What is compliance training? Why is it important? Compliance training sounds like this overarching, scary training that is a make-or-break requirement for a company. It doesn’t have to be, as long as you remember some key items.
Compliance training is an essential element of your organization’s risk management program. It is mandated by legislation, regulation or policy. It can educate your employees about the laws and regulations applicable to their job function or industry. Good corporate compliance programs help to prevent poor conduct and ensure proper governance in your organization. They help minimize risk, maintain reputation and provide a better work environment for your employees. In fact, a 2015 research study by Brandon Hall Group revealed that 49% of the organizations surveyed considered compliance training a priority critical to their business. Compliance is the framework that ensures company adherence to a specific set of guidelines, or rules, but when it comes to compliance training, many organizations do not know where to begin.
Essential Elements of a Corporate Compliance Program
According to the Department of Health and Human Services (HHS) Office of Inspector General (OIG), “ʽat a minimum, comprehensive compliance programs should include … the development and implementation of regular, effective education and training programs for all affected employees … developing, coordinating, and participating in a multifaceted educational and training program that focuses on the elements of the compliance program, and seeks to ensure that all appropriate employees and management are knowledgeable.ʼ” While an effective compliance program should have the above items, it is important to see what benefits your company will gain from implementing them, which include safer and more productive workplaces, the ability to secure insurance, the protection of business reputation and minimized legal action. Below are the essential components to include in your program to help you gain the above benefits.
Ensure leadership is well-informed. Having a well-informed leadership team is essential before implementing your training. A carefully curated knowledge of the organization’s goals and culture is key, as well as being versed in the relevant laws to best help the business manage risk, maintain a positive reputation and avoid penalties or lawsuits. Without the correct leadership, an organization is likely to miss regulation changes or vital information, which could be catastrophic in the future. Since regulations change so often, as an organization you do not want to waste time navigating difficult learning management systems or spending hours training employees on how to use the system. Keep these things in mind when developing your compliance training program.
Utilize relevant and up-to-date information. Using up-to-date and relevant information in your compliance program is important to avoid any serious issues further down the line. This information should cover your internal regulations, as well as external laws. Focus on keeping the materials job-specific and relevant in order to stress the importance of how serious your company takes your employees’ safety and compliance with laws and regulations. You should conduct a risk assessment to identify areas of high risk, so you can prioritize resources to tackle these first and ensure appropriate control measures are put in place. All of this will help you accomplish the key objectives of compliance training, which are to reduce risk, ensure that staff are aware of their compliance responsibilities and encourage an overall better workplace culture.
Make the training accessible. Compliance training is not a check box to tick and move on from, forgetting everything that was learned. By having the training online or in a more accessible format than traditional classroom-style training will ensure that the information is readily available. Employees are busy. Taking them away from their working environment for corporate compliance training limits how often you can provide training and the positive impact it can have. In order to take those considerations into account, developing an online training program can be extremely beneficial. Online training programs allow you to update the content in real time, which reduces the risk of regulation changes being missed. No more waiting around for updated handbooks or keeping employees out of the loop. In addition to external regulations, you can also update your own internal regulations as they change.
Focus on consistent improvement. After training occurs, ensure performance is monitored to check in on where the staff is currently and where they need to be. Analyzing company information with just a few metrics like those listed below will allow you to determine the quality of your corporate compliance training materials.
- Engagement rates
- Best performing resources
- Assessment results
- Employees who are performing well versus those who are not
- Devices that are used to access the online platform
- Satisfaction feedback
Effective learning solutions are essential to ensuring that employees understand and follow applicable laws, industry-specific regulations and internal corporate policies that apply to their daily roles. Today, compliance issues are the cause of a significant loss of productivity, unhappy workers and other issues. CoreAxis has recently been named one of the Top 20 Health and Safety Companies by Training Industry. We have experience developing engaging compliance training across a variety of industries, from healthcare to financial services. We leverage expert consultants who work with our clients to identify risks, and then prioritize those risks to determine a targeted approach. We understand you have several options when choosing a company to help with corporate compliance training. Our company has worked in this industry for several years and can provide the quality results you need. If you have questions about the corporate compliance training services we offer, contact us today. Learn more at https://coreaxis.com/compliance-safety-training/