Dodd-Frank and Anonymous Incident Reporting Solutions (AIRS)

The U.S. Securities and Exchange Commission (SEC) adopted its final rules on May 25, 2011, as required under Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which implement the SEC’s new whistleblower bounty program.  This program rewards individuals who provide original information to the SEC which leads to successful enforcement actions that exceed $1 million in monetary sanctions.

The final rules encourage, but do not mandate, internal reporting by offering higher percentage payouts if a whistleblower first reports wrongdoing to their company and then the company reports that information to the SEC.  By reporting internally first, whistleblowers can hold their “place in line” provided they then report the same tip to the SEC within 120 days.  If so, the SEC accepts the date of the internal report as the initial notice date to the SEC, which may come into play when determining eligibility for program payouts.

How do these new rules apply to you and whether or not you need an anonymous whistleblower hotline?  While the rules do not mandate the company to do anything, they encourage companies to have a process in place to receive reports and to catalog investigative efforts to resolve any issues that are reported.  With MySafeWorkplace®, organizations will receive incidents regarding financial misconduct or securities violations immediately, will be able to automatically distribute the incident to the right personnel for investigation and resolution, and will document every step of the company’s response to the reported incident by conducting a safe and ethical good faith investigation and reaching a reasonable conclusion.  

To find out more about our anonymous reporting solutions for any industry, call 1.800.650.7005 or fill out our contact form below:

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