Gifts, Entertainment and Hospitality
MCO's Gift, Entertainment and Hospitality (GEH) is the most comprehensive solution for monitoring employee gifts, meals, entertainment, travel and hospitality activities available today.
Automation with GEH helps to mitigate misconduct risk and drive a culture of compliance across the organization. The user case study, "Gifts, Entertainment and Hospitality" discusses the benefits of automating your global policy, setting rules to deliver your policy and, how to maintain control through pre and post clearances activities and reporting.
Some of the benefits of using GEH include:
- No software to install or deploy increases time-to-value
- Integration with systems, such as HR and expense for more granular and actionable insight
- Enhance employee accountability
- Improve communication through automatically routed information
- Demonstrate appropriate and correct oversight according to jurisdiction
- Transparency and actionable insight of potential G&E risk
- Establish a compliance “system of record;”
- Data is centrally maintained and secured allowing for easy recordkeeping and reporting
- Establish an auditable, closed-loop process
MCO’s Gifts, Entertainment and Hospitality is part of the Know Your Employee (KYE) suite created to comprehensively address employee compliance. KYE is part of the MyComplianceOffice integrated platform that can automate compliance programs for supply chain and 3rd party operations (KYTP), and for transaction surveillance (KYT). These three interconnected suites with a central data center, cost-effectively address the challenge of Conflicts of Interest management and the risks of misconduct.
FINRA Rule 3220: The Gifts Rule
FINRA Rule 3220, also known as the Gifts Rule, covers the Influencing or Rewarding of Employees of Others.
Anti-bribery and Corruption
A comprehensive ABC policy and management system must be able to manage multiple activities simultaneously in order to effectively meet anti-bribery and corruption regulations. MyComplianceOffice created an integrated solution that can monitor employee compliance, outside business activities, political contributions and third-party risk.
Gifts and Hospitality Policy
It is vitally important that organizations have a strong gifts and entertainment policy that considers all the jurisdictions in which the business operates and follows local compliance and legislative obligations. Third parties, agents, consultants and distributors should also be considered when creating policy.
Giving Gifts to Customers
Giving gifts to customers is common in global business and often important in maintaining positive client relations but this practice could be putting the organization at risk if not effectively managed. Compliance should be able to identify patterns of behavior that could signal code of conduct violations.