Creating Business Impact With Compliance Training Management: A Powerful Learning Management System For The Modern Workplace
Maximizing the impact of an effective corporate compliance training program that addresses all of your organization’s requirements with its solid benefits for a sustainable and successful business
What is Compliance Training?
Compliance training is employee training authorized by regulation, legislation or policy that helps to reduce risk, maintain your reputation and improve the workplace environment to improve worker productivity in the long run. It educates your employees on the laws or regulations that are predominantly used to maintain the safety of the workplace and the dignity of the employee applicable to their job function or industry. Employees must typically complete compliance training within certain deadlines in order to continue their employment.
Why is training compliance important?
Companies have a social responsibility to their employees and training compliance is core to your companies’ risk management system from ensuring a safe workplace to legally protecting your consumer data and privacy. Training compliance is the most vital responsibility of a learning organization, both in terms of operational efficiency as well as legal responsibility. Training compliance is important as it creates awareness and prepares employees to handle situations that could put their safety or well-being or job at risk. Training compliance is essential for all employees because it protects an organization’s values, policies and commitment to the law. Training compliance empowers employees to use the knowledge and awareness about particular issues, policies or regulations and conduct themselves with integrity and identify when a situation or behavior is in violation.
However, regulatory compliance training is not just about mitigating risk, compliance training saves money and improves profit. Although there is a cost to implement compliance training, non-compliance can cost more than that including legal fines, business disruption and losses in productivity and revenue. It’s important for other reasons too, including:
secured insurance for your organization
Protecting your business’ reputation
minimized the risk of legal action
Essential elements of compliance training
To maintain the greatest transparency and ethical conduct with clients, customers, employees, and stakeholders, organizations must have a compliance training program to reduce risks, keep everyone updated, maintain trust, and decrease the chances of violating the law.
With compliance training programs, set your compliance training on the right track by focussing on the following 4 essential elements once it is implemented correctly:
Before implementing your compliance training program, your organization must have a well-informed leadership team having knowledge of the organization’s goals and culture, as well as the relevant laws to support the business to handle risk, maintain a good reputation, and avoid penalties or lawsuits. Like any other training program, delivery and awareness are also an important part when it comes to implementing your corporate compliance training. For that learning & development (L&D) teams should look for ways to make delivery easy but effective.
Assess Your Risks
Corporate compliance training should include internal regulations as well as external laws. Your organization should also conduct a risk assessment to determine high-risk areas so that you can prioritize resources to manage these first and ensure appropriate control measures are put in place. With engaging training materials, you can focus on the importance of how serious your company takes its safety.
By making your employee training content and corresponding assessments interactive and available online, you can provide 24/7 training, so that your employees can keep up-to-date regardless of their location.
Analyze and Improve
Organizations should monitor the performance of their employees to ensure where they need to be. Analytics can let both L&D and compliance teams improve the existing training materials to provide more impact and value including:
- Employees’ engagement rates
- Resources that are performing well or under-performing
- Evaluation results
- Time logs
- Satisfaction feedback
By considering the above points, your organization will be on the right track ensuring the business is approaching training in an ethical and compliant way.
ComplianceQuest Solutions for Training Compliance
ComplianceQuest’s Training Management helps with training compliance in employees in a timely manner, and keeps your workforce skilled to deal with the constantly evolving changes in the environment. Integrating training into your EQMS suite supports a stable, reliable and repeatable training management process, ensuring that your organization has the knowledge it needs, from GxP guidelines to international standards to government regulations. CQ’s Training Management also helps businesses manage all personnel, job functions, requirements by job functions, courses and documents to be trained on.
Frequently Asked Questions
What are the benefits of Compliance Training?
Compliance training is a significant component for businesses to help companies mitigate and avoid the risk of lawsuits and heavy penalties. Other enormous benefits of compliance training include:
Better productivity in the workplace: Compliance training enables employees to understand how to operate within the law as well as standards that have been introduced by the company to avoid any penalties or lawsuits. Ultimately, when employees are more productive, the company can generate higher profits.
Improved workplace culture: Compliance training can help employees understand the rules and regulations so that they can perform their tasks more appropriately and more efficiently. It makes for a better workplace environment.
Keep employees well-informed: Compliance training is necessary to keep employees well updated to prevent them from doing something illegal due to change in laws and subjecting the company to a fine or lawsuit as laws and standards constantly change over time.
Improved standardization: Compliance training helps to increase standardization in production methods and the quality of the products that lead to improved customer satisfaction.
Greater transparency: With an increased level of transparency through compliance training, compliance violations will be easier to identify and appropriate corrective measures can be taken accordingly.
Risk management: Compliance training notifies employees about safety and protection rules that help to reduce any potential risks to employees.
What are the key objectives of compliance training?
- ensure that staff are aware of their compliance responsibilities
- mitigate risk
- eliminate legal liability from the organization in the event of malpractice
- protect the organization’s reputation
- encourage a better workplace culture
How can you keep the compliance training engaging and effective for employees?
So, how can you develop engaging content for your employees? Below are some suggestions to consider when preparing a new or update an existing compliance training plan:
Avoid Information Overload and Keep It Simple
By keeping the training material brief and precise, the compliance training program lets the trainees fully comprehend the reasons for and importance of the implemented rules or regulations. Also, the language used for training purposes should be simple and avoid technical jargon.
Engaging Training Material with Real-Life Examples
Effective compliance training should discuss case studies and real-world scenarios related to actual work ethics and situations so that your employee can connect the training with their everyday activities that will be meaningful and add value. There are a few organizations that support their compliance training program by keeping them fully interactive to help employees learn and take decisions in a risk-free environment and without causing any harm to the organization.
Incorporate Different Training Methods
Incorporating different learning methods involves different ways of presentation as every learning method has its own effectiveness. Besides, your organization should keep the training material updated and vary the content periodically as otherwise, the employee may lose interest in the training.