Does the New York Non-Profit Revitalization Act of 2013 apply to you?

Below is a summary of key points as they relate to conflict of interest.

Conflicts of Interest and Related Party Transactions

1. Creates new definitions of “independent director,” “related party” and “related party transactions.”

2. Prohibits an employee of a not-for-profit corporation from serving as the chair of the board of directors.

3. Prohibits directors, officers, and members from being present when compensation is deliberated, if such individuals might benefit from the compensation under discussion.

4. Prohibits not-for-profit corporations from entering into related party transactions, unless the board determines the transaction to be “fair, reasonable, and in the corporation’s best interest.”

5. Requires the board to consider alternatives to a related party transaction, when a related party has a “substantial financial interest.”

6. Prohibits related parties from participating in voting or deliberations concerning a related party transaction.

7. Authorizes the Attorney General to enjoin, void or rescind related party transactions or seek additional damages and other remedies, including removal of directors and officers.

8. Requires not-for-profit corporations to adopt conflict of interest policies and sets forth the requisite elements of such policies.

9. Requires directors to file with the corporation’s secretary an annual statement of any potential conflicts.

10. Adds “key employees” to the list of individuals against whom legal action may be brought for misconduct in relation to corporate assets.

11. Includes parallel provisions in the EPTL to govern charitable trusts.

Osprey COI RiskManager™ (a powerful web-based solution) conflict of interest software, efficiently captures, tracks and reports the required disclosures for thousands of researchers, post-docs, fellows, board and faculty members, for any industry. The system also protects organizations by ensuring compliance with the new regulations set forth by the Public Health service (PHS) funds from the National Institutes of Health (NIH) 

 
 
Why COI RiskManager?

• Flexible and easy to use solution
• Meets your requirements
• 30 day implementation
• No long term contracts
• 100% client retention
• Outstanding customer service

Click Here for a Demo

How to manage conflict of interest and conflict of commitment

Researchers and staff are often faced with competing demands on time and responsibilities. A "Conflict of Interest" occurs when an individual has the opportunity to use his or her position for personal financial gain or to benefit a company in which the individual has a financial interest.

A “Conflict of Commitment” exists when an employee's outside activities demand their time and attention to the point where it interferes with the individual’s responsibilities. It may also occur when a researcher participates in competing obligations such as: working on another project, investing time in a new grant application, mentoring or peer review.

Conflicts of interests or commitments may not always be a concern; rather, the way in which the conflict is managed makes all of the difference. Researchers are expected to be transparent about how their time is spent and report any interests that may cause a potential conflict.  By doing so, objective parties can review the nature of the disclosures and determine if any actions are required to remove the appearance of a conflict.  Transparency of information combined with performance of due diligence helps protect all parties from any possible negative future actions.  

Some organizations manage this process via paper which is very ineffective and opens them up to unnecessary risks and errors. Forward thinking organizations have implemented software solutions to manage and simplify their process while protecting themselves from undue consequences.

What are the benefits managing this process with COI software?

• Easy to use and deploy
• Reduces risk and costs
• Improves organizational effectiveness

How does it work?

• Automatically identifies potential conflicts
• Improves participant compliance levels
• Automates disclosure and review process
• Keeps an audit trail of actions

COI RiskManager: Disclose, Review, Report, Resolve.

• 30 day implementation
• No long term contracts
• 100% client retention
• Outstanding customer service

Contact Michael Vidoni for a demo: Phone 518-203-3995 or michael.vidoni@ospreysoftware.com

COI RiskManager, conflict of interest software, easily integrates with Shibboleth SSO

Many organizations, including universities, require their conflict of interest solution to integrate with Shibboleth.

COI RiskManager is proven in delivering requirements for large state universities, healthcare systems, medicare administrators and government related organizations. One of the many requirements that we have extensive experience in is integrating with Shibboleth.

Shibboleth is among the world's most widely deployed federated identity solutions, connecting users to applications both within and between organizations. Every software component of the Shibboleth system is free and open source.


Shibboleth is an open-source project that provides Single Sign-On capabilities and allows sites to make informed authorization decisions for individual access of protected online resources in a privacy-preserving manner.

Why COI RiskManager?

• Flexible and easy to use solution
• Meets your requirements
• 30 day implementation
• No long term contracts
• 100% client retention
• Outstanding customer service

Click Here for a Demo

Conflict of Interest Software, Why choose COI RiskManager?

COI RiskManager™ (a powerful conflict of interest web-based solution) efficiently captures, tracks and reports the required disclosures for thousands of researchers, post-docs, fellows, board and faculty members, for any industry. 

 

What are the Benefits?

• Easy to use and deploy
• Reduces risk and costs
• Proven in world-class organizations
• Improves organizational effectiveness

How does it work?

• Automatically identifies potential conflicts
• Improves participant compliance levels
• Automates the disclosure and review process
• Keeps an audit trail of all information in one location

Why COI RiskManager?

• 30 day implementation
• No long term contracts
• 100% client retention
• Outstanding customer service

Click Here for a Demo

Osprey's COI RiskManager will be on display at the Society of Corporate Compliance and Ethics.

COI RiskManager, Conflict of Interest Management Software, is sponsoring at SCCE's Annual Compliance & Ethics Institute

Compliance and Ethics Institute

September 14-17, 2014

 

SCCE's Annual Compliance & Ethics Institute is the primary education and networking event for the international compliance and ethics community. This four-day conference will help you strengthen your company's compliance or ethics program with  the latest strategies. More tracks and sessions than ever before address classic and developing issues in regulatory compliance, enforcement and program management. Networking events allow you to initiate and refresh professional relationships, and the exhibit hall is a great place to explore new products and vendor services.



Osprey COI RiskManager™ (a powerful web-based solution) conflict of interest software, efficiently captures, tracks and reports the required disclosures for thousands of researchers, post-docs, fellows, board and faculty members, for any industry. The system also protects organizations by ensuring compliance with the new regulations set forth by the Public Health service (PHS) funds from the National Institutes of Health (NIH) 
 
Osprey COI RiskManager™

• Easy to use and deploy
• Reduces risk and costs
• Proven in world-class organizations
• Improves organizational effectiveness

Contact information:

For more information about Osprey COI RiskManager^TM, call Osprey at 518-203-3995 or michael.vidoni@ospreysoftware.com

Conflict of Interest Compliance: Paper or Web-based Solution?

The business processes and administrative procedures at healthcare organizations are tightly controlled and regulated. Yet the information technology systems that run these organizations are used by a wide variety of professionals whose attention is more focused on good medicine and research.

Conflict of interest (COI) compliance is a complex discipline with many moving parts. In large healthcare organizations, with many projects and research professionals, the process can be daunting. Manual compliance processes are time and resource intensive and most off-the-shelf systems are woefully inadequate for managing COI compliance in medical research, leaving organizations with substantial risk and liability exposure.

To address this problem, institutions are moving over to web-based compliance management systems to take the place of existing paper-based manual methods. They are designed to reduce risk, reduce cost, save time and increase productivity. Osprey Software Solutions has introduced Osprey COI RiskManager™, an enterprise-class compliance management system designed with the guidance and support of Partners™ Healthcare.

“After more than three years of use and rigorous testing at Partners HealthCare, we are confident that Osprey COI RiskManager is a reliable, efficient, and user friendly solution to report and proactively identify potential conflict of interest issues at medical organizations,” said Scott McNeal, Director, Research Enterprise Applications at Partners HealthCare.

As research projects continue to grow and COI compliance becomes more complex, more and more institutions will be trading up the paper process in favor of web-based solutions to streamline the management process.

About Osprey Software Solutions
Osprey Software Solutions, Inc. is a premier team of experts in the design and development of complex business applications. Osprey has assembled one of the most highly regarded teams of architects, engineers, and consultants in the software development business. The Osprey team has an outstanding track record in the design and delivery of large scale, advanced business systems in a variety of industries, including: Financial Services, Lending, Energy, Healthcare, and Defense.

For more information about Osprey’s COI RiskManager please email Michael Vidoni or contact him by phone 888.677.7394, ext.1004.

Partners HealthCare and Osprey Software Solutions Team Up for Conflict of Interest Solution

WALTHAM, Mass. --(BUSINESS WIRE)-- Osprey Software Solutions has announced the introduction of Osprey COI RiskManager^TM, an enterprise-class compliance management system designed to automate conflict of interest (COI) reporting at hospitals and medical research facilities. Osprey COI RiskManager was built from the ground up using the demanding COI reporting processes and best practices at Partners HealthCare as the application model.

"After more than three years of use and rigorous testing at Partners HealthCare, we are confident that Osprey COI RiskManager is a reliable, efficient, and user friendly solution to report and proactively identify potential conflict of interest issues at medical organizations," said Scott McNeal, Director, Research Enterprise Applications at Partners HealthCare.

At the heart of Osprey COI RiskManager, is a web-based workflow framework that provides interactive forms and questionnaires that can be fitted to an organization's own COI process simply by snapping questions into custom workflow templates. "COI RiskManager makes is easy for researchers to comply because the disclosure automatically adjusts itself, in real-time, based upon the responses," said Chris Cazer, CEO of Osprey Software Solutions. "COI RiskManager automatically prompts for follow-up, and alerts researchers and oversight managers as necessary. Using the system's FormsWizard^TM, templates are easily customized by the end user making it simple to integrate any of their own forms and workflow approval processes."

Osprey COI RiskManager^TM offers several options for quick, easy deployment, including ‘instant on' in Osprey's secure service bureau, or behind the organization's firewall, where the organization can manage its own security.

"Osprey COI RiskManager has automated Partners' COI reporting program and has given the Partners organization quick visibility into existing and potentially problematic relationships, so they can be addressed," added McNeal.