Mitigating conflict of interest risks
Starting with:
Understanding the risks self. “Conflict of interest” – a situation from were side profits / result from activities. Potentially leading to biased decision-making or actions that benefit one interest over another. As an example: providing the advice to invest in a product, service, or system where earnings flow from again. (Think: commissions or shares). This without upfront disclosure to advise buying party. Another example of interest that could conflict are personnel receiving info from this project and related investment and using it to make profits out of it by buying clients company shares to speculate. “Insider trading”. This can be illegal and therefore must be prevented! How to do all this?
Acknowledging a conflict of interest risk:
Having the knowledge, and the know-how about temperature and fresh preservation management within logistics while having the A-class solutions as sellable products (systems) in combination with a consultation roll played, brings such a risk issue called “Conflict of Interest”.
Reasons managing possible conflict of interest risks
Certainly, I could operate from a “showcase” independent “camouflaged” consultation company out of direct sight of DEISKO Ltd, having my benefits from conflict of interest. However, as an entrepreneur, I believe that honesty and trust are the fundamentals of doing business. I expect as much commitment and transparency from my partners and employees. All starts with respect and mutual trust. Trust that can only be broken once for and by each party! A supplier of products in combination with the consultancy functionality understands this very well. That’s why we are as transparent as possible in any situation. One of the measures we take is requiring both our management and sales staff to disclose their stock positions and the companies they hold those positions in once a year.
Managing conflicts of interest
Consultation that may result in a potential commercial benefit for DEISKO, due to sales of solutions products/systems,to be discussed with all parties involved. In such a case the consultation report shall contain a minimum of at least two (but as far known by us “ALL”) comparable competitive products to benchmark. For our Turkish customers this is almost always the case! Regarding international consult: all relies on the presence of local colleague resellers. In case of having to deal with my local colleague resellers we’ll be as transparent as possible. At the same time, I’ll guarantee that there are no commissions from them nor the producer to DEISKO connected to this project, unless otherwise up front disclosed.
We will respect decisions from your side. Eventhough we may not know in and outs of competitive products for the full 100%, we can and will still guide you implementing these when you explicitly want us to do so! Meanwhile continuous managing the conflict of interest risks. Honesty dictates us explaining that we cannot be held liable regarding quality and or service issues. This regarding competitors’ products and or systems. Liability for demonstrably unclear actions and/or advice is valid.
Regarding company data and or information:
To respect and handle available data confidentially. To ensure that we do not share data with third parties without the consent of all parties involved. Whether they are manufacturers, specific expertise holders, or researchers. We maintain an “information sharing” table to register any information demands during a project. All those involved must sign a non-disclosure agreement.
Should you have any thoughts on: How we can mitigate, improve, or enhance safeguard the risk of “conflict of interest”? Feel free to share and help us upholding our integrity. Send your ideas by email please: info@deisko.com or contact our legal support office.