The Securities and Exchange Commission's whistleblower rules went into effect in August despite heated opposition from companies. Recent survey data suggest companies are taking the rules, mandated by Dodd-Frank, in stride. But the true test will come when companies see whether the SEC's bounties interfere with their internal compliance programs.

A survey of board members at public companies released in September by BDO Consulting shows 66% do not expect the bounties to undermine their compliance programs, while 15% see a potential negative impact. On the other hand, 68% of directors would support legislation to require whistleblowers to report complaints internally to collect a reward from the SEC.

Currently, there is no such requirement. Whistleblowers who report violations to the agency will receive 10% to 30% of any penalty the SEC collects. The rules do give employees who initially report a problem to their company 120 days in which to provide the information to the SEC and allow the agency to reward them for first reporting a problem to their company by increasing their award.