Trust Needed For Effective Whistleblowing Bursa Chair

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Creating an environment of trust internally and externally is vital for organisations to ensure an effective whistleblower programme, Bursa Malaysia Bhd chairperson Abdul Wahid Omar said.
He said by doing so, organisations can provide confidence and comfort to the whistleblowers, thus, making them feel protected.
“Most importantly, people must trust in the system that whatever they report, actions will be taken. They must trust that their identity will be protected and there will not be any reprisals against them.
“If they don’t trust (the system) and they will not be safe to raise any issues, then they will remain quiet. They will not blow the whistle,” Wahid (above) told reporters after the launch of the Deloitte Asia Pacific Conduct Watch Survey report today.
Meanwhile, Deloitte Malaysia chief executive officer Yee Wing Peng said between 2011 and 2021, a total of 73,545 reports of misconduct were lodged with enforcement agencies in Malaysia but only 527 informants have stepped forward.
He said this was highlighted by Minister in the Prime Minister’s Department Wan Junaidi Tuanku Jaafar over a year ago when he spoke about making amendments to the Whistle-blower Protection Act 2010.
Globally, he said based on a report by the Association of Certified Fraud Examiners, 42 percent of frauds were detected by tips, nearly three times the next most common method such as internal audit (16 percent).
“This highlights an urgent and growing need for both governments and corporations to actively implement effective whistleblowing policies as it remains a key measure for addressing workplace misconduct.
“While the prime minister’s commitment to amending the Whistleblower Protection Act 2010 is a step in the right direction, more must be done to ensure whistleblowers are protected from retaliation and discrimination while promoting transparency and accountability,” he added.
The survey received responses from over 500 organisations throughout the Asia Pacific region including Japan, South Korea, China, and Southeast Asia.
The survey showed that whistleblowing has evolved beyond traditional fraud and misconduct detection to drive better corporate culture and foster a positive work environment.
In response to this evolution, organisations need to align their priorities with their stakeholders, address employee concerns and implement appropriate metrics to measure the success of their whistleblowing strategies and ensure the effectiveness of their whistleblowing frameworks.
- Bernama

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