Conflict Of Interest
Automated monitoring of transactional and Master File data provides 100% assurance to the senior executives and the board that these risks are being managed effectively.
Collusion or Conflict of Interest (COI) can seriously impact your business operations and result in financial loss, fraud, and loss of reputation.
Due to the complexities associated with Conflict of Interest in an organisation, often the monitoring of COI risks is ad-hoc. Methods applied to monitoring are typically manual checks based on a sample of transactions resulting in limited assurance to senior executives and the board. Some organisations have adopted an attestation approach. Whilst this approach can be more automated by the use of electronic questionnaires, it is still not data-driven, leaving responses open to be manipulated to cover up potential COI. Our COI solution delivers automated, continuous monitoring of these risks and 100% peace of mind.
Address exceptions in a timely manner
SatoriCOI ensures exceptions are addressed in a timely manner, daily, weekly or monthly. Exceptions that are presented to the business due to an annual review may not be relevant at the time of reporting, making it too late to take meaningful action.
Rather than following up on a potential COI policy breach that happened months ago, SatoriCOI allows you to identify breaches as they happen. This allows you to follow-up immediately and dramatically improves your chances of remediation.
How it works
SatoriCOI automatically monitors COI risks within an organisation on a daily basis across multiple disparate data sources. Potential conflicts identified can then be investigated providing 100% assurance to the board that these risks are being managed effectively.
COI risks monitored
- Employee/Vendor conflicts
- Employee/Customer conflicts
- Employee/Employee personal relationships
- Gifts and benefits
- Procurement
- Contracts
Greater Assurance
SatoriCOI provides management with greater visibility of what departments and teams are doing to resolve and remediate issues that have been raised.
Our customisable case management and workflow engine is a key differentiator to standard exception reporting, providing managers with greater assurance that these potential risks are being addressed.
SatoriCOI for every scenario
- Employee/Vendor Conflicts
- Employee/Customer Conflicts
- Employer/Employee Personal Relationships
- Gifts and Benefits
- Procurement
- Contracts
Employee/Vendor Conflicts
- Vendor details matching Director or Employee details
- Vendor details matching Employee Next-Of-Kin
- Vendor Director details matching Employee details
Employee/Customer Conflicts
- Director checks
- Customer details matching employee details
- Customer details matching employee next of kin
- Customer director details matching employee details
Employer/Employee Personal Relationships
- Director checks
- Duplicate employee details
- Matching bank accounts
- Matching home addresses
Gifts and Benefits
- Vendor frequently gifting an employee
- Vendor gifting multiple employees
- Gifts over or always just under the allowable threshold
Procurement
- Same purchaser and approver
- Requisition approved almost immediately
- Employee frequently purchasing outside of preferred supplier list
Contracts
- Contract with no end date
- Contracts renewed without tender process
- Contract continually renewed more than X times with same supplier
”“We created Satori to change people’s behaviour, create a culture where the rules are being implemented…of being mindful with a company’s money and set the tone for the organisation”
Gavin SteinbergCEO
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Satori adds Australia’s only bank-verified account verification solution to their services with the acquisition of OK2Pay
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