European Central Bank upgrades whistleblowing framework
23 Oct 2020

The European Central Bank yesterday unveiled an enhanced internal whistleblowing framework designed to help employees flag wrongdoing without fearing retaliation for their own careers.

In a statement, the ECB said the tool would “enable staff to speak up in confidence” and anonymously if they detected suspected wrongdoing and highlight “potential breaches of professional duties… or other irregularities.”

“Acting in an ethical manner goes beyond a mere compliance with law, rules and policies. It is a commitment guiding our behaviour and driving us to make the right choice even if we are faced with challenges or put under pressure,” ECB president Christine Lagarde said.

“The new whistleblowing framework reinforces the ECB’s dedication to its shared values and encourages staff to speak up in full confidence.”

The ECB said the tool would be activated before year’s end and complement an existing reporting mechanism, bolstering its commitment “to promoting integrity, good corporate governance and the highest ethical standards” in line with new EU directives.

Read more by Agence France-Presse via Malay Mail

RiskScreen: Eliminating Financial Crime with Smart Technology

You can claim CPD minutes for this content, by signing up to our CPD Wallet