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Digital conflict of interest register – KPMG Integrity Monitor

Digital conflict of interest register – KPMG Integrity

The Public Administration Act and the Public Procurement Act impose strict requirements on habilitation.

The Public Administration Act and the Public Procurement Act impose strict requirements.

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Companies find it challenging to map and manage potential conflicts of interest in real time. In many cases, work tasks consist of manual and paper-based forms and controls that are rarely subject to external verification. Hence, the risk of potential conflict of interest that may go undetected and thus not being adequately addressed increases. The matter of conflict of interest applies across industries and may represent a financial, operational or a reputational risk for the business.

 

Conflict of interest rules helps decisions and maintains trust

The matter of conflict of interest is very relevant for the organizations in the public sector that are subject to the public administration act and public procurement act, which impose strict requirements to impartiality and transparency in decision-making. The regulations for impartiality and transparency in public regulations intend to ensure correct and impartial decision-making processes, maintain the trust in the decision makers, and protect the decision makers from cases of doubt or allegations against their credibility.  
Key to resolving potential conflicts of interest is transparency. There will arise situations when an individual is in a position of a conflict of interest or is potentially biased in a decision making process - there is nothing wrong with this, however the issue will arise if such an individual does in due time declare this issue and does not refrain from active participation in the decision-making process.

 

A digital tool for mapping and managing conflict of interest 'Integrity Monitor' contributes to effective compliance with applicable laws and internal guidelines, as well as it helps raise awareness about the conflict of interest issue among the employees. The Integrity Monitor tool allows companies to identify and manage potential conflicts of interest before they potentially become a liability and a reputational risk for the company or the individuals.

 

KPMG by your side

We have a digital tool for mapping and manging conflict of interest called "KPMG Integrity Monitor". The register is a digital solution that easily gives the company an overview and control over possible bonds between its own employees and the external parties. The Integrity Monitor tool provides:

 

  • Complete overview, in real time, on individual or company's ownerships and roles. 
  • Integration with the company's own HR systems.
  • Automatic data collection from the Brønnøysund Register (Norwegian public register) with continuous updates and monitoring.
  • Integration with the company's supplier master-data register.
  • Alerts automatic when potential conflicts occur.

 

You are welcome to contact us for a no-obligation conversation. Together we will look at how KPMG can assist your business. We are also happy to offer the opportunity for a demo of KPMG Integrity Monitor.

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