The number of whistleblower complaints is trending upwards, with rates growing exponentially worldwide. The SEC reportedly paid out approximately $564 million to whistleblowers in the 2021 fiscal year alone, and during the same period, DOJ recovered $1.6 billion from False Claims Act actions filed by whistleblowers.
In this webinar, Cooley partners and representatives from leading technology companies dissect the latest whistleblower trends and where regulators from the US, EU and UK are likely to focus their attention. The panel weighs in on why implementing innovative tech-backed whistleblower programs as internal control is vital to appropriately handle complaints, identify and anticipate patterns, mitigate risk for both employees and employers, and prepare companies if they are met with regulatory inquiries.
The latest updates on whistleblower trends at SEC and DOJ
An outline of the EU Whistleblowing Directive, why it matters and tips on how to deal with its impact
Best practices in handling whistleblower investigations
How to leverage technology to establish strong compliance programs and accessible reporting outlets for employees
Moderator, Partner
Cooley
Chief Legal Officer and General Counsel
Aura
Partner
Cooley
Partner
Cooley
Partner
Cooley
Cofounder & CEO
Vault Platform
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Hotline | Third Party | Bot/AI | Other Tech Solutions | |
---|---|---|---|---|---|
Employee accessibility | High accessible mobile app. Open Reporting enables solution for entire ecosystem. | Low accessibility - hotlines only account for 6% of reports. Need to find the hotline number to start | Third party increases friction into the process. Employer seem less accountable. | Lacks sophistication required to deal with a very human-centric process Human will have to step in at some point | Focus on ‘employee empowerment’ not employer enablement. Often connect employees with legal resources. |
Two way communication | Yes, in the users language directly from the App and Resolution Hub. Yes, even if anonymous. | Call centres that take a message. Follow up can only happen if employee identifies themselves. | Third party increases friction. Hand over has to take place. | Handover to a human is required to progress the case. | Many solutions prepare an employee for legal action and/or involve a third party. |
Multi language support | In-App support for all required languages. No Management needed. | Need an operator with call centres offering each required language. Or partner with multiple suppliers | Need a provider offering each required language. Or partner with multiple suppliers | Multi-language is possible but has to had over to a human at some point. | Multi-language may be possible. |
Anonymous reporting | Anonymous reporting with two-way communication. Also GoTogether (strength in numbers) reporting. | Yes, but follow up is difficult without identifying the reporter. | Yes, but follow up is difficult without identifying the reporter. | Yes, but follow up is difficult without identifying the reporter. | Yes, but follow up is difficult without identifying the reporter. |
Data, confidentiality & security | Independent instance. Data encrypted in-transit and at rest. ISO27001 certified. Restricted access to case data. | Yes, but follow up is difficult without identifying the reporter. | Information is collected by a third party increasing the risk profile. | Information is collected by a third party increasing the risk profile. | Information may be collected by a third party. Or data may need to flow through other systems, increasing the risk profile. |
Scalability & enterprise capability | Vault Platform was built for enterprises. Ideal for organizations of 100 employees to tens of thousands. | Widely adopted by enterprises but not fit for purpose. Only used in 6% of incident reports. | Need a provider offering each required language, or partner with multiple suppliers. Multiple clients served by same resources. | Information is collected by a third party increasing the risk profile. | Information may be collected by a third party. Or data may need to flow through other systems, increasing the risk profile. |
Case management | Resolution Hub is a case management system. Case data is centralized in one location with a full audit log. Board-ready insight into progress and problem areas. | Either induce their own case management system. Or need plugging in to a third party. | Various options with different capabilities. | Various options with different capabilities. May need to connect to a third party or in-house case management system. | Many connect employees with legal support directly. Not focused on solving the problem internally. |
Report routing | Automated routing based on multiple attributes (location, language, category of misconduct, etc.) Collaboration between different teams. | Various options with different capabilities. | Third party involvement increased friction. | Various options with different capabilities. | Various options with different capabilities. |
Features | Vault | Hotline | Bot/ AI | Third Party | Other Tech Solution |
---|---|---|---|---|---|
Employee accessibility | Mobile app & web reporting | Phone; handled by a call center | Resolution requires human intervention and handover | Third party adds friction. Employer less accountable | Focus on connecting employees with lawyers, increasing risk of lawsuits |
Two-way communication | Yes, even if anonymous | No | No | Possible; handover needed | Possible |
Multi-language support | Yes | May need multiple providers | Possible | May need multiple providers | May need multiple providers |
Anonymous reporting | Yes, with two-way chat | Yes, but no followup | Yes, but no followup | Yes, but no followup | Yes |
Data confidentiality & security | Unique instance for every client; ISO27001 compliant | Third party handles data | Third party handles data | Third party handles data | Many connect employees with lawyers. Third party handles data |
Scalability & enterprise capability | Designed for enterprise | Legacy solution. Shared resource | Human required for resolution | Shared resource with other clients | Shared resource |
Case management | Resolution Hub; Data & Analytics | In some cases | In some cases | In some cases | In some cases |
Report routing | Automated routing; multi-team collaboration | Manual/third party process | Manual process | Manual/third party process | Manual/third party process |