And protecting Whistleblowers
When billions of dollars are lost each year to occupational fraud, the need for organizations to invest in well-functioning whistleblower mechanisms has never been clearer.
When implemented and maintained properly, whistleblower mechanisms can prove to be a valuable component of an organization's Anti-Fraud Regime, helping both to prevent and deter fraud and to detect it when it occurs. Unfortunately, whistleblower mechanisms are not always used effectively. In some cases, they are established and then poorly communicated and quickly forgotten. In others, the employees may not trust management or the process, often due to fear of reprisal from management or being ostracized by colleagues.
Regardless of the reason, if an organization fails to obtain whistleblower complaints or other tips relating to potential fraud (collectively hereafter "Tips"), it may be missing out on potential cost savings and at the same time giving employees and the market in general a message that it doesn't care about preventing fraud.
Read the full PDF to learn more .