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Internal vs External Whistleblowing Systems

A survey of 1,500 finance professionals by a software company (Medius) was constructed.

The survey shows why finance professionals are becoming increasingly resistant to blow the whistle.

52% of people working in the finance sector have spotted or suspected internal fraud in their workplaces.

Of those who noticed unethical behaviour, 83% failed to blow the whistle internally.

Why were finance professionals reluctant to report internal fraud?

Internal whisteblowing system - whistleblowing & risk solutions
Risks of internal whisteblowing systems.

Fear of Retaliation: Fear of job loss, demotion, or harassment. This has been the main reason for not blowing the whistle.

Lack of Follow-Up: 66% of whistleblowers were left out of important decisions.

Lack of Trust: 48% feel that the UK legal system does not sufficiently protect internal whistleblowers.

Perceived Ineffectiveness: 28% moved to a different team.

Inadequate Policies and Procedures: Employees may not know how or where to report internal fraud.

Pressure to Remain Silent: 27% were subjected to name-calling and 26% were given the cold shoulder.

Tracking Whistleblowers: Even when you are engaging in lawful whistleblowing, employers regularly conduct retaliatory investigations to trace back to the original source.

External whistleblowing systems can have significant benefits for organisations and supply chains, particularly when it comes to avoiding legal action and reputational damage.

Organisations with effective whistleblowing programs are 10 times more likely to detect fraud than those without such programs.

The implementation of an external whistleblowing system can also help organisations improve their corporate social responsibility too.

Transparency and Trust: By anonymously addressing concerns and taking action based on external system reports, organisations can increase trust with stakeholders, including employees, customers, investors, and the public.

Protection: Employees will feel safer to report any wrongdoing through an external whistleblowing system because they can do so anonymously.

Aranea is an advanced intelligence platform, a reliable and independent messaging system that empowers individuals to report internally or externally to you.

Aranea can take from internal and external reports.

Therefore, It protects your identity and it’s anonymous, which provides more likelihood reports will be made.

Aranea also helps businesses turn information into intelligence and then actionable evidence and we stop your private business information appearing on social media channels.

Get the platform today.