ABSTRACT
This chapter considers the importance of whistleblowing for the firm, its board and senior management and the compliance function. It is important that compliance understand the psychology and emotions of those working in organisations and the implications for compliance. Whistleblowing is important for two particular reasons. First, it provides, management, control functions and regulators with an opportunity to see into the depths of the organisation. Second, it gives an indication of the culture and ethics of a business. It is important that regulators support good whistleblowing systems. Whistleblower training is important both for managers and their teams. It not only informs everyone of the processes to be used but also, as mentioned earlier, ‘gives permission’ to staff to raise their concerns as part of the firm’s culture. A significant portion of the benefit from whistleblowing comes from actively listening to the concerns raised and learning from them.
