The speed at which business operates today often means that suppliers and contractors are on-boarded quickly without proper vetting procedures.
When the vetting of these vendors takes place after the service is rendered, which could expose companies to risks such as employee conflict of interest. With regard to conflict of interest, one way to steer clear of these risks is by managing employee declarations of interest in the workplace.
Employee declarations of interest ensure that employees are transparent about their business interests outside of the organization and that any close relatives or associates are identified to avoid conflicts between your company and the vendors you will be conducting business with.
Nexia SAB&T is an authorised reseller of a web-based Declaration of Interest disclosure system that effectively tracks conflict declarations, generates real-time reports, & is time efficient.
In a few easy steps, you can manage declarations swiftly without the hassle of paperwork. Get a report summary of your findings and perform checks against the relevant data sources as agreed with the client prior to embarking on the project.
The advantages of implementing the Declaration of Interest (DOI) disclosure system include but are not limited to the following:
- Standardization of declarations.
- Paperless declarations.
- Saves time by prefilling previous declaration information.
- Convenience for declarants as the application is available via the web, phone and tablets.
- Allows for better data management and security of information.
- Allows for more effective review and enforcement of policies.
- Allows for increased transparency and accountability.
- Online monitoring of submissions versus non-submissions.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
