PORTLAND, Ore., November 4, 2021 – NAVEX Global®, the leader in integrated risk and compliance management software with over 13,000 customers worldwide, today announced a new release of its COI Disclosures on the NAVEX One platform. The enhancements further simplify the gathering, tracking and mitigation of potential conflicts of interest (COI), enabling organizations to more efficiently and effectively gain, analyze and manage a complete view of people-based risk.
To see the full scope of risk, organizations need to understand potential conflicts of interest, including board participation, gifts and entertainment, investments, outside employment and other concerns as they arise. Channels for employees to disclose these potential conflicts are a necessary component of any ethics and compliance program. However, outdated, manual methods of distributing COI policies and managing disclosures—like email and spreadsheets—are time-consuming and prone to error.
COI Disclosures on the NAVEX One Platform
To solve for this, NAVEX Global’s COI Disclosures allows organizations to gather, track and analyze all types of disclosures, and seamlessly manage the process from distribution to resolution. It provides organizations with the flexibility to automate many of the manual processes associated with annual tracking and reporting of these potential employee and Board of Director based risks.
To efficiently and effectively complete their annual COI campaigns, organizations must not only automate the process but also customize their program. Questionnaires need to be structured to address specific circumstances, regulations and internal policies. In addition, companies that operate globally expect their COI campaigns and questionnaires to be distributed in employees’ native languages to ensure comprehensive, accurate data collection.
The new release of COI Disclosures now includes additional features to meet customers’ increasingly broad and varied needs:
- Customizable questionnaires allow users to select and create new categories most important to their business to include in COI questionnaires and add new branching and optional questions
- Language support and translations enable users to respond to questionnaires and follow tasks in their preferred language and allow administrators to edit different language versions of the questionnaires, with 14 languages now supported
- Document and assessment support allow users to bundle internal policies and create assessments within their COI campaigns
- User-defined disclosure values enable customers to customize disclosure statuses to match their business needs
“Manual, time-intensive, incomplete processes simply cannot meet the need to manage this important component of people-based risk,” said Carrie Penman, Chief Risk and Compliance Officer, NAVEX Global. “Our enhanced COI Disclosures meets the market need by providing a comprehensive, flexible and customizable solution a successful COI campaign requires, giving program managers more time to focus on the outcomes, rather than the process, of managing corporate risk.”
For more information on NAVEX Global’s COI Disclosures, click here.