Companies of all sizes must understand and adhere to the laws and regulations enacted by federal and state governments. Corporate compliance refers to the ongoing process that businesses must follow to ensure that they are following the rules that apply to their organization. Corporate compliance can encompass everything from your company’s written values and ethics policy to the employee handbook, as well policies and procedures that ensure compliance with legal requirements. For larger organizations, compliance management may be overseen by general counsel. In smaller companies, it tends to fall under the management of the Chief Executive Officer, Chief Financial Officer, and the Human Resources department.
The Benefits of Corporate Compliance Management
While the primary goal of corporate compliance is to protect your business, an effective program can help to eliminate waste, and minimize any possibility for fraud, discrimination, and other practices that hinder operations and create risk for your organization.
Some of the benefits of effective corporate compliance management include:
Reduces Organizational and Individual Risk
Effective compliance management can help your company avoid legal troubles and the “hard costs” that associated fines can bring. There also are “softer” costs that can result from negative publicity, along with a potential disruption to your company’s operations.
Enhances Company Brand and Reputation
The success of any organization largely depends on its public image. Effective compliance helps ensure that your company builds and supports a positive image that enhances trust and creates consumer loyalty.
Enables Better Corporate Decision-Making
Compliance programs can help facilitate streamlined processes within the organization, resulting in increased data clarity. Effective programs also enforce completeness and accuracy regarding the documentation of activities, all of which leads to informed decisions through accurate and current data.
Supports Progress and Innovation
While some people see compliance as a hindrance of business operations, others view it as a tool for positive change and advancement as the awareness and training required by rules and regulations can force a company to rethink its processes and profoundly influence research and development (R&D) and overall corporate behavior.
The Importance of Employee Training within Corporate Compliance Programs
One of the core components of a compliance program is in providing corporate training to ensure employees are informed of the policies and procedures they must follow, as well as an understanding of how to adhere to these rules as they perform their daily work.
Effective training includes examples of how compliance issues apply to their specific roles in the workplace and helps them to flourish. Through training, they can learn their boundaries and responsibilities and how to work productively with minimal supervision. Given its importance, compliance training should be required and ongoing to help create a healthy culture in the workplace and proactively address potential issues before they arise.
eLearning for Employee Training and Corporate Compliance
eLearning refers to the use of electronic technologies (the Internet, primarily) to manage all types of online learning programs, including corporate compliance training. When compared to traditional, classroom-based training, eLearning is less expensive as it eliminates such costs as travel, lodging, venue and on-site instructor fees, and the cost of printing and distributing training materials.
eLearning-based training is particularly well-suited for corporate compliance programs as it enables timely delivery of new and revised training content and ensures that employees have access to the corporate training resources they need, when and where they need it.
LMS Portals for eLearning-Based Platform for Corporate Compliance Management
LMS Portals provides our clients and partners with an cloud-based, multi-tenant learning management system (LMS) that allows you to launch any number of branded eLearning portals, on-demand. Each portal you launch includes its own rapid course development engine, as well as supporting tools for employee onboarding, learner collaboration, reporting and analytics, and more.
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