Whistle-blower protection Training
Companies have a social responsibility towards their employees and the general public to provide a safe and healthy work environment that is free from any kind of bullying and harassment. A company is always at risk of bad reputation and legal action if it does not comply with certain laws that are applicable to it. Therefore, it is obligated to prevent violation of any rules or regulations and protect consumer data, maintain privacy and confidentiality. Through compliance training, the company can ensure efficient risk management.
Compliance Training is mandatory for the purposes of educating the employees about regulations, laws, policies, procedures, and actions to help prevent and detect problems in the workplace and avoid violations of law and other government regulations. These policies and procedures are often job or industry-specific. They ensure that the employees understand their roles and responsibilities better and are prepared to handle difficult situations during the course of their employment.
The purpose of conducting compliance training:
Why conduct whistle-blower protection training?
There have been many instances wherein employees have exposed frauds that take place within companies when their executives have failed to fulfill their duty. Some of the best examples being Satyendra Dubey and Arvind Gupta who were brave enough to report the misconduct in their company. Satyendra Dubey was an officer who worked for the National Highways Authority of India exposed the financial irregularities by the contractors of the project. However, in an unfortunate incident, he was murdered for exposing the fraud. Whereas Arvind Gupta exposed the loan fraud between Chanda Kochhar and her family.
Apart from this, even the Satyam fraud was discovered after an anonymous email was sent to the Serious Fraud Investigation Office who further investigated the matter. Lastly, the most recent case of the Zee group was also discovered in the same manner to which Subhas Chandra admitted that a financial crisis existed within the group. Hence, from these cases, it is evident that whistle-blowers have played an important role in keeping a check on the conduct within the companies. This makes it more important for the companies to acquaint their employees with the rules so that they can report such incidents without any fear. This mechanism has been mandated by Section 177 of the Companies Act, 2013 which states that every listed company needs to establish a vigil mechanism to report concerns.
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