WH Whistleblower Hotline Service …The One Stop Solution Provider to Fraud and Financial Crime. WFO Whistleblower Hotline It is a fact of life that the majority of white collar crimes are perpetrated by organizational insiders. Fraud and misconduct surveys have shown that employees within organizations continued to pose the single largest fraud risk, both with regard to the number of fraudulent instances as well as the value thereof. These frauds are perpetrated by employees either acting on their own or in collusion with third parties. Blowing the whistle on fraud, corruption and unethical behavior WHY CHOOSE US From being just an accounting firm, we are evolving into a fully integrated one-stop resource centre with the capability of advising growing companies and charities on all aspects of their business needs. We work with organisations within the commercial, governmental and non-governmental sectors and offer services across Audit, Tax, Advisory and Accounting Outsourcing Services. With the mission to provide quality service through high level expertise, our professionals commit their skills and common ethic of innovative thinking to generate results for their clients. …innovative thinking. One major obstacle in the fight against fraud, corruption and unethical behavior is the reluctance of individuals to “blow the whistle” on such activities. Fear from retribution or victimization from employers or colleagues dissuades many from reporting instances of fraud and corruption. The 2011 Security and Exchange Commission (SEC) Code of Corporate Governance obligates public companies to implement an effective whistleblowing policy with the appropriate mechanisms for reporting illegal or unethical behavior. Similarly, the 2006 Code of Corporate Governance for Banks in Nigeria Post Consolidation, which was issued by the Central Bank of Nigeria, obligates the banks to implement effective whistleblowing including the assurance of anonymity and confidentiality to the whistleblower. An effective policy to encourage whistle blowing enables employers to find out when something is going wrong in time to take corrective action. A positive whistleblowing culture is a critical element in the success of any risk management system. Whether or not organizations have effective whistle blowing policies in place demonstrates a firm’s ability and will to regulate itself. The risk you face Employees are usually the first to know of any unethical conduct or behavior and many will feel they stand to lose the most by speaking up. Those who genuinely suspect that something may be going seriously wrong in the workplace usually face a difficult dilemma. They can remain silent and look the other way, they can raise the matter with the employer, or they can take their concerns outside the organization. A good policy encourages and protects responsible whistleblowing. Unless the culture in the workplace is one which allows employees to speak up without fear, each option might be seen to have adverse repercussions- for the employer, the employee, or the wider public (including shareholders, taxpayers, trading partners and customers). Confronted with equally uncomfortable choices, most employees will choose the option of ‘turning a blind eye’ to unethical behavior and remain silent. This is the safest option and the most practiced one. Unfortunately, this option results in more unethical behavior going unchecked. Responding to Whistleblowing Organizations must provide mechanisms such as confidential hotlines, and establish internal procedures which allow employees to anonymously and confidentially report incidents of fraud, corruption and unethical behavior within the company. Rigid line management, without a whistleblowing system, risks providing middle management a monopolistic control over the information that reaches those in charge. Whistle blowing by employees has been recognized as an effective source of information for uncovering any incidents of fraud or misconduct within organizations. Timely action in response to whistleblowing reports can help mitigate the impact of fraud and detect it before it grows in proportion. However, many organizations face challenges in establishing a robust whistle blowing policy and subsequently have less convincing channels for encouraging employees to report suspicious incidents. WFO Ethics Helpline service can help clients establish and manage a secure, efficient and impartial reporting channel for whistleblowing WFO’s Ethics Helpline We offer tools to enable employees as well as third parties associated with an organization to report any suspected malpractices of fraudulent activities. …innovative thinking. Salient features of the service Maintains confidentiality of the caller, giving him/her the confidence of reporting without any fear. All calls are answered by trained call handlers to probe the caller, capturing maximum information. Callers are never addressed by automated systems or interactive voice response systems. This ensures that a wide range of unethical practices that may otherwise not conform to any specific category are also addressed. Hi-Tech environment equipped with advanced technology resulting in high standards of record keeping and data security. Comprehensive audit trail on any activity on any report received. Periodic reports generated by the system to indicate trends/areas of concern and other valuable information based on caller records. These reports can help management set up a process for remediation and frame policies preventing such vulnerabilities in their internal controls. Issues commonly reported via WFO Whistleblowing helpline Thefts, Bribes and Kickbacks Conflicts of interest Harassment/Discrimination Data Privacy Information protection Potential criminal violations Internal accounting controls Fraudulent transactions Questionable accounting/auditing matters Expense report abuse Drugs, alcohol or weapon carrying on company’s property Issuing of threats or threatening statements to colleagues or clients Reports can be made by phone calls or e-mails as highlighted below; Phone:0800HOTLINE (08004685463) E-mail: [email protected] This Whistleblower service is powered by WFO Professional Services LLP, a third party service provider …innovative thinking.