Saturday, April 17, 2021
Business

4 Key Elements Of A Corporate Compliance Training

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Compliance training is aimed at educating employees on the need to identify and report any activity that goes against the required industry practices in an organization. It also educates them about complying with the organizational laws and policies. Thus it ensures your company upholds set laws and regulations. Online compliance training from True Office Learning does not just impose organizational goals on your teams; it’s effective and fun for learners. As such this training should be offered regularly to ensure its effectiveness is long-term. That said, the right compliance training should meet the needs of the learners and those of the organization.  Here are the four key elements you should include in your corporate compliance training;

Communication and training

Content is the core of any compliance training from True Office Learning. Your training should include the right and current information. Having the right information will help prevent future issues that may be brought about by using old and outdated information. As such, the information in the training should be aimed at educating the workers on the need to comply with the internal and external policies. Your training should inform them of the importance to protect and maintain the good reputation of the organization. Its objective should be to educate on risk mitigation, compliance responsibilities, and formulation of a safe organizational culture. Also, ensure that the organizational personnel are taking part in the training and that there is a proper flow of communication.

Leadership

One of the aims of a compliance training program is to change the current organizational culture. As such, it should be based on the right foundation such that the change begins from the top management. The organization’s management should be well informed on the current needs and business goals. They should fully understand the basis of the training and adhere to its teachings. There should also be compliance officers who can actively run the program daily. The leadership should have the capacity to implement the training into your organization.

Risk assessment

When checking the effectiveness of your training, it’s best you do a risk assessment. With this, you can identify the areas that pose high risks and you can channel your resource towards reducing the risks posed. Some of the risks to look out for include; transaction risks, business opportunity risks, business partnership risks, and others.  It is advisable to ensure that risk assessment becomes a regular activity and not a one-off endeavor.

Oversight

As the training progresses, it’s recommended that you monitor how the employees are responding to it.  Also ensure that the business standards for the code of conduct, the policies, and procedures are all in place. The overall oversight should include; monitoring, auditing, and response activities.  Ensure you have a monitoring system in place to identify and address issues as they come.  Monitoring helps to identify risks and mitigate their effects long before they occur.  Monitoring also checks any gross misconduct or irregularities, especially in the finance department. Conducting a continuous employee training monitoring program makes the overall compliance training effective.

Good corporate compliance training should be inclusive of good leadership from the top management to the employee level. It should be based on the right communication and training. There should be regular oversight and risk assessment to make it effective.