The California Public Employees’ Retirement System, the largest public employee pension fund in the U.S. with assets of approximately $208 billion, has announced two very significant reforms designed to restore confidence in CalPERS: the establishment of a senior-level Enterprise Risk Management Office and chief risk officer, and the launch of a new ethics helpline to identify fraud and waste.

The Helpline will enable the pension fund to receive tips, concerns, and information regarding possible instances of wrongdoing, including possible allegations of fraud, waste, abuse, conflicts of interests, safety violations, harassment, or other misdeeds. “The Office of Enterprise Risk Management will bring together all aspects of risk management, including internal compliance operations, privacy and security, disaster recovery and business continuity programs,” said CalPERS CEO Anne Stausboll.

The Ethics Helpline, designed to open the doors to those who might have information about possible instances of wrongdoing, will operate 24 hours a day, online and on the phone. It will be operated by Ethics Point, a specialized company with a strong track record for managing similar hotlines with more than 2,300 clients in 300 industries.