The approval of the draft whistleblower protection law March 4th marked an important change at the regulatory level. Its regulations urge companies with more than 50 employees to apply internal information and complaint systems that guarantee the anonymity, confidentiality and protection of all those who report on irregularities in their companies. Those companies that do not comply with the obligations imposed by this law could face sanctions of up to one million euros.
In this way, the approval of the draft bill marks the countdown for companies to adapt to the new requirements and begin to comply with it. For this reason, EQS Group Spain, a specialized provider of regulatory technology in corporate compliance and investor relations, proposes five keys that every company must follow to comply with the new Law and be able to guarantee an ethical legal culture within the company:
1. Promote a reporting culture based on trust
In any company it is necessary to create a transparent culture based on ethical values and good practices to generate greater trust among employees as well as promote the benefits of this ethical legal culture. This is how professionals will feel more free to report these irregularities committed in the company through the different reporting channels. In addition, workers will feel more committed and calm in the workplace, knowing that their company supports an internal complaints system that promotes complaints and concerns from employees as normal.
2. Bet on confidentiality, security and anonymity
One of the main reasons why employees may be reluctant to share their opinion or injustices that they observe on a daily basis in the office, is the treatment of their data. It is in this context that the complaint channels are of great importance, knowing that these allow the confidentiality of the informant to be guaranteed in the system and to comply with the General Data Protection Regulation (RGPD), all using a system that provides maximum anonymity and security to employees in the management , favoring their spirit of denunciation.
3. Train employees and communicate the compliance program effectively
Defining committed policies based on company compliance and organizing trainings that generate more awareness and transparency are the first steps to ensure that all employees have solid frameworks when deciding whether to report violations or not. In addition, based on a clear and well-communicated policy from start to finish, employees will have clearer procedures to follow at all times, facilitating the reporting process.
4. Appoint a person in charge to manage the internal information system
The new law requires companies and departments to be prepared to receive complaint reports once they have implemented their own system. Therefore, it will be necessary to have a person who process and manage violationsallowing the employee to know at all times who to turn to as soon as he detects an irregularity.
5. Digital management of corporate compliance
Creating a prevention system based on integrated digital solutions such as EQS Integrity Line allows companies to prevent, detect and mitigate any criminal activity that endangers both the company’s business and its employees. In addition, these new digital complaint channels integrate all the traditional options such as email, telephone lines or external mediators in the same place, which provides greater simplicity and agility in management. Likewise, these platforms guarantee the anonymity of the employees, so that the informant is protected against any process.
