Wednesday, September 23, 2009

Whistle blower of a rating agency

Here is an ex-employee who blew the whistle on a rating agency. Read this story.
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3 comments:

Anonymous said...

It is a requirement in the FIs and insurance companies to have a whistle blowing channel
but the so called secrecy and confidentiality is questionable. Eg, If i want to blow the whistle on the ceo can I trust the confidante to who I am so supposed to report to.There is no gaurantee that I won't be known.
MAS must specify that the confidante is an external person or someone in MAS.
What about anonymity or identity of the whistle blower? What about reward to encourage reporting against insurance agents for malpractices?
MAS must come up with a fool proof system for whistle blowing to work.
What about FISCA to act as whistle blower? Surely during review of insurance polices and investment the reviewers will definitely come upon malpractices of insurance agents. Can the reviewers refer the malpractices directly to MAS? or make formal complaint against the agents to the company and then to MAS.
Hope MAS can clarify to make this whistle blowing channel work.

September 23, 2009 10:23 PM
Anonymous said...

Did the whistleblowers in NKF/Durai case get anything besides loosing his/her pants before the truth came out after Durai sued SPH?

I wouldn't want to be in their shoes unless I have a 'big mountain' behind me. In any case you never know whether the one whom you are going to report to is also involved. Never assume people are as 'lily white' as you make them out to be. There could be nasty surprises everywhere.

Nah, hard to make it workable.

September 25, 2009 4:14 PM
Anonymous said...

AS it is said if MAS wants people to be whistle blowers they must be protected and rewarded.What is point of having a whistle blowing channel in the banks and insurance companies when no one knows where to report to and whether he is protected or not.
MAS should have a channel for the public to blow the whistle. They can see that in this blog there are a lot 'dirty linens' being washed in public. If MAS is serious it can pick up a lot in this blog but it is not interested at all. MAS only requires the whistle blowing as a wayang that it is doing something.

September 26, 2009 10:58 PM

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