Financial execs wary of new whistleblower laws.
Author | Ladd, Scott |
Position | RISK MANAGEMENT |
The financial crisis has reinforced the need for corporate boards to manage risk more effectively, with more than half of the respondents in a new survey citing risk management as an area of special interest and one they would like to spend more time addressing.
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The survey, which was conducted by accounting andconsulting firm BDO USA, LLP, also found that 61 percent of board directors who were questioned believe their risk liability has only grown during the past few years. More than half (53 percent) said their companies are without a chief risk officer (CRO) or similarly positioned executive. In addition, 67 percent said their boards do not have a risk committee.
As for tougher whistaeblower provisions recently adopted as part of theDodd-Frank Wall Street Reform and Consumer Protection Act, most financial eaders are wary about the impact. Nearly four in five respondents believe they can lead to an increase in false allegations and, as a result, a negative impact on the company.
About 40 percent of the respondents point to the damage that false allegations can leave on the reputation of an organization, while another 38 percent cited the cost in time and expense in reacting to the filing of false allegations.
However, even though whistleblower provisions and suggested "bounties" contained in Dodd-Frank have generated considerable controversy since the legislation was passed, 66 percent of board members don't feel the financial incentives undermine internal anti-fraud and compliance programs mandated by previous regulations.
And comparable...
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