Compliance disclosures are a critical element of an organization’s compliance and ethics management program. The organization requires structured approaches to managing disclosures such as conflicts of interest, and a way to address compliance related forms and processing for gifts, entertainment, and travel or facilitated payments. This requires the ability to intake information, route it for review and approval or denial, document exceptions, and provide a strong defensible system of record of the entire process.
The traditional approach to disclosure management has been manual processes involving print or electronic forms that thread compliance disclosures, like conflicts of interest, through time-consuming manual processes where things often get missed, slip through cracks, or mistakes are made. Manual processes or older software treat disclosures as static entities, making it difficult, if not impossible, for employees to access or update previously filed disclosures. This results in static disclosures that are filed and forgotten, rather than living documents that contain accurate, up-to-date insight into relationships and their potential impact on the business.
The next phase of disclosure management
There is a growing demand for compliance disclosure management solutions that can be more dynamically managed to address Conflicts of Interest; Gifts, Entertainment and Hospitality; Political Contributions; and other areas of compliance disclosure.
While there are several dozen solutions available in the market that do Compliance Disclosure Management, they are not all created equal. One differentiator is . . .
[THE REST OF THIS ARTICLE CAN BE FOUND ON THE CONVERCENT BLOG WHERE GRC 20/20’S MICHAEL RASMUSSEN IS A GUEST AUTHOR]