Book a demo
Make internal whistleblowing a strategic advantage
Vault Platform helps your corporate compliance, ethics, and HR teams throughout the entire process of capturing, investigating, resolving, and reporting on incidents.
With a multigenerational workforce that largely favors digital communications, traditional whistleblowing hotlines are seen as increasingly outdated. The most effective way to open a two-way dialog with a prospective whistleblower, anonymously or in-name, is through Vault Platform’s mobile app.
Our technology can also blind-connect multiple parties reporting the same or a similar incident and help identify problems before employees feel compelled to take their concerns to an external body.
New regulations for whistleblowing are coming
In 2020, authorities worldwide, including the Securities and Exchange Commission (SEC), began implementing new rules to whistleblower programs with the goals of providing greater transparency to the process and increasing the incentives and awards external whistleblowers receive.
- The added pressure of COVID on companies and employees is driving an increase in misconduct and a corresponding increase in external whistleblowing.
- The concern here is having prospective whistleblowers first use an internal reporting channel is the most desirable approach for businesses in order to minimize the risk of financial and reputational damage.
- Unfortunately, legacy internal mechanisms – such as the traditional hotline – are used only by 6% of people that reported misconduct, according to the 2019 Global Business Ethics Survey.
In the US, companies must adhere to the Whistleblower Programs Improvement Act (WPIA) and the Whistleblower Protection Reform Act of 2019 (WPRA). Meanwhile, forthcoming European regulation will apply to any company that has employees in the EU, under the EU Whistleblower Protection Directive coming in December 2021.