Whistleblowing – A New Must Within The FSA And The Financial Sector

CONCEPT - THE IMPORTANCE OF PREVENTION

Whistleblowing is the disclosure of information about a perceived wrongdoing in an organization to individuals or entities believed to be able to effect action.

Traditionally, whistleblowing is not regulated exhaustively as concerns private entities neither at European level nor at the level of individual EU countries. Romania has a law applicable to the public sector, being perceived as the first country in the continental legislative system implementing a comprehensive whistleblowing protection act, the scope of which is the protection of the whistleblower against retaliation.

One of the main advantages of implementing a whistleblowing system in a private company is in the ability to identify wrongdoings in their early stages for the purpose of solving them internally, while limiting their negative effect on the public perception of the company.