It isn’t easy to keep track of all the gifts your organisation receives, especially if they come from various sources. Trying to stay in compliance with gifts acceptance regulations can be a difficult task. A gifts register is necessary to track who gave what, when it was given, and the source. Here’s a general guide to mitigating risks with a gifts register.
What is A Gifts Register?
It is a useful tool for businesses and employees. Organisations can easily manage their gifts and comply with applicable regulations and organisational policy by using a gifts register.
Why Are There Gifts Giving Policies?
A gifts policy requires employees to follow the rules and regulations of the company when it comes to giving and accepting gifts. These policies ensure that your organisation complies with anti-bribery laws. This way, your company avoids fines, jail time for those involved and doesn’t miss out on opportunities.
Benefits of Using a Gifts Register
1. Improved compliance
A gifts register tool evaluates and approves the gifts that have been received and those being sent. All approved gifts and gifting reasons must be documented. This increases employees’ and managers’ direct responsibility, raising compliance awareness.
2. Better accountability and transparency
A gifts register establishes a clear approval process, which increases transparency and distributes approval responsibility among several people.
3. Enhanced professional relationships
A gifts register tool can determine which gifts to send to clients. For example, if one client accounts for a significant portion of your revenue, they should be given a gift that mirrors the importance of the relationship.
How Does Gifts Register Software Make It Easier For Organisations To Mitigate Risk?
A gifts register simplifies and automates the approval of gifts. It approves requests based on your preferences, identifies suspicious patterns, and generates audit trails. This way, investigations become precise and quick.
What Features Should I Look Out for in Gifts Register Software?
When getting a gifts register software, get one that has:
- Accurate data capture and validation
- Calendar reminders for important date
- Full audit trail with activity logs
- Up-to-date Registers
Why Use Resolve As Your Gifts Register Software?
Resolve is a simple, purpose-built gifts register and GRC software that helps you declare and manage gifts from a single cloud platform. Request a demo today to learn how Resolve can help your company reduce risk and improve its compliance posture.
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