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3 Reasons Why You Need a Gifts Register in 2023

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 register of gifts.

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 register of gifts.

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 Register of Gifts

1. Improved compliance
A dedicated software register solution can evaluate 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
It establishes a clear approval process, which increases transparency and distributes approval responsibility among several people.

3. Enhanced professional relationships
It 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 Reporting Software Make It Easier For Organisations To Mitigate Risk?

A register of gifts 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 a Gifts Reporting Software?

When getting a gifts reporting solution, 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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