Despite the many challenges that compliance professionals have faced during the coronavirus crisis, whistleblower hotlines have proven to be an effective anti-fraud measure. In fact, the U.S. Securities and Exchange Commission’s (SEC’s) Whistleblower Program continues to break records in both the number of tips received and money awarded in fiscal year 2020.

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With whistleblower activity on the rise, auditors and compliance professionals must make it a priority to ensure that internal reporting processes are up to the task. After all, of the 69% of insiders receiving whistleblower payouts from the SEC in fiscal year 2020, 85% raised their concerns internally before reporting to the SEC.

In ACFE’s The Fraud Examiner magazine, Jeff Matthews explains the factors behind the recent uptick in whistleblower claims, and outlines steps that organizations can take to strengthen employee reporting mechanisms and culture during this unprecedented time.

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About the Authors

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Jeffrey Matthews

Jeffrey Matthews, a Partner with StoneTurn, brings over 25 years of experience in financial investigations, forensic accounting and litigation support. He has served as a financial expert in corruption and […]

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