New rules from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (New FCA and PRA Regulations to Govern Whistleblowing) place greater value on whistleblowing within the workplace. Whistleblowing is now being considered by many as an important element of a risk management strategy and can be a good corporate governance tool.
Under the new regime, large banks, insurers and building societies will need to go beyond the requirements of the Public Interest Disclosure Act 1998 (PIDA), a legislation that protects whistleblowers, and actively encourage employees to blow the whistle at work.
Xactium's Risk Management Software Solution
To help meet the requirements of these rules, Xactium has enhanced its Risk Management Software to assist with the management, tracking and remediation of whistleblowing disclosures.
Delivered on its award winning cloud platform, Xactium's solution provides the following functionality:
- The ability to handle disclosures by email, phone and the web.
- A brandable, customisable web-based portal for disseminating company whistleblowing policy and for capturing whistleblowing disclosures.
- The ability to setup flexible workflows to notify authorised executives of any new disclosures and to track updates.
- Case management style support for recording and tracking all investigative activites and actions relating to the disclosure.
- Flexible reporting tools to provide up to date status of all disclosures and activities.
- Powerful security controls to ensure that information is securely shared and in only visible to authorised personnel.
Because of its ease of configuration, any organisation can be up and running with the solutions in a matter of days.
When do the New FCA Rules Take Effect?
Firms must appoint and assign responsibilities to a whistleblowing champion by 7 March 2016, and be compliant with their new regulatory obligations by 7 September 2016.