What is Conflict of Interest Management Software?
CoreSteam’s conflict of interest solution is designed to help organizations identify, manage, and mitigate conflicts of interest among their employees, stakeholders, and decision-makers.
Across any organization, key decisions affecting its operations may require to be made on a daily basis. Compliance functions, as well as individual employees are required to show that impartiality is maintained in making these decisions.
The CoreStream Conflict of Interest Management module provides a flexible and robust platform to manage all elements of the Conflicts of Interest process. It encourages individual accountability for employers and approval workflow to ensure that any potential conflict is recognized.
Our platform helps deliver integrated management across all governance, risk and compliance areas to align with the needs of your organization.
What are the benefits of Conflict of Interest Management Software?
CoreStream’s Conflict of Interest Management software will manage conflict risk by:
- Identification of Conflicts: CoreStream COI Solution can help organizations proactively identify potential conflicts of interest by monitoring financial relationships, investments, affiliations, and other relevant connections of employees and stakeholders.
- Compliance with Regulations: Many industries and professions are subject to regulations that require the disclosure and management of conflicts of interest. CoreStream’s COI solution can assist in adhering to these regulations and ensuring that the organization remains in legal compliance.
- Transparency: CoreStream’s COI solution promotes transparency by making information about potential conflicts easily accessible to relevant parties, stakeholders, and the public when necessary. This transparency can help build trust and maintain a positive reputation.
- Risk Mitigation: CoreStream COI Solution helps organizations assess the risks associated with conflicts of interest and take appropriate actions to mitigate these risks, such as recusal from decision-making, divestment of financial interests, or establishing strict ethical guidelines.
- Data Analytics and Reporting: CoreStream’s COI Solution provides data analytics and reporting capabilities, allowing organizations to track and analyze trends in conflicts, report on compliance, and generate necessary documentation for regulatory authorities.
- Efficiency and Automation: CoreSteam’s COI solution often includes features for streamlining the conflict of interest disclosure and review processes, making it easier for employees and stakeholders to report and manage conflicts.
What are the risks of not having Conflict of Interest Management Software?
In recent years there has been an increase in reported issues relating to conflicts in the workplace, posing a threat to an organization’s reputation and its ability to make independent business decisions. These threats can exist at all levels of the organization and lead to fines and other market challenges.
Without an effective means of recording Conflicts of Interest, organizations run the risk of decisions being made for personal gain, rather than to meet its targets and strategies. A lack of clarity over personal circumstances could lead to appointments into decision-making roles which might have a long term detrimental impact.
The CoreStream platform allows organizations to quickly embed the necessary behaviors and policies into its procedures, offering early insights into potential issues which might threaten their operation.
The CoreStream solution provides a robust, flexible approach to the management of Conflicts of Interest – with workflow, reporting and question sets bespoke to your organization’s needs.
Our Conflicts of Interest Management platform allows you to proactively ensure that conflicts are actively managed, and ensure that your business is protected from future threats.