DETECT POTENTIAL VIOLATIONS REAL TIME WITH PREDICT360 ANONYMOUS HOTLINE REPORTINGWHAT IS ANONYMOUS HOTLINE REPORTING? A REPORTING HOTLINE ALLOWS EMPLOYEES TO DISCREETLY INFORM RELEVANT MANAGEMENT ABOUT UNETHICAL ACTIVITIES THAT WERE OBSERVED IN THE ORGAN

HOTLINE REPORTING?

A reporting hotline allows employees to discreetly inform relevant management about unethical activities that were observed in the organization. Unethical activities include financial improprieties, sexual harassment, discriminatory practices, bullying or intimidation and conflict of interest just to name a few. A comprehensive ethics, risk and compliance program allows organizations to discover compliance issues through anonymous reporting and subsequently avoid legal liabilities and reputational risk by taking necessary corrective and preventive actions.

THE CHALLENGES

• Critical to a comprehensive ethics, risk and compliance program is a solution that allows organizations to discover compliance issues through anonymous reporting and to be prepared to take the necessary corrective and preventive actions immediately, avoid legal liabilities and subsequent reputational risk.
• Complying with the Foreign Corrupt Practices Act (FCPA), SOX and other regulations requires a proactive defense mechanism to detect and act on probable violation issues.
• Companies run the risk of losing millions in fines for violations and noncompliance on top of the reputational fallout that comes with corporate scandals.

OUR SOLUTION

Predict360’s Anonymous Hotline Reporting Software provides prompt and valuable insight into potential risks and danger of violations of policies, procedures, and controls resulting in noncompliance and that can impact a company’s profits and reputation. Gain access to integrated reporting and communication tools to elevate accountability and achieve a risk-based culture within the organization.

It is an integrated ethics, risk and compliance solution that is built on cognitive technology that allows pattern recognition and artificial intelligence techniques that enable organizations to detect, predict risks and respond to targeted issues to ensure regulatory compliance, operational excellence, and an ethical workforce.

KEY FEATURES

• Provides a single centralized data repository for ethics, risk and compliance management including processes and controls.
• Facilitates collection of incident data assesses risk and follow-up recommended actions.
• Graphical dashboards, tracking of process ownership, risk assessment, risk analysis and remediation plan.

FOUR STEPS FOR SUCCESSFUL ANONYMOUS HOTLINE REPORTING:

STEP ONE: DEMONSTRATE TRUSTWORTHINESS

Create a corporate culture based on respect of individuals, processes and company values by consistently acknowledging and rewarding ethical behavior. Employees are more likely to report misconduct in a culture that is known to value ethical behavior.

STEP TWO: GIVE OPTIONS FOR COMING FORWARD

In order to encourage employees to report misconduct before the company faces any financial or reputational consequences is to give employees a number of methods to communicate their concerns e.g. via email, in person, telephone, dropping a brief memo in a drop box at the reception.

STEP THREE: MAINTAIN A CLEAR ESCALATION AND DISSEMINATION PATH

Based on the severity of the issue reported and in accordance with a predetermined criteria, compliance officers should identify if the reported issue requires immediate action (i.e. within 24 hours) or if the matter can be attended to alongside other regular business operations.

STEP FOUR: SINGLE HOTLINE

Irrespective of the mediums employed (e.g. email, telephone etc.) having a single point of contact as a general ethics and compliance hotline allows companies to create awareness and promote the hotline more effectively and get an increased response from employees.

Author : Adeel

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