Well-governed and ethical companies need to constantly review risks arising out of misconduct, dishonesty or illegal activity occurring within their sphere of influence. Such risks may even become mission critical but are not always detected as a result of regular internal control or audit, partly because those areas are not closely monitored or are in areas that the perpetrators themselves control. The most effective form of discovering unethical conduct is a tip, often anonymous and received via mail or a hotline.
The key to harnessing this information goldmine is a well-designed and efficient vigil mechanism which acts as a conduit for monitoring behaviour.
As an independent organisation with roots in governance and public policy research, Thought Arbitrage helps companies to extract the real value of setting up a whistleblowing mechanism. The benefits of our specially tailored vigil mechanism for individual companies go far beyond mere compliance with legal statute laid down by the Companies Act 2013.
We offer a dedicated email address and telephone number to channelize grievances and receive complaints. Based on our experience of handling complaints of nearly 200000 employees, our vigil mechanism ensures:
At the first level, our vigil mechanism helps companies to plug financial leakages arising out of unethical or fraudulent practices from within the organisation. Further, the company minimizes its exposure to damage due to risky behaviour of individuals within its influence. As a result, it sends out a strong message that the company is serious about following an ethical code of conduct and views transgressions very seriously. Research has proven that an ethical company is rewarded by its stakeholders such as customers, employees and even stock markets.
Anonymity is the key to a successful vigil mechanism because of the known pitfalls of being a whistle-blower. Equally important is the perception that the process is unbiased and fair where complainants will not be penalised or otherwise targeted for raising genuine concerns.
Our independent vigil mechanism minimizes an organization’s exposure to the damage occurring from unreported unethical conduct. More importantly, we handle complaints in a highly confidential and non-partisan manner which encourages and strengthens the whistleblowing hotline.
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It is clear that good corporate governance makes good sense. The name of the game for a company in the 21st Century will be conform while it performs.
Mervyn King (Chairman: King Report)