open disclosure: why and how to manage conflict of interest disclosure

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  1. 1. GOOD.SMART.BUSINESS.PROFIT. TM
  2. 2. OpenDisclosure:WhyandHowto ManageConictofInterestDisclosures April 30, 2015
  3. 3. Chelsie Chmela Events Manager Chelsie.chmela@ethisphere.com 847.293.8806 WeencourageyoutoengageduringtheQ&AporKonoftodayswebcastbyusing thechatfuncKonlocatedwithinyourviewingexperience. HOST QUESTIONS RECORDING TheeventrecordingandPowerPointpresentaKonwillbe providedpostevent. 3
  4. 4. 4 SPEAKING TODAY PhilipWinterburn ChiefProductOcer,Convercent MarcLeu GlobalHeadofEthicsandComplianceRiskManagement&Planning,PhilipMorris InternaKonal CharlesPare Manager,ComplianceRiskManagement&Planning,PhilipMorrisInternaKonal
  5. 5. OPEN DISCLOSURE: WHY AND HOW TO MANAGE CONFLICT OF INTEREST DISCLOSURES LIVE WEBINAR | APRIL 30, 2015
  6. 6. 2 Introductions Charles Pare Manager, Compliance Risk Management & Planning Philip Morris International Philip Winterburn Chief Product Officer Convercent Marc Leu Global Head of Ethics and Compliance Risk Management & Planning Philip Morris International
  7. 7. 3 Background
  8. 8. 4 What is a Conflict of Interest (COI)? When an individuals personal interests have the potential to interfere with their ability to act objectively in the best interests of the company. Other Jobs InvestmentsPersonal Relationships Direct and indirect relationships (influence and sharing)
  9. 9. The downside of COIs: Hard to detect Tough for individuals to recognize/manage on their own Escalate in likelihood/severity at executive levels The opportunity with properly managed COI disclosures: Easier to disclose than misconduct Provide a first and ongoing interaction with compliance Allow gap analysis and early insight to risk Foster employee responsibility risk, employee trust and retention 5 Impact of COI risk, employee trust and retention
  10. 10. 6 Managing the Process: The Traditional Ways Annual certification, free-form narrative Hotline reporting channel The drawbacks: One and done Unstructured Intimidating Cumbersome Follow-up action and communication impaired Impossible to analyze Volume and scale issues Difficult to ensure consistency
  11. 11. 7 Managing the Process: The New Way Compliance Human Resources Management Disclosure(s) & Update(s) Real-Time Dashboard & Historical Reporting Clearance/Conditions Clearance/ConditionsDisclosures/Updates
  12. 12. 8 Managing the Process: The New Way Easy to comply, easy to manage, easy to report on Employee perspective Admin perspective
  13. 13. 9 Ensuring Success Make it easy to comply Make it easy to manage Make it ongoing Focus on clearance and conditions Keep managers apprised Provide picklists Translate the intake Close the communication loop Mince words: Disclose, not report Save, not submit Clear, not accept/reject Disclose and manage, not investigate and sanction Give employees ownership shape and change behavior manage risk
  14. 14. 10 Measuring the Impact Richer data and insight (by region, job, nature of conflict, conditions, etc.) Easier to act on Better benchmarking Continuous dialogue between employees and compliance Drive participation and engagement Validate with survey results Easier, more informed investigation process Less time spent on administrative tasks Improve organizational justice, transparency and employee retention Whats the cost and impact of not knowing about and managing COIs?
  15. 15. 11 Q&A
  16. 16. Thank You.
  17. 17. This webcast and all future Ethisphere webcasts are available complimentary and on demand for BELA members. BELA members are also offered complimentary registration to Ethispheres Global Ethics Summit and other Summits around the world. For more information on BELA contact: Laara van Loben Sels Senior Director, Engagement Services laara.vanlobensels@ethisphere.com 480.397.2663 Business Ethics Leadership Alliance (BELA)
  18. 18. Friday, May 15 at 12:00 p.m. ET WhistleblowerBestPrac8ces:WhatdoCompaniesand BusinessLeadersNeedtoKnow? All upcoming Ethisphere events can be found at: http://ethisphere.com/events/ PLEASE JOIN US FOR
  19. 19. www.la8namericaethicssummit.com AdvancedEarlyBirdPricingEndsToday! 15%oDiscountCode:WEBCAST15
  20. 20. THANKYOU

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