Conflict of Interest 2.0
Company Size
1,000+
Region
- America
Country
- United States
Product
- Diligent’s Conflicts of Interest Management
Tech Stack
- Web-based platform
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Brand Awareness
- Cost Savings
- Productivity Improvements
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries
- Utilities
Applicable Functions
- Business Operation
Use Cases
- Regulatory Compliance Monitoring
Services
- Cloud Planning, Design & Implementation Services
- System Integration
About The Customer
Con Edison is a company that places a high emphasis on corporate compliance, as conflicts of interest have the potential to expose an organization to significant risk if appropriate mitigation measures are not taken. The company has 15,000 employees and has been using an in-house software solution to manage conflict of interest (COI) reporting, tracking, and mitigation processes. The company's key to success has been its unwavering commitment to doing business in an ethical manner. As a Project Specialist in Business Ethics & Compliance at Con Edison, the author of the article was tasked with taking the company’s COI processes to the next level to reduce associated risks to their reputation and maintain the public trust.
The Challenge
Con Edison, a company with an unwavering commitment to doing business ethically, was using an in-house software solution to manage conflict of interest (COI) reporting, tracking, and mitigation processes for its 15,000 employees. However, the system presented several challenges due to the high number of respondents to annual surveys and the need for streamlining and increased visibility of the information disclosed. The workflow required employees to navigate through multiple screens and did not allow them to reference past responses when completing new disclosures. These complications prompted a need for a better process for tracking reported conflicts and a clearly defined workflow.
The Solution
After considering several vendors, Con Edison decided to implement Diligent’s Conflicts of Interest Management, a web-based, industry-leading conflict of interest solution. Diligent offered a high-quality, enterprise-level solution, combined with strong customer support and dedicated representatives. They were flexible and coordinated with Con Edison to keep things as simple as possible for the users, implementing single sign-on and importing response data from previous years. Having historic responses stored in Diligent’s Conflicts of Interest Management allows for accurate year-over-year tracking of potential conflicts and for closure of the in-house system, while retaining all essential compliance records. The system went live at Con Edison in July 2016, with employees receiving disclosure assignments according to a pre-planned roll-out.
Operational Impact
Quantitative Benefit
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