Does My Company Need a Whistleblower Compliance Hotline?
The Sarbanes-Oxley (SOX) act requires all publicly traded companies to implement a confidential, anonymous way for whistleblowers to inform the company of suspicious accounting practices. The law is intended to protect investors from accounting scandals like Enron and WorldCom.
A whistleblower compliance hotline is one way a company can comply with the Sarbanes-Oxley Act.
Are Private Companies Required to Use a Whistleblower Hotline Service?
According to SOX, privately held companies do not need to comply. However, SOX does have provisions that directly affect privately held companies and in 2014 the Supreme Court ruled in favor of extending whistleblower protections to contractors.
The whistleblower provisions in SOX essentially make it illegal to retaliate against whistleblowers who provide accurate information to law enforcement authorities. Because of this, many privately held companies have chosen to adopt an anonymous reporting system to ensure compliance with SOX’s whistleblower provisions.
How Much Does a Whistleblower Compliance Hotline Cost?
We price our whistleblower hotline services based on need, so larger companies with more call volume would pay more than a small firm without much activity. Our base plans are affordable for the peace of mind and security they deliver. The cost of a whistleblower compliance hotline far outweighs the costs of not having one. To learn more about our pricing plans, click here.
Compliant Whistleblower Hotline Services
Our whistleblower hotline can bring companies into compliance with the whistleblower protection provisions of the Sarbanes-Oxley Act (SOX) of 2002 by establishing a confidential solution for receiving and retaining complaints.
Facilitate Anonymous Reporting
In instances of illegal or improper conduct, established communication channels are often ineffective. Employees may feel uncomfortable lodging internal complaints even when there are policies in place to protect them.
Instead of allowing potentially damaging situations to go undisclosed, our whistleblower hotline encourages individuals to report information confidentially and without the threat of retaliation.
Enforce Proper Protocol
With our anonymous whistleblower tip line in place, you can rest assured that all reports will be handled properly from the start, reaching only the designated personnel and containing the information needed to take action.
Establishing an anonymous fraud hotline does more than protect your organization from the damaging effects of misconduct, it helps promote a culture of integrity and encourage honest behavior.
By informing stakeholders how the hotline is to be used and why, you demonstrate how seriously you take your code of conduct and that you have a policy in place for investigating potential infractions.
Set Up Your Third Party Whistleblower Hotline
In today’s litigious world, one where social media and continual scrutiny are putting every company under the microscope, you can’t afford to miss important information. Our whistleblower hotline service is an important step in protecting your business, its reputation, and the safety of your employees. With affordable rates, professional service, and 24 hour, 100% US based call centers, we at CMS are available to set up and manage your ethics compliance needs.
Call us today at 1-800-369-8908, or fill out our form for more information.