Better Business Bureau and PlanetFeedback Will Help Companies Meet "Whistleblower" Provision of Recent Corporate Reform Legislation
Two trusted organizations agree to create system for confidential reporting of alleged misconduct
ARLINGTON (VA) AND CINCINNATI (OH) - December 11, 2002 -- The Council of Better Business Bureaus, the national organization for the BBBs throughout the US, and PlanetFeedback, two of the nation's most respected providers of complaint and feedback services, have announced a partnership to develop and create a product to help corporations comply with a little-noticed but critical provision in the recently passed Sarbanes-Oxley Act of 2002, also known as the Corporate Reform Act.
Jointly, the two firms will develop and market a one-stop technology solution that will enable companies to provide a secure system for employees to report alleged financial misconduct via Web site, phone or mail The new solution will provide an easy-to-implement, secure process for employees to report potential wrongdoings to corporate audit committees - directly, confidentially and anonymously.
The new product will fill an immediate need for publicly traded corporations to meet specific "whistleblower" requirements of the Sarbanes-Oxley Act. In addition to implementing stricter financial-reporting measures for CEOs and auditing firms, Section 301 of the act also requires all publicly traded companies to implement internal complaint-reporting systems for employees seeking to disclose financial irregularities and other misconduct. These so-called "whistleblower" systems must be in place by April 2003.
"Our mission is to help companies achieve the highest standards of ethical conduct," said Ken Hunter, President, Council of Better Business Bureaus and BBBOnLine. "There's a clear need for companies to implement key provisions of this act efficiently and in a way that will earn public confidence and trust. Our goal is to be part of a proactive, constructive, trusted solution. We share a common vision with PlanetFeedback to establish ethically based relationships between businesses and their stakeholders." The CBBB has 240 national corporate members; the BBB system encompasses 142 bureaus throughout the U.S. and Canada and approximately 300,000 business members throughout North America.
The BBB and PlanetFeedback will join forces to offer their expertise and hard-earned reputations as trusted third parties to companies for what will involve sensitive reporting procedures.
"This is a logical extension of our expertise at capturing and routing feedback," said Pete Blackshaw, Founder and Chief Marketing Officer of PlanetFeedback, a division of Intelliseek. "With corporate reputation on the line, we're pleased to offer a product that can help companies encourage feedback in a way that's trusted, impartial and in accordance with this new legislation." PlanetFeedback operates PlanetFeedback.com, whose 400,000 registered users make it one of the largest online consumer feedback services, and has created consumer feedback solutions for some of the nation's top companies, including Procter & Gamble, Nokia, HealthNow New York and others.
The two players will work closely in coming weeks to create, market and sell the product so that companies can meet the late April compliance deadline. The online components will be based on PlanetFeedback's ExpressFeedback platform for capturing and routine feedback. The two expect to recruit additional partners to assist corporate clients with telephone/mail intake.
Key Benefits of the BBB-PlanetFeedback partnership
- Trusted, road-tested system and providers
- Anonymous capture of data to protect employees who fear retribution.
- Quick installation, including set up, server capabilities, testing and regular reporting.
PlanetFeedback will sponsor an online seminar about and the new product and Sarbanes-Oxley requirements on Jan. 9, 2003. For more information or to sign up for the "webinar," call 1-800-333-3222.
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About the Council of Better Business Bureaus and BBBOnLine
The Council of Better Business Bureaus (CBBB) has more than 240 leading-edge national corporate members and serves as the umbrella organization (www.bbb.org) for the 142 Better Business Bureaus in the United States and Canada, which are supported by 300,000 business members throughout North America. CBBB also administers the advertising industry's advertising self-regulation program. The first BBB was founded in 1912, and the network of BBBs and the Council have grown to become the most recognized advocate for promoting ethical business and advertising practices, providing more than 21 million instances of service to consumers and businesses each year. The BBB system is dedicated to fostering fair and honest relationships between businesses and consumers, instilling consumer confidence and contributing to an ethical business environment, in both the traditional and online marketplaces. Founded in 1997, BBBOnLine (www.bbbonline.org) is a program of the BBB system that helps consumers identify online merchants that meet BBB standards through its Reliability and Privacy "trustmark" programs, and the BBB Code of Online Business Practices. Over 12,000 web sites have qualified to display one or both of the BBBOnLine trustmarks.
About PlanetFeedback (www.planetfeedback.com)
PlanetFeedback, a leading provider of online feedback services and marketing analytics, taps the power of consumer insights to help companies make better, smarter decisions. Its flagship business products, ExpressFeedback® and BrandPulseTM, help companies, brands and enterprises collect, analyze and use online consumer feedback in real time. Brand managers, marketers, consumer affairs, public relations and product researchers of many Fortune 500 companies use PlanetFeedback products to boost marketing and brand management programs, speed and enhance product development, monitor word-of-mouth consumer behavior, manage rumors, aid brand and competitive intelligence, improve customer service and cut costs. PlanetFeedback is a division of Intelliseek Inc., based in Cincinnati.
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Intelliseek, PlanetFeedback, BrandPulse and ExpressFeedback are trademarks of Intelliseek, Inc. Better Business Bureau, BBBOnLine and BBB are registered trademarks of the Council of Better Business Bureaus, Inc. All other trademarks mentioned herein are property of their respective owners. © 2002 Intelliseek, Inc and Council of Better Business Bureaus, inc.
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