Disclosure Management isn’t Case Management
A complete conflicts of interest compliance initiative includes policies that clearly define the types of relationships that should be disclosed and why disclosure is important, interactive training that puts those policies into context and easy-to-access and use disclosure reporting. Relationships are fluid and the right management system is too, allowing for updates whenever necessary and tracking communications between the disclosing party and compliance professionals. On top of that, the process should be non-intimidating for your employees, one that encourages open and honest disclosures.
With those features in mind, Convercent has developed a management system specifically designed for relationship disclosures. Completely separate from your internal whistleblowing hotline, the disclosure manager makes it easy for employees to classify their relationships. If something changes, the employee can simply update the existing record, no need to file an entirely different disclosure. With a centralized system that allows you to manage every aspect of the disclosure management process you can easily see the cause and effect of your efforts.
14 Key Requirements of Effective Conflicts of Interest Management
A robust disclosure management program is essential to properly reduce risks driven by conflicts of interest. Implementing a concrete framework to manage these will give you a holistic, actionable dataset to continuously improve
your program. These 14 requirements will ensure the main pieces of your conflict of interest program are not only sufficient, but effective.
Requirements include:
- Organization-wide coverage
- Consistent disclosure review
- Data centralization and integration
- Complexity-capable
Compare Disclosure Management Solutions
Your disclosures are a critical element of your compliance program—but the solutions for managing those disclosures aren't created equal. From manual disclosure processes to a fully automated system that integrates with HR data and more, click below to read our blog post on disclosure management and learn what your options are.
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Learn more about Convercent's unique Disclosure Manager, designed specifically to address potential conflicts of interest.