More often than not, companies uncover fraud by chance rather than through conventional controls and risk management systems.
It was with this in mind that the Financial Services Authority (FSA) announced earlier this year that it had set up a “dedicated whistleblowing telephone line and e-mail address”. Designed to encourage employees in the financial services sector to report possible wrongdoing, the FSA’s announcement underlines the growing importance of whistleblowing, which has been gathering momentum since the Public Interest Disclosure Act 1998 (Pida) came into force.
