What is Conflict of Interest Software?
Conflict of Interest Software is purpose-designed to enable your staff, distributors and the board to easily report potential conflicts and seamlessly create a culture of integrity and corporate responsibility. It automates the review and approval of critical gift, financial interest and relational conflicts and equally important, with a real-time audit trail, compliance officers can instantly run custom reports and track actions taken.
Broadly speaking, compliance managers usually use COI software for the following applications:
1. Gifts given or received – such as – my advertising agency gave me an expensive bottle of wine for my birthday.
2. Hospitality – such as – our internal auditors took our team out to dinner.
3. Financial conflicts – such as – I have bought stock in a company that is about to be taken over by my company.
4. Relational conflicts – such as – my brother owns the warehouse where we store our products.
5. Professional conflicts – such as – lawyers cannot act on behalf of a client it is currently acting against, or physicians cannot manage the financial affairs of patients.
While every organization can benefit from conflict of interest software, highly regulated industries such as financial services, government, and healthcare are specifically required to have a system of managing disclosures as there are large penalties for non-compliance. Here are some of the benefits
Learn More About Conflict of Interest Software
A conflict of interest is a scenario whereby an individual’s decision making is or potentially could be compromised due to the fact he or she has competing interests or loyalties.
Similar to other types of unethical activities, conflict of interest activities carry the risk of consequences and can result in fines or prosecution.
Download the IntelligenceBank Conflict of Interest Software Whitepaper to learn about the features you need to manage integrity issues within your organization.
Users only see information to which they have access. That means, different users can only view, download, publish and/or print to where you grant access. You can give access by user group or by individual.
Data storage, backups, private cloud & self hosted options
Your data is hosted in secure, ISO 27001 and SOC2 compliant data centers either in the US, UK or Australia - depending on your location (and your choice). For larger corporates, IntelligenceBank offers private cloud options for an additional fee.
Two Factor Authentication
For customers who require additional login security, two factor authentication is available.
IntelligenceBank's servers are protected by separate hardware firewalls, which deliver high performance (as to not inhibit speed of service) and multi-threat protection.
Within IntelligenceBank platforms, you can set login parameters such as length and complexity of passwords, and you can also determine how frequently your users need to reset their password.
Every five minutes, IntelligenceBank proactively monitors its operating system, core functions, uptime, patch upgrades, firewall status and hacking attempts.
You always own your data. Bottom line. We do not access your platform unless you provide your account manager with special, one time access, and you can always request a copy of your data on disk.
IntelligenceBank undergoes penetration testing on a monthly basis, and bi-annually undergoes external penetration tests.