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Using hotline data to build better board reports

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This paper seeks to provide compliance and regulatory professionals, as well as board members, with the context, practices and essential questions necessary to utilise internal hotline data to create stronger, more informative and actionable board reports. In so doing, it will dispel common myths concerning the implications of higher internal report volumes, establish the measurable benefit of higher reporting rates and explore the impact this data can and should have on corporate governance. As the financial and reputational costs of compliance failures continue to rise, Boards of Directors have taken an increasing interest in risk management issues. Recent studies and analysis suggest that an organisation’s internal hotline reporting data can be a powerful indicator of a firm’s overall health and profitability, making it a valuable tool for boards in identifying and proactively managing risk. Board members face, however, several key challenges when trying to effectively interpret this data. Through presentation and training, compliance officers can help board members correctly analyse, contextualise and act on this information. This paper focuses primarily on US corporations; many of the challenges and practices outlined are also applicable to firms operating in non-US or multinational markets.
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Keywords: benchmarking; board reporting; compliance programmes; corporate governance; hotline; whistleblower

Document Type: Research Article

Affiliations: 1: Chief Risk and Compliance Officer, NAVEX Global 2: Content Developer, NAVEX Global

Publication date: March 1, 2020

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  • Journal of Financial Compliance is the major new professional journal publishing in-depth, peer-reviewed articles and case studies on how financial institutions can proactively manage the implementation of and adherence to regulatory requirements and effectively mitigate compliance and legal risk, as well as how central banks and financial regulators can effectively manage supervision, inspection and enforcement to facilitate customer/investor protection, financial stability and market growth.
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