How to manage conflict of interest in regard to new contractual agreements?
DORA definition:
"Before entering into a contractual arrangement on the use of ICT services, financial entities shall:
(e) identify and assess conflicts of interest that the contractual arrangement may cause."
Managing conflicts of interest in new contractual agreements requires a multi-faceted approach. To begin with, it is crucial to develop robust security and GRC policies and integrate conflict of interest assessments into risk evaluations. Additionally, implementing automated monitoring tools can help to monitor any disputes effectively. Forming a Security Oversight Committee is also recommended to review any potential conflicts. It is essential to assess the impact of conflicts on security and compliance to tailor proactive security measures. Furthermore, it is advisable to document decisions and provide specialized security awareness training for employees. Regularly auditing security measures ensures sustained compliance and builds trust with stakeholders. This approach effectively manages conflicts of interest in new contractual agreements.
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Managing conflicts of interest in new contractual agreements requires a multi-faceted approach. To begin with, it is crucial to develop robust security and GRC policies and integrate conflict of interest assessments into risk evaluations. Additionally, implementing automated monitoring tools can help to monitor any disputes effectively. Forming a Security Oversight Committee is also recommended to review any potential conflicts. It is essential to assess the impact of conflicts on security and compliance to tailor proactive security measures.
Furthermore, it is advisable to document decisions and provide specialized security awareness training for employees. Regularly auditing security measures ensures sustained compliance and builds trust with stakeholders. This approach effectively manages conflicts of interest in new contractual agreements.