FACT: Employee conflicts of interest (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.
Unmanaged COIs can lead to losses from:
Bribery, corruption, or fraud
IP leakage or theft
Unfair employment practices
So how can we best identify potential for COIs and manage them appropriately?
What steps do we take to improve design and operations of COI management actions and controls?
How does technology help to ensure that COIs don’t present significant threats?
These are just some of the questions addressed in OCEG's latest infographic, which focuses on using GRC processes and technologies to manage conflicts of interest.
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