What's the best case closure time for your hotline reports? On average 30 days is best - from the report coming in, to it being fully closed. Many whistleblowers will raise their concerns internally first. This is because they believe that by doing so, the company will investigate their concern seriously and the whistleblower will emerge on the other end with some form of closure to their concern.
This year's Annual Compliance Week Conference certainly delivered with powerful insights and ideas. Taking over the main floor of the historic Mayflower Hotel, many ethics and compliance professionals were not only looking forward to networking with other industry professionals, they were eager to listen to one speaker in particular.
Many companies have already implemented an ethics reporting program. Others might be thinking about one for some time in the future. And still others may not have even considered it. A common belief is that organizations think these programs are too expensive, or that they just don’t need one. With what seems to be a continued onslaught of corporate scandals in the media, ensuring that existing compliance programs are working correctly, or that newly implemented programs get off to a stellar start, to not have an ethics reporting program in place could be detrimental.
Introducing an ethics hotline into your company? Introductions can be awkward. Introducing a new system into your company can be fraught with challenges. And blank stares... Many times employees are happy with the way things are rolling along and wonder why rock the boat? Other employees welcome new ideas.
OSC announces launch of whistleblower program July 14th will mark the date for the launch of a whistleblower program in Canada. Ontario's securities watchdog will pay up to $5 million for information on insider information about accounting fraud, insider trading and other securities violations. This is the first in Canada to pay for whistleblower tips and will include protections for those who come forward, including confidentiality and anti-retaliation measures. This type of program isn't new to anyone reading the news. The US has had their version of this program for many years. The Securities and Exchange Commission's whistleblower program was 'created by Congress to provide monetary incentives for individuals to come forward and report possible violations of the federal securities laws to the SEC. Under the program eligible whistleblowers are entitled to an award of between 10% and 30% of the monetary sanctions collected in actions brought by the SEC and related actions brought by other regulatory and law enforcement authorities'.
It may be slow off the start, but it will soon pick up speed If the SEC Whistleblower Program is anything to gauge it by. President Obama has signed into law the Motor Vehicle Safety Whistleblower Program (MVSWP) as part of the FAST Act (Fixing America’s Surface Transportation Act). If you're an automotive equipment manufacturer, parts supplier, or dealership, there's a few things that should get you thinking about compliance. Why? Because the MVSWP is a new bounty program designed to incentivize potential whistleblowers to report on attempted cover-ups or failing to comply with reporting requirements for defects that may cause serious physical injury or death.