Conclusion: Effective approval processes are essential
Dealing with gifts and hospitality correctly from a compliance perspective is no easy task. It requires clear rules and processes, which must also be easily verifiable in the event of an external audit. Having a gift register is essential: who was given what by whom, when and for what occasion? The gift register should at the very least provide this information in order to be able to verify decision-making processes and reduce liability risk.
Nevertheless, rules and processes should not leave employees in sales, purchasing and management feeling frustrated. Smart and automated processes help to create the right balance between reliable compliance and growing the business. The use of specialised software helps to reduce internal friction while at the same time ensuring the effectiveness of the compliance programme when it comes to gifts and hospitality.