The whistleblower, an endangered lives?

Tweet

It is not a widely known fact that 60 per cent of company fraud or bribery cases are discovered because of tip-offs received from employees. Hence, it’s imperative to guard whistleblowers from potential threats It was recently reported that a certain company is under scrutiny by several government agencies and is being investigated for a host of alleged irregularities in its operating and financial processes. The case has come to the attention of the authorities only because they received a tip-off from an employee of the company who saw what was happening. If whistleblowers had not come forward, many corrupt organizations would still be going about their illegal business. Since many companies suffer because of internal fraud, they need to have robust processes in place to prevent fraud. So, how can companies keep a tab on such activities talking place within the organization? Whistle blower like Satendra Duby , Amit Jethwa lost their lives ,there must be many more cases like this. An organization needs to set up strong internal controls and should have regular and surprise audits by an external agency or organisation. It should make the office comfortable where the staff/ employees can approach the boss with out reservation. It should have an open door policy. Another practice would be to have an anonymous hotline system. Also, one should not place all financial responsibilities in one person hands; instead, segregate and rotate duties. Fraud management continues to be a critical function, especially in the financial services industry. Technology solution are expanding, yet capabilities to arrest superior fraud are yet to be evolved. Fraud risk assessment can be one pro-active method to identify areas that pose a higher risk of fraud. Key stakeholders in the assessment can be internal auditors, general counsel, compliance officers and other executive. Hire right and trusted workflow automation. Have the business rules set in place, do regular audits and more importantly, have 40 per cent of the budget of automations for upgrades and new business rule implementationsand systems and procedures inovations. These would at least ensure most of the possible frauds bribery are prevented. what is position of whistleblower in your country?