Wednesday , March 27 2024

Best Way To Educate Your Employees on Gifts And Entertainment Compliance

Most firms have strict rules regarding acceptance of gifts and entertainment. These companies feel that there’s need to adhere strictly to ethics when deciding what to accept as gifts or when to make yourself available for any form of entertainment. So as a managerial staff or even employer, you need to understand how to easily get your employees to understand what the limits should be when it comes to gifts and entertainment. In this interesting piece published on complysci.com, the basic guide on how to educate yourself employees on gifts and entertainment compliance is provided.

Best Practices for Educating Your Employees On Gifts and Entertainment Compliance

When Compliance Officers build and assess their firms’ compliance programs, there is often significant emphasis placed on ensuring codes of ethics, outside business activities oversight, and personal trading procedures and requirements that are designed to prevent and detect potential conflicts of interest. These aspects of a compliance program can play key roles in keeping firms conflict free. Yet, there’s another source of potential conflicts some firms don’t emphasize enough: Gifts and Entertainment.
A gap in understanding employees can usually tell you that their firm has a policy governing gifts and entertainment and may be able to recite key provisions of the policy. As a general rule, employees who have been in the industry for any significant amount of time understand that:
the firm prohibits the receipt of gifts over a specific dollar amount
employees must memorialize gifts on a gift log
employees require pre-approval before they can give a gift or extend an invitation for entertainment (dinner, sporting event, concert, etc.)
employees require pre-approval before they can attend a conference, dinner, sporting event, concert, or other event at a third party’s expense
Most firms’ policies tend to be similar in these regards. Where employees and the compliance department often struggle is in understanding why the policy is in place, and how supervisors or the compliance department monitor and oversee gifts and entertainment compliance.
Help Employees Understand the “Why”
Firms can strengthen their gifts and entertainment programs by helping employees better understand the reasons behind the policy.

For complete article, see complysci.com

 

 

About Chinenye Nwabueze

Nwabueze is a writer with passion for cutting-edge news

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