Managing and Monitoring Conflicts of Interest - sv
嚜燐anaging and Monitoring Conflicts
of Interest
Practical Solutions
June, 2013
Urton Anderson
Clark W. Thompson Professor
Department of Accounting
The University of Texas at Austin
Sheryl Vacca
SVP/Chief Compliance and Audit Officer
University of California
2 of
Image courtesy
1
Agenda
? Conflicts of Interest 每 A Hot Topic
? What is a Conflict of Interest?
? Assessing Risks Regarding Conflicts of Interest
? Monitoring & Auditing the Program
? 7 Key Questions
? Contacts
? Appendices
3
Why are Conflicts a Hot Topic?
4
2
Conflicts of Interest in the News
?
Goldman Sachs 每 Securities & Investment Banking 每 Settled 2012
?
?
?
Los Angeles City Council 每 Government & Politics 每 Filed 2013
?
?
?
?
?
UT Professor Charles Groat issued a report stating there was no link between fracking operations and water
contamination while receiving $1.5 million annually as compensation while on the board of a drilling company.
Dr. Raymond Orbach has resigned as head of the Energy Institute.
Securities and Exchange Commission 每 Government & Politics 每 Nominated 2013
?
?
?
?
Councilman voted on settlement in favor of Clear Channel Outdoor while holding stock in it*s parent company.
Councilman also participated in a vote involving Home Depot while owning over $2,000 in Home Depot stock.
An investigation by the L.A. Ethics Commission has been requested..
University of Texas at Austin*s Energy Institute. 每 Higher Education 每 Settled 2012
?
?
$20 million in fees lost
Goldman Sachs advised El Paso Corp on a $20 billion sale to Kinder Morgan while having a multibillion坼dollar stake in
Kinder.
Mary Jo White, nominee for SEC Chairman, will receive monthly retirement payments of $42,000 upon retirement from
Debevoise & Plimpton LLP.
John W. White, husband to Mary Jo White, is a partner at the law firm Cravath, Swaine & Moore LLP.
She has assisted clients such as JPMorgan Chase & Co., Deloitte & Touche and former Bank of America chief Ken Lewis
Food 每 Reviewed 2010
?
?
Reviews by industry experts and the FDA of food manufacturers tied to outbreaks of salmonella, e.coli and other food
contaminates found many companies were given high ratings by private food inspectors
Inspectors are private companies with no public oversight and are paid by the company under inspection.
5
Image6courtesy of
3
Conflicts of Interest Definitions
How General Bodies Define it
?
Any relationship that is or appears to be not in the best interest of the
organization. A conflict of interest would prejudice an individual's
ability to perform his or her duties and responsibilities objectively.
Institute of Internal Auditors (IIA)
?
A real or seeming incompatibility between one*s private interests and
one*s public or fiduciary duties.
Black*s Law Dictionary
?
A conflict between the private interests and the official responsibilities
of a person in a position of trust
Merriam坼Webster
7
Conflict of interest as virus
#conflicts of interest can be thought of as the
viruses that threaten the organization*s
wellbeing. As in the microbial world, these
viruses come in a vast array of constantly
mutating formats, and if not eliminated or
neutralized, even the simplest virus is a mortal
threat to the body.
Carlo V. di Florio
Director, Office of Compliance Inspections and Examinations
October 2012 speech to National Compliance Officers
8
4
Conflicts of Interest Definitions
How We Define It
A potential moral hazard that occurs when a
person or organization has competing or multiple
interests from its prime directive or responsibility
within an organization. Conflicts of Interest may
or may not be associated with direct financial
benefit for each party and therefore may be
difficult to recognize, monitor, manage or uncover
in an isolated or recurring environment.
9
10 of
Image courtesy
5
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- center for army lessons learnedcenter for army
- covid 19 hot topics in independent living how to help
- ese532 day 6 preclass exercise fall 2021
- pre training is a hot topic contextualized document
- july 2019 ncci holdings inc
- managing and monitoring conflicts of interest sv
- media consumer survey 2018 australian media and
- covid19 hot topics for independent living who should be
- what s hot in literacy
Related searches
- total cost of interest calculator
- amount of interest paid calculator
- present value of interest payments
- calculate amount of interest on car loan
- effective rate of interest formula
- annual rate of interest calculator
- fha identity of interest guidelines 4000.1
- identity of interest disclosure
- example of interest compounded daily
- identity of interest certification form
- identity of interest disclosure fha
- fha identity of interest guidelines 4000 1