Renaissance and Associates
Assessing organizational health is very challenging and requires an ongoing process. A number of US organizations and institutions have found that hotlines are invaluable tools in this process; as this mechanism can generate critical employee feedback and information.
This was especially highlighted in the Association of Certified Fraud Examiner’s Report to the Nation 2006 (USA). The report’s statistics, revealed that the most common method for detecting occupational fraud is by tips received from employees, customers, vendors and anonymous sources. The second most common method is by accident, and the third most common method is by internal audit.
The concept of Corporate Hotlines surfaced in 1991, the Federal Sentencing Guidelines brought hotlines to the forefront by making their usage a means for reducing corporate culpability.
After the Enron scandal in 2002, organizations faced an unprecedented era of compliance and accountability with the Sarbanes Oxley Act (SOX), which made confidential reporting mechanisms a requirement for publicly traded organizations.
Corporate Governance has become a global issue. With that in mind, TOSL Engineering Ltd has begun the process of demonstrating its social responsibility in this area.
At present TOSL Engineering Ltd is an international member of TRACE. TRACE is a non-profit association of multinational companies and their commercial intermediaries committed to the highest standards of transparency. The goal of TRACE is to provide anti-bribery support for companies and commercial intermediaries across all industries and regions.
To effectively complement its corporate responsibility TOSL is currently implementing its Corporate Hotline and governance program to be provided by Report it (USA) powered by Renaissance Certified Fraud Examiners (T&T).
The Hotline and Whistleblowing program would allow any person, director, manager, employee or contractor of an entity, whether anonymously or not, to make a report in connection with reportable conduct.
Stephon Grey
Certified Fraud Examiner
