Thanks to Sarbanes-Oxley, whistleblower hotlines are a hot topic for public companies. But what’s the best way to manage a hotline? And how can a company measure whether its hotline is effective? A coalition of governance experts has taken the first step toward answering those questions.
The non-profit Open Compliance and Ethics Group, which recently documented end-to-end process standards for governance, risk, compliance and ethics management systems, has set its sights on developing a global set of open operating and technical standards around whistleblower hotlines.
“Ultimately, the goal is to help companies to put in place and manage more effective hotlines,” said Scott Mitchell, OCEG chairman and chief executive. Mitchell says the planned guidance aims to make it easier and less expensive to manage, benchmark and evaluate the effectiveness of whistleblower hotlines.
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