12 January 2021
Solvency Audit (3rd Training)
The third Solvency Audit training, organized by the TEBD Project, and supported by TOBB and selected EU Solvency Experts, took place on 12 January 2021. Turkish Chamber/Exchange Executives selected across Turkey attended the third and final training given by four EU Solvency Experts.
Following the previous and second training (module 3 and 4), each Turkish Chamber/Exchange had committed to carry out 10 solvency assistance cases (all online) among different Turkish companies who face difficulties, evaluating its risk for insolvency or bankruptcy and offering assistance using the diagnostic toolkit provided by the EU Solvency Experts, which based on the existing Early Warning Mechanism developed for EU SMEs.
The third and final training (module 5) took place after the Turkish Chamber experts had their first assistance cases with their Chamber members (SMEs) that were facing difficulties. During this training, Turkish Chamber experts were given the opportunity to share their experiences, difficulties, lessons learned, and best practices faced during their first assistance cases with the other participants. They also did troubleshooting and most importantly discussed about the suitability and applicability of the diagnostic toolkit. Among others, which tools were used during these fist assistance cases and which were not applicable, the level of easiness of using the toolkit, what difficulties the Turkish Chamber experts faced with the SMEs, and if any tool was not well adapted to the Turkish context.
Following these shared experiences and discussions, it was also addressed if and how this activity could be possibly improved, what other tools could be included, and potential solutions to attract more SMEs to participate and request the support of the Early Warning tool.
Taking note of all the discussions and case outcomes, the four EU Solvency Experts have started drafting the final report with potential recommendations, and further actions to be taken.