In September, the U.S. Securities and Exchange Commission (SEC) announced an expected award of more than $30 million to a whistleblower who provided key original information that led to a successful SEC enforcement action (read more).
Although the SEC is a U.S. federal agency, this award was made to a whistleblower resident outside the United States , demonstrating the program's international reach.
Such high-profile stories will often motivate business leaders to determine the effectiveness of their internal compliance programs. However, according to a CEB survey, less than 10% of compliance issues are reported through whistleblower hotlines. So, while these hotlines are an essential component of any compliance program, on their own they cannot act as an indicator of how successful an organisation's compliance program really is. The following 8 key steps outline the measures companies can take to implement a due diligence process that aligns to strategic business objectives:
For more information, download our free white paper 'Implementing a consistent and efficient third party due diligence process'.
If you are looking for ways to gain more transparency over your customers and suppliers, why not look at the range of solutions that LexisNexis offers – click here for more information.