Declaring a conflict of interest is an essential part of good governance and compliance. Employees should inform management of any conflict of interest they may have in a trade to determine if they can be involved in a particular deal.
How is it handled now?
The compliance department is usually notified via email and relevant information is manually extracted and entered into a dedicated form to record the declaration. After a decision has been made concerning the conflict of interest, an email is sent back to the employee informing them of the outcome.
How is the current state bad?
The sending of multiple emails and completion of forms takes time and coordination by a department often already short on time and resources.
How does Purposeful improve?
There is no need to spend time authoring verbose emails and responses, speeding up the process and giving time back to the compliance department.