How are you addressing conflicts of interest of your employees today to mitigate these risks? Just crossing your fingers that employees adhere to your compliance policies?
Ezio is the new platform from Ovations Group, the company trusted by key financial services institutions to look after their compliance. Built on the latest cloud technology using our knowledge, it helps manage and mitigate this risk.
Ezio takes the guesswork out of managing interactions between your business and your employees, suppliers and customers. It tracks internal and external engagements to ensure good governance is being maintained by your business. Ultimately, with Ezio governance and ultimately compliance, becomes enforceable and you can track and trace it, report on it and monitor it in real-time, without the worry of maintaining the system by yourself.
Tracking and managing of gifts and entertainment
An employee gift registry where monetary values, frequency and even nature of gifts and exchanges are recorded. In short, the solution automates the tracking and monitoring of the entire process of gift acceptance / giving by providing employees a single environment to log gifts, their value and their origin. This in turn offers employers the ability to track this, in real time, ensuring compliance is met, bribery and corruption is constantly under the microscope and that irregular activities are flagged immediately. In regulations such as FAIS a gift can be construed as an outside business interest, making this module of significant importance for governance and risk reduction.
Outside business activity
This module provides employers with an auditable and up to date registry of all business activities employees are involved in, that could be construed as a conflict of interest. While employees need to disclose outside business interests when signing with a company, this is seldom monitored later. By law, should an employee be charged with bad conduct / business on outside business activities, you have to prove that you game them the opportunity to declare it, the process involved in declaring it was simple, and that you have monitored it. Ezio makes the entire process electronic, letting you mine the data as and when needed. Furthermore, with Ezio the onus is no longer on a business to prove employee compliance. But rather on them for defrauding a company by not declaring interests. This correlates with regulations such as FAIS and King IV, which require proactive declaration of even potential conflicts. This is especially important given that case law only requires employees to declare interests that can be proven to be actual conflicts. This module enables companies to address and monitor this mismatch.
Push important documents and communications to an employee for their review electronically, and then provide an employee with a tick box to check, that states they have read and understood the contents. Should the employee not read the documents provided to them, with instructions that this is an urgent communication, the duty now rests with them. Ezio also tracks who hasn’t attested the document so it can be flagged with managers or team leaders. This is particularly beneficial in financial environments where regular communications from regulators needs to be read and acknowledged.