The main objective of the Turnaround Management Society (TMS) is to promote best practice in turnaround processes. Only turnaround professionals are members of the TMS and these include: Distressed debt investors, and academics.
Mar. 6, 2014 – HAMBURG, Germany — The TMS aims to combine all of the research that turnaround academics have, with the experience of turnaround professionals. The Turnaround Management Society provides support to academics and professionals from all over the world and gives them access to a forum where they can exchange research information, knowledge, skills and ideas with each other. TMS also carries out research of its own and has two current projects, one involves setting standards for turnaround processes, and the other is a database containing turnaround cases and strategies.
Services from the Turnaround Management Society
The International Turnaround Management Standard (ITMS) provides industry standards for those involved in the turnaround process. These standards enable professionals to achieve sustainable turnarounds through aturnaround framework. This also contains a restructuring framework in order that any restructuring processis effective and fairly implemented. The specific turnaround and restructuring standard will include proven techniques and strategies that can be implemented during a corporate turnaround process or corporate restructuring. This includes, project management, financial engineering, change management, quality management and risk management especially when dealing with corporate failure / failing companies, etc.
The Turnaround Management Strategies Database is extremely useful as it contains data regarding previously successful turnaround strategies that can be applied to a specific type of corporate crisis situation. TMS members are able to have access to the database and receive all the information contained within it at any time.
The TMS also publishes a journal twice a year. The journal contains up-to-date information and articles regarding turnaround standards and management, and is available to all TMS members. It is also distributed to universities, private equity firms and financial institutions. The journal is also available at the TMS website.
The Turnaround Management Society runs a certification process too, which involves independently assessing the knowledge and skills of turnaround professionals. This provides professionals with accreditation over less qualified professionals, as well as assurance from their customers that they work to set standards and processes and employ best practice.
For more information on the Certified International Turnaround Manager program or the Turnaround Management Society please visit: