Whistleblowers and Their Protection
| Whistleblowers and their protection | |
|
1.0 Introduction
Fraud is one of the risks will disruption business and its profitability. Fraud is based on trickery and deceit that it is particularly difficult to detect it. The most common means of detection fraud is whistleblowing. In certain countries, the term whistleblower is often associated with being a traitor or spy or even a snitch, and whistleblowers will be discriminatory or retaliation. Thus, establish an effectively whistleblowers protection system and training employees to have the aware of perceive fraud is ways to encourage whistleblowing. This report will focus on three parts, whistleblowers, barriers to whistleblowing and whistleblowers protection. It will introduce the whistleblowers and the associated with detection by utilise survey data and case. Some mechanisms will be explained in protection part which will be related to particular acts. At the end of report, some suggestions will be point out to assist corporate whistleblowing.
2.0 Whistleblowers 3.1 Risks and reduces
The fraud is a threat to disruption the profit and it spend a long time to detect. According to the 2012 report to the Nation on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners (ACFE) found typical organisations lose 5% of its annual revenue to fraud. Applied to the estimated 2011 Gross World Product, this figure translates to a potential total fraud loss of more than $3.5 trillion. The median loss caused by the occupational fraud cases in the ACFE study was $140,000. More than one-fifth of the frauds involved losses of at least $1 million. The frauds lasted a median of 18 months before being detected (ACFE, 2012). In the aspect of Australian, average fraud/ theft per organisation in Australian rose to $3 million up from $1.5 million in 2008 and the average number of frauds increased to 813 up from 530 in 2008 (ASIC, 2013). However, whistleblowing is still the most
|
1.0 Introduction
Fraud is one of the risks will disruption business and its profitability. Fraud is based on trickery and deceit that it is particularly difficult to detect it. The most common means of detection fraud is whistleblowing. In certain countries, the term whistleblower is often associated with being a traitor or spy or even a snitch, and whistleblowers will be discriminatory or retaliation. Thus, establish an effectively whistleblowers protection system and training employees to have the aware of perceive fraud is ways to encourage whistleblowing. This report will focus on three parts, whistleblowers, barriers to whistleblowing and whistleblowers protection. It will introduce the whistleblowers and the associated with detection by utilise survey data and case. Some mechanisms will be explained in protection part which will be related to particular acts. At the end of report, some suggestions will be point out to assist corporate whistleblowing.
2.0 Whistleblowers 3.1 Risks and reduces
The fraud is a threat to disruption the profit and it spend a long time to detect. According to the 2012 report to the Nation on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners (ACFE) found typical organisations lose 5% of its annual revenue to fraud. Applied to the estimated 2011 Gross World Product, this figure translates to a potential total fraud loss of more than $3.5 trillion. The median loss caused by the occupational fraud cases in the ACFE study was $140,000. More than one-fifth of the frauds involved losses of at least $1 million. The frauds lasted a median of 18 months before being detected (ACFE, 2012). In the aspect of Australian, average fraud/ theft per organisation in Australian rose to $3 million up from $1.5 million in 2008 and the average number of frauds increased to 813 up from 530 in 2008 (ASIC, 2013). However, whistleblowing is still the most