BSI issues whistleblowing code of practice
New guidance has been launched on whistleblowing arrangements
LONDON – The British Standards Institute (BSI) and the independent authority, Public Concern at Work, have published new guidance for organisations on whistleblowing arrangements. Whistleblowing arrangements – Code of Practice (PAS 1998:2008) explains why whistleblowing is now seen across private and public sectors as an essential element of risk management and how it can be used as a key tool in tackling fraud and crime.
While the UK Public Interest Disclosure Act is recognised as an international benchmark, recent research suggests only 40% of UK businesses provide a comfortable environment for staff wishing to report misconduct. The new paper seeks to change this, as it guides organisations on how to run, promote and review effective whistleblowing arrangements.
Key recommendations for organisations include building fail-safe channels and providing confidential advice, as well as improving employee trust and providing for external disclosures. Other issues such as anonymity, public concerns and private complaints, whistleblowers with ulterior motives, and bullying and harassment are also included.
By implementing these guidelines, firms can demonstrate they are deterring wrongdoing, demonstrate to stakeholders and regulators that they are accountable and well managed, and reduce the risk of anonymous and malicious leaks, which will minimise costs and compensation from accidents, investigations and litigation.
Mike Low, director of BSI British Standards, says: “PAS 1998:2008 meets a real need for guidance in this area. Every organisation faces the risk of something going wrong. Rather than shying away from whistleblowing, good organisations know that allowing employees to raise issues in a supportive environment brings real benefits.”
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Prop shops recoil from EU’s ‘ill-fitting’ capital regime
Large proprietary trading firms complain they are subject to hand-me-down rules originally designed for banks
Revealed: the three EU banks applying for IMA approval
BNP Paribas, Deutsche Bank and Intesa Sanpaolo ask ECB to use internal models for FRTB
FCA presses UK non-banks to put their affairs in order
Greater scrutiny of wind-down plans by regulator could alter capital and liquidity requirements
Industry calls for major rethink of Basel III rules
Isda AGM: Divergence on implementation suggests rules could be flawed, bankers say
Saudi Arabia poised to become clean netting jurisdiction
Isda AGM: Netting regulation awaiting final approvals from regulators
Japanese megabanks shun internal models as FRTB bites
Isda AGM: All in-scope banks opt for standardised approach to market risk; Nomura eyes IMA in 2025
CFTC chair backs easing of G-Sib surcharge in Basel endgame
Isda AGM: Fed’s proposed surcharge changes could hike client clearing cost by 80%
UK investment firms feeling the heat on prudential rules
Signs firms are falling behind FCA’s expectations on wind-down and liquidity risk management