Companies should be checking their whistleblowing arrangements in light of new regulations

PricewaterhouseCoopers release a report to help inform organisations that recognise the benefits of a whistleblowing hotline.

Whistleblowing has long been recognised as one of the prime tools an organisation can use to foster a culture of transparency, understand its operations and identify unethical behaviour, said Chandrashekhar Krishnan executive director,Transparency International UK.

This has been brought into even sharper focus by regulatory developments such as the UK's Bribery Act and the US Dodd-Frank Act, she said. "Indeed, it is emerging as one of the most important tools in the anti-corruption arena. Many companies have started to revise their anti-bribery procedures in the light of recent changes and they should be certainly checking that their whistleblowing procedures are fit for purpose.”

"All organisations are exposed to risk where their directors, employees, contractors and other service providers act illegally, unethically or unsafely," said PwC.

"Too often an organisation is only alerted to such behaviour when it is exposed in the media or it attracts the attention of external regulators and law enforcement agencies."

"Organisations therefore rely on the knowledge and resolve of individuals who are prepared to speak up and notify them of an issue before it reaches the public domain."

"All organisations, should be concerned that individuals have access to facilities that allow them to report their concerns with the assurance that the organisation will investigate and manage their allegations appropriately."