Benefits of the whistleblowing system
It is difficult to speak up about unethical behaviour, such as harassment or fraud, without access to a reporting channel that allows for secure and anonymous dialogue. Many potential whistleblowers fear for repercussions or contempt. Organisations need secure whistlelowing system to support people to speak up.
Staying silent is costly
A typical organisation loses 5% of its annual revenues due to fraud. (Association of Certified Fraud Examiners. The #Metoo campaign was an example that showed how unethical behaviour can put companies and organisations at risk all over the world – with large branding and reputational consequences.
Reduce reputational risks & costs
Prevent damage by making wrongdoings less likely to occur. Nearly 40% of all fraud cases were detected through whistleblowing tips, according to the Association of Certified Fraud Examiners. The same study shows that significant savings can be made: organisations that did not have a whistleblowing service in place, suffered losses that were twice the size compared to those who did have a whistleblowing system.
Change attitudes & enhance your brand
Show your commitment to high ethical standards. Corruption and harassment have become business-critical issues, all over the world. Company boards and management teams need tools that enable them to prevent and act upon unethical behaviour within their organisation. Having a secure whistleblowing service in place is a way of demonstrating dedication to high ethical standards and allowing people to speak up about alleged misconduct.
Ensure legal compliance
Ensure that you comply with the global trend of stricter anti-corruption and whistleblower protection laws and make sure you handle personal data in compliance with legal requirements. An increasing number of laws all over the world require organisations to establish a system for whistleblowing. The WhistleB whistleblowing system aligns with the EU General Data Protection Regulation, the strictest such law in the world.
Why whistleblowing matters – Quotes on organisational whistleblowing
A key tool for the board
“A Whistleblowing function that members of staff can trust is a key sustainability tool for the board. It is important that irregularities… can be reported anonymously, for example through an independent external third party.” Leif Johansson, chairman of Ericsson and AstraZeneca, former CEO of Volvo and Electrolux. Quote from the handbook “Sustainable Profit” by the founders of WhistleB.
Wrongdoings are less likely to occur
”To stifle whistleblowing is to harm the business. Bad news tends to come out eventually, and looks worse if it appears that bosses tried to suppress it. Apart from which, wrongdoing is less likely to occur in the first place if employees know that their bosses are more inclined to hug a whistleblower than to put him in a headlock.” The Economist
“The most powerful weapon against fraud is not an algorithm or a checklist, but a whistleblower.” The Economist
Most common fraud detection method
”Tips are consistently and by far the most common detection method. Over 40% of all cases were detected by a tip — more than twice the rate of any other detection method. Employees accounted for nearly half of all tips that led to the discovery of fraud.” Association of Certified Fraud Examiners