Why Should Businesses Prioritise Whistleblowing Policies?

Not only can whistleblowing save the company money as an early warning system to corruption or fraud, but it can also protect your brand. It is a two-part saving component. In this day and age, you do not want to be a company that engages in suspect practices or does not know how to control its own finances.

What are the challenges some organisations face?

There is research available from interviews done with company directors. What they found was most company directors would only take whistleblowing reports seriously if they came from named employees i.e. not anonymously. But most employees, who want to blow the whistle, want to blow the whistle anonymously. Therefore, there is a disconnect between the employees and the board.

If you are asking someone to step forward and wear the cost of being shunned, you have to do what they need. That will encourage them to take that brave step.

To overcome that disconnect, you must educate the senior executive about what is necessary to make a whistleblowing system work. Anonymity is a very important element of a working whistleblowing system. There are certainly some who will only step forward, if that option is there.

Steps to improve whistleblower protection rights

  • Review current whistleblowing initiatives within your organisation to make sure they are protected and their allegations investigated
  • Create a ‘speak up’ culture and policy as well as implement an independent concern reporting and case management system
  • All staff must be trained on the whistleblowing and anti-retaliation training to help employees understand the protections given to them
  • There should be periodic health checks on the effectiveness of whistleblowing processes

Governance, risk management and compliance (GRC) solutions

The GRC Institute (GRCI) is the preeminent not-for-profit member association for governance, risk management and compliance practitioners across Asia Pacific. As a registered training organisation (RTO), we provide two nationally accredited courses in GRC governance, risk, and compliance which can be delivered in-house, as part of your organisational training framework. The courses can be tailored to meet the specific needs of your organisation, within the parameters of the national qualification framework, ensuring optimal value for your business and employees. Corporate compliance training for staff is an important component for businesses as it helps them to understand the regulations that are relevant to their tasks and duties at the workplace. Proper compliance training can help companies mitigate and avoid the risk of lawsuits and heavy penalties in the future.

Please contact the GRC Institute on +61 (02) 9290 1788 for further information about corporate compliance training solutions for your staff.