Is investing in an ethics and compliance program worth it? There’s plenty of evidence showing that investing in this kind of initiative reaps a solid return. Here’s how:
Ethics tip lines create serious value. An Association of Certified Fraud Examiners (ACFE) survey found that fraud is discovered in half the time, and losses are reduced by 67% when hotlines are in place.
Savings can also be gained from training related to human resources issues such as discrimination and harassment. A 2010 Deloitte report noted that more than half of whistleblower calls are related to personnel and human resources issues. Twenty-two percent of respondents to the 2011 Fulbright Litigation Trends Survey said the most prevalent cases against them were related to employment issues. Trainings can reduce incidents – and associated costs.
It’s also important to have a system for storing and analyzing report data so you can identify trends and take more systemic action to avoid additional incidents. Click here to learn more about our analytics features.