What exactly does a third-party ethics reporting system look like anyway? And what on earth does it do? We've had these questions asked of us a few times. And they are valid questions. You've heard of it, but what exactly is it? What's involved? We'll drill it down in a nutshell. But give you enough information to walk away and say "ah, now I get it!" All companies, regardless of size or industry, can benefit from implementing ethics reporting into their workplace.
One-third of BC companies have reported being a victim of fraud. Yours doesn't need to be the next one! The fraud triangle originated from Donald Cressey's hypothesis: Trusted persons become trust violators when they conceive of themselves as having a financial problem which is non-shareable, are aware this problem can be secretly resolved by violation of the position of financial trust, and are able to apply to their own conduct in that situation verbalizations which enable them to adjust their conceptions of themselves as trusted persons with their conceptions of themselves as users of the entrusted funds or property. source ACFE.com The fraud triangle consists of three triangles.
Hey did you hear Brangelina are splitting? It's blowing the Internet apart! We just had to put our two cents into this one. Because the entire world is talking about it and the internet is literally blowing up right now. Speculation is running rampant!
When your company culture is attacked, it's easy to lay blame elsewhere Seemingly, this is how an article is being perceived, where the Wells Fargo CEO is defending the bank's culture, and pointing fingers at 'bad employees'. Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses. These actions were undoubtedly fueled by the policies and benefits used to motivate employees.
When pressure to meet targets ends in a wide-spread scandal Customers should be able to trust their banks. In many scenarios, 'did you make your numbers' translates to finding creative ways to make the numbers. And in many cases being creative takes precedence. Nobody understands that more than Walt Pavlo. As the Sr. Manager in billing collections, he felt the pressure to grow the company's revenue and ended up being caught up in one of the largest accounting frauds in American history. When it comes to fraud committed by executives and employees, three factors play a major role in enabling this to happen:
A whistleblower report came in about what?!? You've implemented a whistleblower third-party ethics reporting system. You know that whistleblower tips are the #1 method of detecting fraud and abuse. Your employees are a valuable source of information on the inner workings of the company, and you've worked hard to ensure they feel comfortable coming forward to file a report in your system. Things are running swiftly along. You're receiving legitimate anonymous reports and because of them, policies and processes are being improved, making the company more successful.