23-046MR ASIC publishes report on good practices for handling whistleblower disclosures

ASIC has released its Good practices for handling whistleblower disclosures report (REP 758), aimed at helping entities improve their whistleblower programs and setting out good practices that ASIC observed in its review of seven entities from various industries.
The goal of the report is to encourage entities to create effective and transparent arrangements for handling whistleblower disclosures and to ensure that whistleblowers are protected from any victimisation. ASIC found that entities with thoughtful and well-publicised arrangements for protecting whistleblowers and handling disclosures received useful reports and tip-offs about concerns and issues in the workplace. As a result, those entities had greater opportunity to identify and address these concerns and issues at an early stage, leading to improved corporate governance and performance.
The report provides guidance on several key areas of whistleblower programs, including developing a culture that supports whistleblowing, providing clear and accessible channels for reporting, and, again, ensuring that whistleblowers are protected from victimisation. The report also emphasises the importance of regular review and evaluation of whistleblower programs to ensure that they remain effective and responsive to the changing needs of the organisation.
ASIC strongly encourages entities to consider how to scale and tailor the good practices in the report to suit their operations. The regulators will review firms‘ whistleblower policies and arrangements for handling disclosures. If serious harm is identified, the regulators will consider all available regulatory tools, including civil or criminal enforcement action. The regulators will also be contacting sample firms about their observations on their whistleblower programs.