Abstract:
The research on employee fraud within licensed commercial banks in Sri Lanka focused on assessing the perceived effectiveness of whistleblowing, identifying motivational factors, and exploring challenges faced by whistleblowers. The Qualitative thematic analysis was used to analyze data collected through in-depth interviews with 21 executives from 7 licensed commercial banks. The findings of the research indicated that while there is a high perceived effectiveness of whistleblowing, there are areas that require improvement in whistleblowing policies, reporting mechanisms, rewards, support, and recognition provided to whistleblowers. The interviews also revealed a need to enhance employee awareness regarding whistleblowing. The research serves as a reflection of the current state of whistleblowing in Sri Lankan banks. It highlights the importance of strengthening and fortifying the whistleblowing system for the future. The key lessons learned emphasize the shared responsibility of organizations, regulators, and society in creating an environment where whistleblowers are not only recognized but celebrated for their crucial role in combating fraud. The research concludes with a call to make whistleblowing more than just an act of bravery but to celebrate and support it as an integral part of ensuring the integrity of banking systems.
