Research from Mitratech’s State of Ethics Hotlines report indicates an 18% and 33% increase in ethics hotline reports over the last two annual reporting periods, respectively. This aligns with the rise in speak-up culture recorded across industries.
Yet, despite this trend, more than half of whistleblowers have felt pressured not to use internal hotlines to raise red flags at large global businesses and public bodies, according to a global EY survey. Let’s dive into the ins and outs of ethics hotlines — what they are, when to use them, the common missteps, and best practices for keeping your corporate culture transparent and accountable in today’s unpredictable business landscape.
Yes, an ethics hotline is essential for any company because it serves as a powerful tool for detecting and preventing unethical behavior and fraud. Research shows that whistleblower tips are the most common way fraud is uncovered. Companies without a hotline can face average losses of $200,000 due to fraud, while those with a hotline and fraud awareness training reduces losses to 100,000.
Implementing these measures not only saves money but also fosters a culture of accountability. By providing employees with a safe, confidential channel to report misconduct, an...
Topline Alexander Smirnov, the former FBI informant who was accused earlier this year of making false statements about President Joe Biden and his son Hunter Biden, was indicted Tuesday on unrelate...