Open Disclosure: Why and How to manage Conflict of Interest Disclosure
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This document summarizes a live webinar about managing conflict of interest disclosures. It discusses how traditional annual certification can be improved with a new ongoing disclosure process using a compliance software system. This allows for real-time reporting and clearance of conflicts. Speakers from Philip Morris International and Convercent explain how automated disclosure can improve transparency, engagement, and risk management compared to traditional burdensome reporting methods. Measuring the impact of new systems through metrics and surveys was also presented.
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Open Disclosure: Why and How to manage Conflict of Interest Disclosure
- 1. GOOD. SMART. BUSINESS. PROFIT. TM
- 2. Open Disclosure: Why and How to Manage Conflict of Interest Disclosures April 30, 2015
- 3. Chelsie Chmela Events Manager Chelsie.chmela@ethisphere.com 847.293.8806 We encourage you to engage during the Q&A porKon of today’s webcast by using the chat funcKon located within your viewing experience. HOST QUESTIONS RECORDING The event recording and PowerPoint presentaKon will be provided post event. 3
- 4. 4 SPEAKING TODAY Philip Winterburn Chief Product Officer, Convercent Marc Leu Global Head of Ethics and Compliance Risk Management & Planning , Philip Morris InternaKonal Charles Pare Manager, Compliance Risk Management & Planning , Philip Morris InternaKonal
- 5. OPEN DISCLOSURE: WHY AND HOW TO MANAGE CONFLICT OF INTEREST DISCLOSURES LIVE WEBINAR | APRIL 30, 2015
- 6. 2 Introductions Charles Pare Manager, Compliance Risk Management & Planning Philip Morris International Philip Winterburn Chief Product Officer Convercent Marc Leu Global Head of Ethics and Compliance Risk Management & Planning Philip Morris International
- 7. 3 Background
- 8. 4 What is a Conflict of Interest (COI)? When an individual’s personal interests have the potential to interfere with their ability to act objectively in the best interests of the company. Other Jobs InvestmentsPersonal Relationships Direct and indirect relationships (influence and sharing)
- 9. The downside of COIs: • Hard to detect • Tough for individuals to recognize/manage on their own • Escalate in likelihood/severity at executive levels The opportunity with properly managed COI disclosures: • Easier to disclose than misconduct • Provide a first and ongoing interaction with compliance • Allow gap analysis and early insight to risk • Foster employee responsibility é risk, ê employee trust and retention 5 Impact of COI ê risk, é employee trust and retention
- 10. 6 Managing the Process: The Traditional Ways Annual certification, free-form narrative Hotline reporting channel The drawbacks: • One and done • Unstructured • Intimidating • Cumbersome • Follow-up action and communication impaired • Impossible to analyze • Volume and scale issues • Difficult to ensure consistency
- 11. 7 Managing the Process: The New Way Compliance Human Resources Management Disclosure(s) & Update(s) Real-Time Dashboard & Historical Reporting Clearance/Conditions Clearance/ConditionsDisclosures/Updates
- 12. 8 Managing the Process: The New Way Easy to comply, easy to manage, easy to report on Employee perspective Admin perspective
- 13. 9 Ensuring Success • Make it easy to comply • Make it easy to manage • Make it ongoing • Focus on clearance and conditions • Keep managers apprised • Provide picklists • Translate the intake • Close the communication loop • Mince words: • Disclose, not report • Save, not submit • Clear, not accept/reject • Disclose and manage, not investigate and sanction Give employees ownership à shape and change behavior à manage risk
- 14. 10 Measuring the Impact • Richer data and insight (by region, job, nature of conflict, conditions, etc.) • Easier to act on • Better benchmarking • Continuous dialogue between employees and compliance • Drive participation and engagement • Validate with survey results • Easier, more informed investigation process • Less time spent on administrative tasks • Improve organizational justice, transparency and employee retention What’s the cost and impact of not knowing about and managing COIs?
- 15. 11 Q&A
- 16. Thank You.
- 17. This webcast and all future Ethisphere webcasts are available complimentary and on demand for BELA members. BELA members are also offered complimentary registration to Ethisphere’s Global Ethics Summit and other Summits around the world. For more information on BELA contact: Laara van Loben Sels Senior Director, Engagement Services laara.vanlobensels@ethisphere.com 480.397.2663 Business Ethics Leadership Alliance (BELA)
- 18. Friday, May 15 at 12:00 p.m. ET Whistleblower Best Prac8ces: What do Companies and Business Leaders Need to Know? All upcoming Ethisphere events can be found at: http://ethisphere.com/events/ PLEASE JOIN US FOR
- 19. www.la8namericaethicssummit.com Advanced Early Bird Pricing Ends Today! 15% off Discount Code: WEBCAST15
- 20. THANK YOU