Corporate compliance should be a critical part of every company’s business operations. This is true regardless of the industry in which you operate. While planning and implementing preventative measures into your daily operations can seem like a daunting task, it can save your organization massive amounts of money in potential fines and penalties. It can also protect your brand as compliance violations tend to have lasting negative impact on a company’s reputation.
An Overview of Compliance
Compliance refers to a set of processes an organization puts in place to help ensure that employees adhere to internal guidelines for conduct and external laws and regulations. To be effective, compliance practices often incorporate your organization’s ethics policy, along with procedures for conforming with legal obligations (such as taxes and corporate reporting). In relatively small organizations, compliance tends to reside within Human Resources functions with overarching guidance from the company executives. For larger organizations, a compliance program may be managed from the general counsel’s office.
The Purpose of a Corporate Compliance Management Program
Simply put, a company puts a compliance management program in place for protection. And given the potential financial penalties for non-compliance, the return on investment (ROI) of a compliance management program can be significant. When implemented effectively the program can help your organization avoid fraud, protect against waste and abuse, eliminate discrimination, and avoid other practices that can interrupt operations and possibly put your company at risk.
To be effective, your program must integrate with all firm-wide compliance efforts. This includes everything from the awareness and management of relevant external regulations and corresponding internal policies to thorough and ongoing employee training.
The Employee Training Component of Your Compliance Management Program
Building an effective compliance training program for employees is one of the most important responsibilities of a corporate training organization as it encompasses both legal obligations and operational efficiency.
Your compliance training program should be developed with the objective of ensuring that your employees are aware of and understand the relevant laws, regulations, and internal policies. They should be especially familiar with the rules that impact their job roles and know how to abide these rules in their daily operations. Effective compliance training will guide employees through actual instances regarding how issues of ethics and compliance apply in the workplace and within their specific job function.
eLearning for Employee Compliance Training
In recent years, as cloud-based technologies have continued to evolve, eLearning has emerged as a cornerstone for employee compliance training. This online approach to employee training offers a number of significant advantages over classroom-based training.
Unlike traditional, classroom-based training, eLearning does not carry the heavy expenses associated with travel, catering, venue fees, and the costs of printing and distributing training materials.
eLearning is more convenient as it allows students to conduct their learning activities at a time and place that is convenient for them. All that is required is an Internet connection. And with eLearning, there is no need to pull employees away from their job duties as they can conduct their training during breaks or after hours.
eLearning provides the opportunity to build and deliver critical training content and courses quickly and easily. This is especially beneficial to create awareness and understanding around the release of important new regulations and policies.
Many Learning Management Systems (LMSs) now include messaging and collaboration tools to support the learning process and create a richer learning experience. Adding collaboration to learning has proven to increase engagement, understanding, and retention.
eLearning makes it possible to easily capture and review important program data to understand the level of user engagement and the success of your eLearning program. The ongoing review of this data will allow you to modify to your program, when and if necessary.
LMS Portals for Compliance Management Program eLearning
LMS Portals provides a powerful Learning Management System (LMS) platform that allows our clients and partners to launch and manage multiple private eLearning environments on-demand. Our system can be leverage for both internal and external use and enables your company to generate revenues from eLearning if you choose. Each portal can have its own unique branding and includes robust supporting tools for user onboarding, messaging, analytics, and more.
Contact us today to get started for free!