According to the ACFE’s Report to the Nations, tips are the most common fraud detection method. More than 40 per cent of all cases were detected by a tip, more than twice the rate of any other detection method.
Employees accounted for nearly half of all tips that led to the discovery of fraud and organizations with hotlines were much more likely to catch fraud by a tip.
You don’t need to go much further than these statistics to understand the value of an effective whistleblower hotline to a company’s bottom line, but some companies are still behind when it comes to implementing this valuable fraud detection tool. Shannon Walker, President of Whistleblower Security, outlines the steps for setting up a whistleblower hotline, the options available and the decision to outsource or implement an internal program.
- How to get buy-in from the C-Suite for your whistleblower program
- What to consider when preparing to launch a whistleblower hotline
- Who should be involved in development of the program
- How to develop policies and codes to support the program
- Types of reporting you should develop as a result of this program
- How to measure the success of your hotline