One of the fundamental responsibilities of employees working in different organisations—such as Government institutions, Non-Profits, large enterprises, and major listed companies— is to always act in the best interests of the organization. Moreover, they are required to unequivocally strive to further the goals and objectives of the said organizations without favour, malice, or ill will. However, there may be times when employees’ personal interests conflict with an organization’s common good, leading to a lack of public trust, misuse of labour resources, reputational damage, non-compliance penalties et cetera.
Thankfully, these conflicts can be identified, resolved, and prevented with good governance and robust processes. Voila, welcome to the register of interests.
What is a Register of Personal Interests?
A register of interests, also known as a register of personal interests, is a record usually kept by an organization, of the personal interests of its members. The register documents interests that are unlawful or unethical and likely to influence the members’ performance of official duties.
The personal interests register offers members of an organization a mechanism to publicly declare any personal interests which may conflict, or be perceived to conflict, with their public duties for full transparency.
Who Needs a Register of Personal Interests
While almost every organization may require its members to have registered personal interests, some categories of people need the register more to uphold public trust and a good institutional reputation.
- Chief Executive Officers
- Councillor advisors
- Management staff
- Senior executive officers
- Board members
- Members of parliament
- Politicians, among others
The primary goal of a register of interest is to provide information about any benefit, financial interest, or gift received by an office holder that others may perceive to influence their decisions and actions. This enhances transparency and accountability.
Some of the registrable interests include:
- Property and land ownership
- Payment for work done outside the official duties
- Overseas trips and more
What Options Are There for Registering Personal Interests?
There are three traditional methods of registering interests. These include:
- Paper documents
- Excel spreadsheets
- Government portals, multipurpose software, etc.
However, these methods are not ideal for registering personal interests and have many shortcomings. Have a look at the common downsides of the conventional means of registering personal interests.
The Problem With Paper and Excel Spreadsheets
- Difficult to manage, especially for a large number of entries
- Prone to error
- Lack of compliance checks
The Problem With Government Methods
- Have poor integration options and design
- Costly and impersonal support
- They are complicated, bloated, and inflexible
- You may have to build your solution
Enter Resolve: The Perfect Way for Registering Personal Interests Safely and Effectively
Resolve is a one-of-a-kind, purpose-built reporting software that allows teams to declare all manner of interests, gifts, travels, and vehicle expenses from a single platform. The software is more compliant and tailored to meet your unique needs without necessarily changing your existing processes.
Here are the exclusive features of our world-class reporting that make it a wise choice among alternatives:
- Interests are easy to classify across preset categories
- Entered data can go through an approval process
- Accurate capture and validation of data
- Calendar reminders for important due dates
- It helps you remain current and up-to-date on reporting all year round
For more information on the register for personal interests or inquiries on how our software can help you streamline your reporting processes and stay on top of compliance, feel free to contact us today, and we will be more than willing to assist.
Early Access Promotion
Keep your organization and employees 100% compliant. Save 30% on your first 6 months on any monthly plan.