Conflicts of Interest Management Software is Critical for Risk Managers

Every business comes with a wide range of risks, but some risks are more insidious than others. Certain things that can threaten businesses and their employees, like natural disasters, or worldwide pandemics are obvious, if unpredictable, sources of risk. Conflicts of interest (COI), on the other hand, can exist right under your nose without your knowledge, posing a danger to the integrity of your business and its processes. Conflicts of interest can take many forms, and if you’re not looking for them, they could also be ongoing for months or even years. 

The only surefire way for businesses to fully prevent damage caused by COI is to proactively identify and track potential sources of conflict, and take proper measures to mitigate any negative outcomes before they occur. But, like many things, this is easier said than done. Fortunately, solutions in the form of conflicts of interest management software exist, working to make this process much easier, safer, and ultimately, far more effective. 

Why Use Conflicts of Interest Management Software?

So why even use software to isolate and manage potential conflicts of interest within a company? Unless there are special circumstances such as starting a new contract or promoting an employee, most organizations only go through the process of COI disclosure once a year, so when discussing potential solutions, there may be some initial hesitancy about acquiring software for once-a-year occurrence. 

That being said, there are several serious benefits to automating the COI disclosure process with conflicts of interest management software. The first immediate benefit of automating COI disclosure is time. Even if it’s only once a year, manually overseeing the process of employee conflict of interest disclosures can be a long, time-consuming slog. 

And when it takes hours to personally sort through and pore over COI audit spreadsheets and disclosure forms, it becomes more and more likely that something will get missed, or an error will occur. Why not use conflicts of interest management software to streamline and automate this process instead? Using software to conduct COI disclosure ensures that processes happen correctly and quickly, freeing up your time – and your employees’ time – to focus on your jobs.

COI software can also aid in safeguarding a fair, unbiased disclosure process. Any element of any business can be susceptible to potential conflicts of interest, and that includes the COI disclosure process itself. Automated solutions ensure all employees are treated the same throughout. Additionally, conflicts of interest management software stores all important data, giving your organization an accessible record of all disclosures and when they were made, further ensuring an accountable, thorough process. 

What Does Conflicts of Interest Management Software Do?

We’ve talked some about the broader benefits of introducing automation to the COI disclosure process, but what are some features found in the best automated COI solutions, and how do they fortify the disclosure process? Let’s take a closer look. 

Form Creation

Conflicts of interest management software solutions play a vital role in jumpstarting the disclosure process through settings for advanced form creation, letting organizations quickly and easily create the best disclosure forms possible. Advanced form creation features offer preset questions that management chooses from for their specific industry or situation, and weigh different questions depending on importance. 

Users can also use conditional questions to follow-up on based on the initial answers of the respondent. Advanced form settings let users reuse question sets as needed, but also offer the ability to design question sets for different groups, customizing queries based on job or department.

Automated Disclosure Tracking

A huge boon that COI software offers businesses is tracking disclosure and disclosure compliance. Instead of relying on management or supervisors to manually distribute disclosure forms and then follow up with employees for responses, COI software automatically sends disclosure forms to appropriate employees or appropriate groups on a preset schedule. If employees forget or neglect to respond, the software will also send out automatic reminders. Management will also receive notification when employees submit their disclosures. 

Real-Time Conflict Identification

One of the biggest ways in which automation can benefit the COI disclosure process is the way it enables data collection in real time. Any information collected by the software is quickly made available to users, letting them see disclosure of potential conflicts almost immediately, and allowing managers and supervisors to respond to potential risks just as quickly. Conflicts of interest management software can also automatically and objectively flag conflicts that fall below preset risk levels, giving managers another level of oversight. 

Competently Control COI Disclosure With ComplianceBridge

Conflicts of interest, when not properly identified and mitigated, can cause serious lasting harm to a business and its reputation. That’s why it’s so crucial to manage conflicts of interest and COI disclosure, and to do it well. Conflicts of interest management software aids organizations looking for the best way to navigate the tricky realm of organizational conflicts of interest, offering transparency, efficiency, and ease without compromising accuracy or precision. 

If you’re searching for the perfect solution to manage conflicts of interest effectively, ComplianceBridge has you covered. Our powerful COI software is specifically designed to simplify the disclosure and resolution process, adapting seamlessly to the unique needs of your business—no matter its size or complexity.

With ComplianceBridge, creating custom questionnaires tailored to your organization’s requirements is effortless. You can design unique question sets and distribute them to specific departments, groups, or locations with ease. The software also allows businesses to schedule regular disclosure periods, ensuring that every employee stays compliant and no potential conflict is overlooked.

After distribution, view COI questionnaire responses quickly with real-time reporting, making it easy for management to identify trends or specific areas of interest. Our software also offers the ability to flag certain responses that fall below acceptable risk levels, so management and supervisors can know what replies may require further investigation. All of ComplianceBridge’s COI data is conveniently stored on our platform in a centralized location with top-tier cyber security.

If you’re ready to reap the benefits COI management software can bring to your business, request a demo with ComplianceBridge today!