We have included an excerpt below:
A robust whistleblowing program should be a key component of your business’s governance framework. This article explains why, and takes you through how to successfully implement a whistleblowing program to limit your liability.
WHAT IS A WHISTLEBLOWING PROGRAM?
A whistleblowing program is the framework put in place by a business to provide its people with a safe, reliable means to report fraud, misconduct and other wrongdoing.
WHY DO YOU NEED A WHISTLEBLOWING PROGRAM?
Like insurance, a whistleblowing program exists to help protect your business from potential threats. Supported by an external reporting program, it will strengthen your business’s ability to detect fraud, corruption and other illegal or inappropriate behaviour, reach early resolutions and manage risk. Additional reasons to implement a whistleblowing program are that it:
- is in line with best practice;
- fosters good governance, accountability and transparency;
- builds trust and confidence in management;
- raises expectations of effective and efficient use of resources;
- enhances client and public expectations;
- shows your business is managing its affairs legally; and
- minimises the risk of costly exposure to litigation by early detection.
Your business should reflect these benefits in its whistleblowing framework by specifically stating its core values and principles and its commitment to uphold them through these measures.
REMEMBER: Regularly update the promotion and training of your whistleblowing program, refresh induction kits, rotate whistleblowing protection officers and run adoption and attitude surveys.
FUNCTIONS OF AN EFFECTIVE WHISTLEBLOWING PROGRAM
An efficient whistleblowing program will:
- uphold your business’s values and integrity;
- demonstrate a true commitment to a ‘speak up’ culture;
- facilitate reports against any person at any rank within your business;
- clearly outline employees’ expectations in relation to conduct, reporting and integrity by clearly defining their roles and responsibilities;
- act as a deterrent to long-term fraud and inappropriate behaviour (it can even lower your insurance premium); and
- show that clear mechanisms are in place to protect the whistleblowing individual before, during and after they make a report.
HOW TO IMPLEMENT AN EFFECTIVE WHISTLEBLOWING PROGRAM
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