The Client collaborates with a multitude of suppliers and contractors, in addition to maintaining a sizable workforce. As part of its internal auditing procedures, all employees must disclose any potential conflicts of interest. Currently, the company mandates biannual disclosures. However, this manual process is labour-intensive and cumbersome, especially as it progresses through various levels of management. Consequently, there’s a significant risk of overlooking critical information.

Recognising these challenges, the Client requested a digital solution that not only automated the disclosure of conflicts of interest, but also ensured that any identified conflicts are promptly escalated up the chain of command.

CHALLENGES:

The nature of the business, combined with the large number of suppliers and employees, presents a significant risk for conflicts of interest. Additionally, the current process for managing disclosures is highly time-consuming and cumbersome, and the escalation through the chain of command often results in delays.

SOLUTIONS:

Distribution of DOI Forms: The system automatically distributes Declaration of Interest (DOI) Forms to all users twice a year. If a conflict is declared, it is promptly escalated up the management chain to ensure compliance and facilitate appropriate oversight.

User-Friendly Electronic Submissions: Users can easily initiate electronic submissions on their own should a conflict arise.

Automated Notifications and Escalations: The system automatically generates alerts to management whenever a conflict of interest is declared, ensuring timely awareness and prompt action.

Enhanced Insights and Control: The tasks dashboard provides users and administrators with comprehensive visibility into the status of conflict declarations and related tasks. It allows users to track progress, identify pending actions, and monitor compliance effectively. Administrators can access detailed reports and analytics, facilitating informed decision-making and proactive management of potential conflicts. 

Digital information is easily searchable, enhancing overall efficiency. Conflicts of interest are promptly identified and escalated, allowing for timely action. This leads to improved compliance and effective fraud prevention.