Ethical Advocate announces over 5.5 million people, across all business sectors, are contracted to use its whistleblower hotline services.
CHAPEL HILL, N.C. (PRWEB) JUNE 07, 2022
Ethical Advocate today announced that it has surpassed over 5.5 million people, across all sectors, who are contracted to use its whistleblower hotline services.
Ethical Advocate serves an increasingly diverse customer set including K-12 schools and universities, municipalities, non-profits, public and private corporations in manufacturing, construction, and service industries, such as restaurants, health, and financial services. Ethical Advocate’s hotline service now reaches over 5.5 million people who are covered by Ethical Advocate’s ethics hotline contracts.
Since hotlines have been shown to be the most effective mechanism in reducing the cost of fraud, they are a critical part of client risk mitigation. The Association of Certified Fraud Examiners (ACFE) estimates in their 2022 Report to the Nations that the average organization loses approximately 5% of their revenue to fraud. The ACFE reviews fraud cases and reports that having a hotline reduces the cost of fraud by half and the length of time to discovery by 35%. When a hotline is not in place, the average fraud incident is $200,000. With a hotline in place, the average incident is $100,000. According to ACFE reports, having a hotline in place reduces the cost of fraud more than any other mechanism.
Hotline return on investment can be increased further by covering other types of malfeasance, such as human resources (discrimination, harassment, etc.), product/service quality, and safety. Since introducing the service for Covid specific concerns, this case category has also had significant impact. Ethical Advocate finds that well over half of all cases are related to these additional and important categories.
Ethical Advocate is ideally suited to provide these services to its clients. The highly customizable system gives clients the power to quickly pinpoint unethical acts and easily analyze critical data to determine instances of fraud, identify vulnerabilities, and evaluate overall trends. The report management and statistical analysis systems easily provide the data that management needs, when they need it.
ABOUT ETHICAL ADVOCATE
- Ethical Advocate (EA) provides comprehensive compliance solutions, including ethics training and anonymous hotline systems, to more than five million users in all sectors, including corporate, government and educational institutions. Persons desiring to report incidents, indiscretions, or suggestions can do so securely, 24/7/365, multilingual, via the Internet and phone. For more information, visit https://www.ethicaladvocate.com or call (888) ETHICS6.