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Conflict of Interest
Addressing Conflicts of Interest and Disclosure Management
Increased complexity and lack of transparency have forced many firms to realize the need to track and update their conflict of interest (COI) procedures. Creating a culture of ethics and trust begins from the tone that you set at the top. When it comes to disclosure management, that means being open with your employees and letting them know that you do not want to control their relationships, but you do need to know about their existing relationships to reduce the risk due to potential conflicts.
If your organization does not have a definite place for those disclosures to be made, they can easily be postponed or overlooked altogether, putting your firm at greater risk. Firms need a clean way to communicate what those conflicts of interest may be and offer a comfortable, unthreatening way for those disclosures to be made.
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What You Need
COI Policy
Policies that clearly define the types of relationships that should be disclosed
Visual Training
Interactive training that puts those policies into context, clearly explaining why COI matters
Tracking
A system to track communication between the disclosing party and compliance professional
Process
A non-intimidating process that encourages open and honest disclosures
Reporting
A way to track COI investigations and resolutions, with easy reporting
Insight
Insight into your third parties to show hidden engagements with politically exposed peoples, government officials and competitors
We’ll Help You Create a Customized, Visual, and Effective Anti-Bribery & Corruption Program
STEP 1
Identify all the regulations and contracts that require COI disclosure
STEP 2
Clearly train employees on what constitutes a conflict of interest, and create a safe environment to talk about them
STEP 3
Utilize an automated policy management solution to distribute disclosures to all your employees, tracking who has read and completed their disclosure questionnaire in a central database
STEP 4
Utilize an automated policy management solution to distribute disclosures to all your employees, tracking who has read and completed their disclosure questionnaire in a central database