Corporations need to take protecting their employees seriously when it comes to whistleblowing. With whistleblower protection now law from 1 July 2019,
the Corporations Act 2001 has been expanded to provide greater protection for those who report misconduct in companies and/or company officers.
With the regulators watching this space very closely, ASIC has issued warnings to businesses urging them to review their whistleblowing policies after finding many were not compliant, unclear, incomplete or contained inaccurate information. With the significant penalities for companies and its officers, it is important for a businesses to establish a strong and effective process for handling whistleblowers and disclosures.
ABLA recommends all corporations should:
- review whistleblower policies and processes for disclosure
- communicate clearly the process for whistleblowers within your organisation
- train Board members and senior managers/officers on handling the whistleblower process
- establish a confidential Whistleblower Hotline.
Confidentiality and fair treatment for whistleblowers will provide your employees with the peace of mind they will be protected if they report any breach or fraudulent behaviour in your business operations. Creating a safe culture for your employees to do the right thing will increase productivity and encourage illegal behaviour to be called out. This ultimately reduces your legal risk and serves to protect your business.
ABLA can help your business support a zero tolerance to fraudulent, corrupt or illegal misconduct. If you want to protect your employees when they do the right thing and report such activity, get in touch for details on reviewing your policies and establishing a confidential whistleblower hotline. Email us today at email@example.com
Download the Whistleblower Service flyer.