3 Important Criteria You Should Look For In Whistleblowing Hotline Provider
According to ACFE’s 2018 Report to The Nations, tips were by far the most common means of fraud detection at 40% of the most cases. However, many companies undermine the critical role play of tips, thus they do not provide adequate reporting channels.
In general, companies that have just started a whistleblowing program prefer to install the hotlines that are managed internally than using a third-party service in order to save the budget. Unfortunately, in many cases, the internal hotline does not guarantee the confidentiality of the whistleblowers’ identities.
As we know, once the identities are revealed to the public, the whistleblowers are often suffered from retaliation. It is one of many factors what drives them to have second thoughts or even discourages them to make a report. To sort out the problem, it is suggested that your companies use a whistleblowing hotline provided by a third-party.
While a third-party service might cost more than the internal one, it comes with a lot of benefits that prevent a greater loss in the future. There are many providers in the market offering hotline services. Yet, it is important that you choose a provider with these three main criteria:
1. Safe reporting hotline. The provider must be able to provide a safe reporting hotline and guarantee the confidentiality of the whistleblowers’ identities. It is important to create a safe and ethical work environment so as to provide a sense of security for stakeholders to immediately report when they find potential fraud.
2. Case management. It is recommended to choose a provider that offers case management services equipped with notification, analysis and reporting management where clients can monitor their assignments and reports.
3. Various channels. The provider should provide various easy-to-use reporting channels (telephone, e-mail, application, etc.).
Integrity through the Canary® Whistleblowing System provides the service that meets these three important criteria and is managed by an experienced team. Contact us for further information about the whistleblowing hotline.