Question

What types of policies can or do organizations implement to try to reduce conflicts of interest or their costs?

Answer 1

Every organization needs to establish clear policies about what constitutes a conflict of interest and in which cases these need to be disclosed

Policies should, therefore, include a number of aspects

1.Identify the persons who are interested

2.Identify the which type of relationships represents conflicts of interest and those need to be disclosed

3.Explain how organization defines a financial interest

4.Outline your organization’s procedure for handling, addressing, and recording conflicts of interest

5.State the duty to disclose actual or potential conflicts of interest

6.Disclose Action for the policy voilation

7.Create awareness around the organization about potential conflicts of interest and action plan for policy voilation

8. Every organization should have tracking and reporting systems in place, which help manage the conflicts of interest disclosure process. An appropriate system will facilitate communication between compliance officers and the disclosing employee. Being able to see at a glance who received policies, completed their training, or signed their disclosure questionnaire will help you tackle conflicts of interest effortlessly. A reporting tool will ensure you keep a level head and overview of important investigations and different conflict resolutions. The right technology solution can help you simplify these processes and procedures.