Most of us agree that implementing a whistleblowing hotline solution is a good thing. As a counter-fraud specialist for over 25 years I know the importance of allowing employees to report fraud and other types of wrongdoing at the earliest opportunity to help businesses suffer less financial harm.
If you’re a business looking to implement a whistleblowing solution and protect yourself from the harmful effects of fraud, here are 5 key recommendations you should consider:
- Provide a variety of reporting channels
Recent studies show that staff submitting concerns of fraud via email and online forms combined to make reporting more common through the internet than by telephone. Providing employees with a variety of reporting methods will increase accessibility and provide further options for reporting.
- The 24/7 365 days a year solution
Fraud can occur within organisations at any time. Employees should have the ability to report concerns whenever they feel the need to do so. Restricting the opportunity and time for employees to report concerns could make your business vulnerable to fraud. A service that is always available will provide assurances to an organisation that staff can come forward and report fraud and other types of wrongdoing no matter when they choose to do so.
One of the main reasons why staff fail to speak up is the perceived consequences of doing so. It is vital that staff are fully aware that they can raise concerns in a safe, supportive environment and in the knowledge that their confidentiality will, wherever possible, be protected. A fully independent and external whistleblowing provider will serve this purpose.
- Quick Response Times
Simply encouraging employees to speak up, without implementing an effective response system, will naturally fail to effectively deal with the harmful effects of fraud. A quick response enables an organisation to investigate matters in a prompt timescale, taking preventative action before the reported incident dramatically impacts its business.
- Root cause remedy
To prevent fraud recurring, each fraud should be fully investigated and the inherent root cause of the fraud accurately determined by qualified and experienced fraud specialists. Once the root cause of fraud is determined by a fraud specialist then preventative measures should be immediately introduced to ensure that the same types of fraud do not occur again. Whistleblowing providers who combine a reporting and investigative service to identify the root cause of fraud will provide businesses with the best protection they need.
The cost of a third-party whistleblowing service provider is not prohibitive. A whistleblowing service provider that combines all 5 of these key recommendions in an annual subscription package, with no hidden or extra fees for additional services, will offer you the best solution for your business needs.
SeeHearSpeakUp delivers whistleblowing and investigation solutions to companies globally. For more information, please visit our website here or contact the team on +44 (0) 1224 625111