Gifts & Hospitality
Compliance
Educate your workforce, track critical expenditures and assure compliance with evolving, complex business rules for exchanges with commercial clients, partners and/or public officials.
Enforce Global Gift & Hospitality Policies Across Your Organization
Eliminate confusion and conform with changing regulations using 319 InSight’s Gifts & Hospitality Compliance application. With custom business rules, intelligent contact identification, automatic approval requests and escalation features; your staff can comfortably engage in proper exchanges as permitted by your company policies and procedures.
Gifts & Hospitality Compliance Highlights:
- Custom, Dynamic Forms for giving and receiving gifts, entertainment, meals, travel expenses, charitable donations and any other hospitalities that mold and adapt themselves real-time based on the type of request, your organization’s policies and business rules
- Powerful Business Rules Module that enables tens of thousands of business rules to be configured within the application that embed the mandates of your policy within the automation of the system. Business rules typically look across type(s) of exchange, location(s), date(s), counterparty(ies) involved, and other compliance questions. Rules importantly can:
- Sum the currency exchanged based on a recipient, giver, or any other combination of factors
- Count number of exchanges over time between two people, a person and a company, or two companies
- Enforce range-type rules looking at certain events over periods of time (such as number of exchanges or dollars exchanged per quarter)
- Evaluate any data collected to apply the proper procedures such as exchanges with public officials versus commercial third-parties
- Unparalleled Workflow Engine that enables any type of routing, notifications, and approval scenarios based on the embedded logic of your unique policy. Examples include regional based routing, currency value based routing, and exchange type based routing. Escalation can occur automatically to managers, compliance personnel, and/or any other users inside the organization for review and approval. Exception processes can be easily automated to assure all scenarios are accounted for without the need for human re-routing.
- Inline Currency Conversions enable real-time exchange rates for any global currency to assure the data is accurate and the proper rules are enforced.
- Embedded Counterparty Screening can check givers or recipients and their organizations against screening databases to protect against exchanges with Sanctioned or Denied parties or other disqualified individuals or entities.
- Dynamic Reporting can look across any data sets captured not only within the application, but any application deployed within the platform to spot trends and gain business intelligence. For example, you may report on exchanges with a specific counterparty while comparing with data collected in the third-party due diligence process. Other features of reports in Platform319:
- Push-button PDFs or Excel-based files
- Real-time on-demand
- 100% customizable
- Automatically delivered to a distribution list on a schedule (management report once a week for example)
- Populated in custom portals, dashboards and workstations as desired by users
- Able to be generated in-line within forms and delivered via notifications from an event within the process
- Intelligent Contact Identification assures matches and eliminates duplicates in the database; importantly guaranteeing that your business rules are enforced properly per counterparty.
- Reconciliation and Audit enables after-exchange reconciliation of transactions, difference calculations that can trigger events, and even connection to internal systems for full auditing and traceability.
Key Benefits of
Gifts & Hospitality Compliance with 319 InSight
Fastest Possible
Cycle Times & Approvals
Gain Important
Business Intelligence
Streamline
Global Operations
Compliance business processes are unique to each organization
No two companies have an identical business process. As a result, other systems that are "out-of-the-box" will fail your organization. It is a must that your compliance systems are able to embed your company's unique policies and mandates within the applications they serve.
Policies are different across companies for lots of reasons, including the sectors and industries in which they operate, the locations they operate within, the regulations that apply to their business, the risk appetite of the organization, and much more. In the World Economic Forum's report "Partnering Against Corruption Initiative (PACI)" it is explained:
"It is important to note that no one-size-fits-all solution exists for an effective [due diligence] process. Business activities are conducted through a variety of legal structures, including subsidiaries, joint ventures, contracting and subcontracting."
"Not all business relationships pose the same corruption risks. An organization should therefore tailor its due diligence procedures to its individual circumstances (i.e. its size, resources and risk profile) and to the specific risks in the business relationship at stake (i.e. the identity and reputation of the [subject] and the scope of the services to be performed)."
319 InSight's technology has been engineered from the ground-up to be fully reconfigurable, therefore enabling the exact specifications required to match your company's unique policies.