How Good Is Your COI System?

Four Critical Features to Be Aware Of

Conflict of interest software solutions have become a critical component in minimizing exposure to the risk and cost of noncompliance—which, by the way, averaged more than $14 million annually for each company examined in a major 2017 study.  The right conflict of interest software performs the vital task of ensuring that any potential conflict of interest within your company is captured, monitored and, if need be, addressed.

Not all conflict of interest solutions are created equal, however. Many will perform only the most basic tasks and functions, while others are built with features that go above and beyond in protecting you, and your company, from exposure to risk and cost. Below are features that you should be mindful of when considering conflict of interest software.

Visualization and Analytics

  • Visualize Progress
  • Analyze Trends
  • Pinpoint Areas for Improvement

While there are a number of ways to check on the status of your conflict of interest process, not all will provide the same benefits. Monitoring essential metrics of success is a given, but what other value is hidden within the data gathered by your conflict of interest campaign? Pre-configured and customizable visualizations give you comprehensive insight into the progress and success of your company’s conflict of interest efforts. Further, utilizing analytics will allow you to study trends and pinpoint areas of improvement in your conflict of interest campaign in order to achieve maximum effectiveness and full mitigation of risk.

Preventative Audit Protection

  • Automatically Log All Information Needed for Potential Audit
  • Easily Extract All Necessary Audit Info from Conflict of Interest Solution

A conflict of interest solution designed from the bottom up with the goal of protecting you, and your company, from unnecessary risk and cost should also include built-in audit protection. Best in class software will give you the added assurance of knowing that every aspect of your conflict of interest campaigns are being automatically logged for future reference. In other words if, or when, auditors request information regarding your conflict of interest process you are already prepared to deliver every pertinent detail. In the end, this saves considerable time, effort and headache. It also eliminates the possibility of misplacing important information.

Reporting

  • Deliver Compelling Data to the Board, Shareholders, or the Rest of Your Company
  • Highlight the Effectiveness of Your Conflict of Interest Campaign

Running an effective conflict of interest (or any compliance) campaign is excellent, but if sharing campaign results is a chore then it will be difficult to leverage your hard work and keep people informed within your company. The best conflict of interest software will have built-in reporting functionality which will allow you to share campaign results with board members, shareholders, or others within your company. Different audiences will be interested in observing different metrics, and the best software solutions will allow you to tailor your reports precisely to each specific audience. Combined with visualization and analytics, reporting is a powerful tool. And the best part? It’s simple—create reports using the exact information you would like to convey, on the fly.

 

Features That Drive 100% Compliance / Completion

  • Ease of Use
  • Best Practice Expertise

Any other features, bells, or whistles included in a conflict of interest software system are irrelevant if the end goal of complete participation and compliance is not achieved. It may come as somewhat of a surprise that the most influential factors on achieving complete compliance are relatively straightforward: ease of use, intuitive design, and an intelligently escalating system of reminders. Features such as guided disclosure forms, pre-filled responses, and easy access anywhere with an internet connection make filling out disclosure forms as painless and fast as possible. Dynamic reminders that change with the circumstances, as well as the automatic escalation of disclosure review to the pertinent parties, are other proven drivers of 100% completion. Lastly, your software provider should work with you to implement these best practices (and others) and to maximize their efficiency. If they don’t, you may want to begin exploring other options.

Osprey Compliance Software:

  • Highest in client satisfaction – Dedicated support team that helps obtain 100% completion and compliance
  • Proven in the largest multinational organizations
  • No lock-in contracts, we earn your business every day

     

COI RiskManager: Everything you need for a successful and audit-ready COI process.

  • Best of breed features:
    • Configure multiple campaigns targeting various groups with automatic reminders
    • Flexible case management with mitigation plans
    • Smart forms with branching logic that carry forward responses from prior submissions
  • On-demand reporting and dashboards including Audit and Board reports
  • Dedicated support team offers best practices to achieve 100% disclosure completion

 

Want More Info?

Staying informed, implementing impactful policies, and efficient processes are all key to avoiding risks associated with noncompliance. Conflict of interest (COI) management is no different.

An outdated or inefficient process for tracking and dealing with conflicts of interest can be a major contributor to the risk of noncompliance. However, the contributors to risk are not always clear.

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