In October 2019, the European Parliament passed the “Directive on the protection of persons who report breaches of Union law”. In May 2023, the Bill 7945 transposing the EU Directive 2019/1937 into Luxembourg national law was adopted by the Parliament. With the transposition of the Directive, all entities in the financial sector, private sector entities with at least 50 employees and all public entities including communes with at least 10,000 inhabitants are mandated to implement an internal whistleblowing system.
Beyond the legal requirement, the introduction of a whistleblowing system offers numerous advantages. Despite potential associations with defamation or black mouthing, it is a powerful tool to detect fraud and enhance processes when properly established. According to a report of the Association of Certified Fraud Examiners, a “tip” was the most common source to detect cases of fraud within a company.
A well-implemented whistleblowing system becomes a business advantage, enabling organisations to address internal weaknesses promptly and efficiently, thereby avoiding reputational or financial damages.
However, a successful whistleblowing system is more than not just setting up a hotline or mailbox for submitting reports. It requires appropriate communication, procedures and trainings.
In collaboration with the Forensics team, PwC's Academy offers a training highlighting the key requirements of the Luxembourg's Whistleblowing law. It will also explain necessary accompanying processes to ensure the proper use of the whistleblowing system. Participants will gain practical tips for the setting up and operating the system as well as handling and investigating allegations.
As part of the Forensics team, our trainers bring valuable first-hand experience with actual investigations and whistleblowing cases.
Duration: 1h
Language: Available in English
Number of participants: up to 15
Available under intra-company course (i.e. dedicated session on demand)
Objectives
By the end of the course, participants will be able to:
- understand the different requirements set out by the whistleblowing law;
- explain the organisation of a standard whistleblowing case;
- discuss the need for whistleblower protection;
- identify the starting points within their organisation for the implementation of a whistleblowing system.
Content
- Overview of the EU Directive
- Internal and external reporting channels
- Already existing whistleblowing systems in other countries
- Discussion of the different stages of a whistleblowing case
- Criteria for the selection of a tool
- Definition of processes and elaboration of procedures
- Internal investigations and cooperation with authorities
- Dos and Don’ts for the successful implementation of a whistleblowing system
- Real-life examples
Target audience
- Representatives of all sectors (financial, private and public)
- Members of the board or management, incl. mayors and representatives from municipalities
- Internal auditors, compliance officers or risk managers
- Legal and HR department
Our lead experts
This training is coordinated by Michael Weis, Partner at PwC Luxembourg. The training will be given by directors and managers who benefit from a strong professional experience in this area.
Michael is lead-partner for the Forensic Services practice and of the AML taskforce.
Michael is regularly acting as engagement leader for a large variety of forensic investigations including AML investigations, remediation and prevention projects in asset management and banking.
In this context he is also responsible for high-profile AML audit missions as part of the legal audit requirements for Luxembourg banks and investment funds.
As key contact of the AML distribution due diligence service for the asset management industry, Michael is regularly involved in country risk assessments and the review of laws and regulations of country AML frameworks.
Michael is coordinating projects with the global PwC forensic network and regularly involved in large scale international projects of PwC for investigations and FTS related work. Michael is part of the Global Forensic Network WG on L&D. as CFE (Certified Fraud Examiner).
Michael is recognised in Luxembourg and abroad as a subject matter expert on AML and forensic matters as a key member of the local industry working groups on fraud at the Institute of Internal Auditors (IIA) and the Institut Luxembourgeois des Administrateurs (ILA) for directors. Michael regularly facilitates workshops and trainings on AML and fraud, both in Luxembourg and internationally, in the asset management and banking sector. Michael is also an active member of the Local Compliance Officer Association (ALCO).
