies are also included in the scope. The first part of our study is about the introduction of the concepts of risk and risk management and their historical development. The second part is devoted to the legal framework of risk management for joint stock companies. In this section, it is stated that risk management in joint stock companies is positioned on a tripod consisting of the board of directors, the early detection and management of risk committee and the auditor. In the third section, which examines the activities of the board of directors within the scope of risk management, starting with the examination of the relationship between the board of directors and the company. In the fourth section, the formation, qualifications and activities of the early detection and management of risk committee, which is mandatory for listed companies, and which will become mandatory for other companies if deemed necessary by the auditor, are explained. The activities of the independent auditor are analyzed in the fifth part. The sixth and final part of our study is related to legal liability within the scope of risk management. The liability of the members of the board of directors, members of the early detection and management of risk committee and the independent auditor are discussed.