In today’s fast-paced and interconnected work environments, the lines between personal and professional interests can blur more easily than ever. With increasing transparency demands, heightened public scrutiny, and complex global business relationships, conflict of interest (COI) issues pose significant risks to organisations. The risk is real, and sometimes, the mere appearance of a conflict can cause irreversible damage.
And conflict of interest isn’t just a matter for executives: it’s every employee’s responsibility to uphold ethical standards. Regardless of position, each individual plays a role in protecting the organisation from potential risks. Employees at all levels have access to information, relationships, and opportunities that could unintentionally lead to conflicts, making it vital for everyone to be vigilant.
As a result, COI training and robust workplace policies have become essential for maintaining integrity, building trust, and protecting a company’s reputation. Now more than ever, clear guidance on ethical decision-making is crucial for navigating these challenges effectively and avoiding financial loss, regulatory action and public embarrassment.
Key steps in conflicts of interest reporting system
Conflicts of interest in the workplace can be difficult to pin down, and can cause significant confusion in terms of knowing what to report, when and how. We recommend taking these key steps in order to form a comprehensive conflicts of interest reporting system.
Have clear policies and procedures in place
- Define conflicts
- Train staff to understand and recognise them
- Have one conflicts policy to cover everyone
Have everyone renew their conflicts disclosure annually
- Even if they have nothing to add, form the habit
- Ensure senior staff and high-risk staff submit in real time
- Make it easy to submit and sign off on, i.e. make sure it is digital!
Really, have everyone participate
- Aim for 100% compliance in conflicts reporting
- Consider reward schemes for timely completion — anything to make it a habit
- Have a communications plan in place for reporting: don’t just send one email and forget about it!
Be transparent in conflicts reporting
- Ensure the process of what happens after ‘submit’ is as clear as possible
- Don’t punish staff for submitting a conflict
- Tie it into corporate messages around responsible and ethical behaviour
Track mitigation to make sure it happens
- Track mitigation measures to make sure it happens
- Be clear on who is involved in each mitigation measure, from management to the individual involved
- Track completion across the board, and be open about what mitigation measures are in place to encourage reporting
VinciWorks offers a number of resources on conflicts of interest including training and policy guidance.
Conflicts of interest compliance solutions
An automated conflicts reporting tool that provides real-time updates to the compliance team can make a real difference when it comes to conflicts of interest reporting, and that’s exactly what Omnitrack–our centralised reporting and tracking tool–can provide.
We have two conflicts of interest solutions, for law firms and for workplaces. Both streamline the collection of data, securely and in one centralised location. Omnitrack allows for ongoing monitoring and tracking, providing relevant alerts throughout the process. A centralised dashboard enables the review all conflicts and aggregate data.
Conflicts of interest policy template
Our customisable conflict of interest (COI) policy template offers a practical and efficient solution for organisations looking to implement clear guidelines. It provides a structured framework that helps employees understand their responsibilities, identify potential conflicts, and take appropriate actions. The flexibility to customise our template ensures that it aligns with your company’s unique operations and culture while maintaining compliance with industry standards.
Conflicts of interest training
Our conflict of interest (COI) training is designed to equip employees with the knowledge and skills needed to recognise and address potential conflicts in real-time. Through interactive modules and real-world scenarios, the training helps employees understand how COI situations can arise, the risks they pose, and the steps to mitigate them. By engaging with our training, staff members gain confidence in navigating ethical dilemmas, ensuring that they make informed, responsible decisions. We offer general training for workplaces as well as training specifically tailored for the legal field.
