Gifts and hospitality management
The SEC continues to fine businesses for failures in the management of their gifts and hospitality programs. Call it what you will, but entertainment, courtesies, gifts, fees, meals, travel and other activities have all come under scrutiny as they have the potential to unfairly influence customers and Key Opinion Leaders (KOLs). The days of unmonitored and lavish, all-expenses-paid training programs and dinners are over thanks to legislation such as the Sunshine Act and the Foreign Corrupt Practices Act.
Read our user case study on, "Gifts, Entertainment and Hospitality" to learn about 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.
Monitoring payments and other transfers of value that come within your gifts and hospitality program, helps to mitigate risk and drive a culture of compliance across the organization. However, it can be challenging to ensure and evidence that your sales teams have adhered to your code of ethics policies.
The MCO solution is a compliance management tool used by some of the world’s most well-known financial institutions and corporations to manage and monitor their gifts and entertainment programs.
The MCO gifts and hospitality solution delivers in-depth functionality including:
- A simple user interface that makes it easy for all employees to pre-clear and report gifts and hospitality given or received
- Actively report payments made to third parties including the amount, date, the form of payment, nature of payment. For example, in the pharmaceutical industry you can track consulting fees, medical education programs, and the name of the covered drug for full transparency
- Make it as easy as possible for people to apply the rules with online and mobile functionality that can auto-approve food and drink at a buffet, or de minimus payments under $10, product samples, etc.
- Actively monitor the frequency of use of KOLs and transfers of value
- Make certain your reps comply with industry standards through automated compliance attestations and automate escalation processes and manager approvals
- Educate your reps on relevant legislation such as the Sunshine Act, the FCPA, your COE and industry regulations
- Use automation to ensure expenses are accurate and within your guidelines
- Govern your gifts and hospitality program on a centralized platform that allows you to remediate issues or breaches.
To learn more about this topic, click on any of the following links:
- Gifts and Hospitality Policy
- Gifts and Third Party Management
- Giving gifts to customers - practical tips and guidelines
Interested in learning more? Arrange a demo with a product expert now to see how MyComplianceOffice can advance your reputation. Arrange demo