Benefits of organisational whistleblowing
Are you weighing up the possibility of implementing a whistleblowing system in your organisation? Read on to find out why it’s worth it and what you need to think about?
Whistleblowing is seen as a very effective tool to combat fraud. Indeed, in its 2016 ACFE Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners found that the most common detection method for fraud was tips (more than 40% of cases). The same report also states that companies with whistleblowing services, that include the possibility of anonymous reporting, suffer smaller losses from fraud.
Transparency International, Sweden, goes as far as saying that whistleblowing is the most effective tool for fighting corruption.
And yet, people still choose not to report suspected wrongdoing. Taking the step from observer to whistleblower is still an uncomfortable one. There are a number of factors that might get in the way: loyalty to the organisation or colleagues; uncertainty about what really constitutes a whistleblowing case; the suspicion that nothing will be done; and the fear of repercussion, are just a few.
Government bodies around the world have recognised that corporate retaliation remains a real barrier to whistleblowing, and have introduced new regulations aimed at strengthening whistleblowing protection.
In this paper we will share the feedback we get from our customers on what benefits you and your organisation’s many stakeholders can expect from a whistleblowing system. We will also highlight the critical success factors for such a system that will ensure it is compliant, secure and used, when needed.
Of course, whistleblowing is not the sole response for fighting corruption and other serious irregularities. However, there’s no doubt that it is an effective preventive tool and an integral, reinforcing part in any organisation’s efforts to become an ethical and transparent brand.
It shows an organisation’s stakeholders that it is serious about enforcing its Code of Conduct and promoting a culture of compliance and the highest business ethics.