NAVEX launches NAVEX One COI Disclosures, enabling organizations to receive and address conflicts of interest (COI) matters outside of annual campaigns, empowering them to respond to ongoing disclosures and risks as they happen.
Many organizations complete annual campaigns to collect information about potential COIs and focus on a broad range of possible conflicts. Yet, organizations need the ability to flex their COI program to match risk patterns as they occur throughout the year—such as the holiday season when gift giving and receiving is on the rise or as personal circumstances change for employees. To actively assess and mitigate changing conflicts of interest, organizations must be able to efficiently capture and address them as they arise.
On-demand disclosures solves for this need, automating the process and focusing on specific conflicts throughout the year as risks become more prevalent. The tool enables users to quickly and easily disclose any potential conflicts on an as-needed basis, without having to complete a full COI questionnaire. This allows organizations to address risks as they surface, including key issues such as gifts and entertainment, outside employment, and business or family relationships.
“While annual campaigns serve as a meaningful tool to uncover conflicts of interest within an organization, conflicts can and do arise at any time outside of those campaign cycles,” said NAVEX’s Chief Product Officer, A.G. Lambert. “As with all NAVEX COI Disclosures processes, on-demand disclosures deliver operational process efficiencies that allow an organization to automatically gather, track, analyze and disposition all disclosures, eliminating manual processes.”
With NAVEX’s new on-demand disclosures functionality, organizations benefit from a simplified COI process that allows administrators to create customizable on-demand disclosures that best fit their business needs. Administrators have access to detailed, audit-ready reporting to visualize the performance of on-demand disclosures and can see any potential conflicts to ensure all potential risks are addressed.