The European Central Bank (ECB) has recently announced an enhanced internal whistleblowing framework to protect the integrity of the institution. It encompasses a new internal tool for simple and secure reporting of potential breaches of professional duties, inappropriate behaviour or other irregularities, and the possibility for whistleblowers and witnesses to request protection from retaliation. The new IT tool also allows for anonymous reporting.
“Acting in an ethical manner goes beyond a mere compliance with law, rules and policies. It is a commitment guiding our behaviour and driving us to make the right choice even if we are faced with challenges or put under pressure,” said Christine Lagarde, ECB President. “The new whistleblowing framework reinforces the ECB’s dedication to its shared values and encourages staff to speak up in full confidence.”
The new IT tool is expected to become available in coming weeks. The online internal reporting tool is complementary to the ECB’s existing breach reporting mechanism used primarily in banking supervision, which is available externally. The initiative reflects the ECB’s commitment to promoting integrity, good corporate governance and the highest ethical standards.
Source: the European Central Bank (ECB)
