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Take the Conflict of Interest Challenge

Carole Switzer | March 22, 2016

I recently read a very interesting interview with Dave Smith, EVP of Sales for the GRC software company, Convercent, discussing the damage a company can suffer from conflicts of interest (COIs). Dave cites two studies that highlight the problem, which can be summed up like this:

FACT: COIs are observed often, but reported rarely - COIs are the third most commonly observed type of misconduct, according to the 2013 National Business Ethics Survey (NBES), but only 49 percent of workers who observe COI misconduct are reporting what they see.

FACT: Companies aren’t effectively managing COIs despite technology being available to help - a combined 74 percent of companies use internal/desktop tools, or none at all, to manage COIs, according to the 2015 Compliance Trends Survey from Deloitte and Compliance Week, which reveals the lack of sophistication around managing this risk area.

Dave goes on to discuss how COI has become a big risk... To get the full story, subscribe now.