The Power of a Speak Up Culture White Paper
From Thomas Fox, "The Compliance Evangelist"
By having a speak up culture, your organization will have a more robust compliance program, save money by avoiding fines and penalties, increase business efficiency and profitability and have a key element to discuss with regulators should that need ever arise.
While the government expects companies to have an internal reporting system, there are benefits far beyond putting you in the government’s good graces. Companies with a robust culture of speak up generate more reports. Conversely, companies with more limited use of their whistleblower reporting systems are seen to have poor governance. They are more prone to financial accounting issues, such as discretionary accruals, which could prove problematic. These tend to be smaller and less mature firms, and their compliance programs are not seen as robust or as e ective as those in larger, more mature organizations. Finally, these firms are more prone to extreme growth and the problems associated with trying to scale up quickly.
Having a speak up culture is both good for business, prevents harassment in the workplace, and an insurance policy against a FCPA enforcement action. Learn more about the power of a speak up culture in this white paper from compliance expert Tom Fox.