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Whistleblower policies driving compliance at companies
A recent survey by law firm AZB & Partners shows that companies in India are increasingly focused on compliance and ethics as they look to attract investment and quality employees. According to the survey, 74% of respondents believe that the use of whistle-blowing mechanisms is crucial for uncovering ethical issues within organizations. While the report shows that efforts to establish whistle-blower mechanisms are paying off, it also suggests there is still a way to go.
Changing regulatory requirements along with awareness about whistleblower policies driving companies for greater compliance but still, there is a long way to go feels India Inc.
According to a recent survey by law firm AZB & Partners, 74% of the respondents agree that the use of the whistle-blowing mechanism is a significant driver in unearthing ethical issues within organisations. The firm conducted a survey by reaching out to its over 500 clients.
"A reputation for legal and fair business now has tangible and measurable benefits in terms of better valuations, availability of a deeper pool of external debt and equity capital at more favourable terms and of quality employees to run and grow the business," said Zia Mody, co-founder of law firm AZB & Partners.
According to the study, about 71% of participants believe that people are now more open and forthcoming in making complaints and raising red flags on ethical issues. Also, about 82% of the respondents stated that their organizations investigate anonymous/ pseudonymous whistle-blower complaints based on merits.
"Limited Indian business ethos has evolved and matured - doing business in an ethical manner and addressing bribery and corruption risks, is fast becoming an integral part of the DNA of India Inc," said Deepak Parekh, Chairman of Housing Development Finance Corporation Ltd in the report. "This structural change augurs well, increasing India's attractiveness as a preferred investment destination."
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