Most regulators in the Middle East encourage employees of financial institutions to “blow the whistle” in instances of wrongdoing within their organisation, and require financial institutions to incorporate a formal whistleblowing mechanism.
A whistleblowing framework allows employees to escalate and report serious issues to a senior level, HR or Compliance within the organisation (and ultimately to a regulator), without fear of retribution. It is a mechanism to escalate significant irregularities relating to illegal acts, fraud and financial crime issues, conduct and culture including employee mis-conduct. This framework is successful only if an employer creates an environment where employees feel safe to “speak up”.
The FCA in the UK has been putting a lot of emphasis on a “speak up” culture in financial institutions and the importance of an effective whistleblowing framework, for a while now.
CEOs, Compliance Heads and HR Heads: Do your employees feel comfortable to “speak-up”? How can you achieve an environment which encourages openness and transparency? And how will that help your business and reputation?
Let’s have a chat about this very important topic and how I can help you!
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