The Private (and Smaller) Side of Whistleblowing
[Video] Private and Smaller Companies Are Embracing Whistleblowing
Watch a video of WhistleBlower Security president Shannon Walker, chat with Amanda Lang on The Exchange (CBC) about how private and smaller businesses should implement a whistleblower hotline.
Fraud costs small business a median loss of $155,000, according to the ACFE. This is just too much for any small business to handle, and this is a huge threat to the success of that small business. Employee theft and fraud of this magnitude isn’t easily absorbed into small business financials.
According to the ACFE’s Report to the Nations organizations with hotlines were much more likely to catch fraud by a tip, which their data showed was the most effective way to detect fraud. These organizations also experienced frauds that were 41% less costly, and they detected frauds 50% more quickly.
The most effective way to protect your workplace from fraud is through active reporting and review systems. Companies that have an active monitoring program have significantly fewer losses, as they are usually able to catch the crime earlier.
Download an eBook explaining the benefits of a whistleblower hotline.