Four years after the implementation of the SEC's whistleblower program, Mary Jo White, SEC Chairwoman addressed the program's success, calling it a "game changer" and also outlined how companies should treat whistleblowers.
"The bottom line is that is that responsible companies with strong compliance cultures and programs should not fear bona fide whistleblowers, but embrace them as a constructive part of the process to expose the wrongdoing that can harm a company and its reputation. Gone are the days when corporate wron gdoing can be pushed into the dark corners of an organization. Fraudsters rarely act alone, unobserved and, these days, the employee who sees or is asked to make the questionable accounting entry or to distribute the false offering materials may refuse to do it or just decide that they are better off telling the SEC. Better yet, either there are no questionable accounting entries or false offering materials to be reported in the first place or companies themselves self-report the unlawful conduct to the SEC." White said.
White's remarks were during her speech at the Garrett Institute.