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By Adam Turteltaub
adam.turteltaub@corporatecompliance.org
Conflicts of interests make up a large part of any compliance job, and few spend more time pondering them than Jeff Kaplan, a partner in the law firm of Kaplan & Walker and the editor of the Conflict of Interest blog.
The most common conflicts, Jeff explains in this podcast, are economic: ownership or employment with customers, competitors and suppliers. But that’s just a part of the challenge. Money borrowed or owed to someone can create a conflict, as well as other personal ties.
So how do you manage this tricky risk area that any organization faces? Jeff offers several pieces of advice including:
- Think broadly
- Conduct a risk assessment
- Look to organizational conflicts of interest
- Develop clear policies, and think about creating FAQs, as well
- Plan on regular audits
- Be sure to train your workforce to identify conflicts, and don’t forget the board’s potential conflicts
- Understand that disclosures carry risks of their own
- Centralize as much as you possibly can
Listen in to learn more (but recognize that I have a conflict of interest when I suggest that you do).