Updated: Apr 25, 2021
Businesses today face all kinds of challenges, from increasing competition, to market and consumer unpredictability, employee turnover, and more. But in certain sectors, such as finance, healthcare, and other heavily regulated industries, there is the challenge to maintain compliance by adhering to specified guidelines and regulations. Companies in these sectors risk significant consequences if they do not develop a strategy for educating and training staff regarding their obligations to meet compliance. For these companies, the development of a corporate compliance training program is a necessity to help ensure that the compliance goals of the organization are met. The program objectives should reflect the need to meet industry-wide compliance standards while supporting the long-term goals of the organization.
But corporate compliance training should be about more than just avoiding lawsuits. A comprehensive compliance training program should fully integrate into your overall corporate strategy in order to create and support a workplace where integrity is both valued and rewarded.
Four Components of an Effective Corporate Compliance Training Strategy
If your company is considering the implementation of a corporate compliance training program, here are some points to consider as you develop your strategy.
Define Your Program Goals
The goal of compliance training is full adherence to all regulations that apply to the business, and so the first step in developing your program is in defining the behaviors you want to create or change among your employees. The goals you set should be measurable and attainable. It often makes sense to set small goals that support the larger compliance objective.
Communicate the Purpose
In order to motivate employees and achieve their full participation, you need to communicate the purpose of the training program and make them feel as though they are part of the process. Good training programs are always supported by effective communication, and effective program managers work to ensure that their employees fully understand the critical importance of compliance, as well as the penalties of non-compliance.
Build a Strategic Training Plan
An effective corporate compliance program can incorporate a variety of learning approaches and leverage various methods of content delivery. Different learning methods are more or less effective, depending on the material you are sharing. For example, you may not be able to leverage the same learning method for training field personnel that you use for training office workers. To be successful, you need to determine the right content to deliver to the specific workers using the most effective method.
Measuring Your Results
Corporate compliance training, like any other business objective expense must be measured against its stated goals, as well as its impact on your bottom line. To assess your compliance training, your company’s adherence to regulations must be verified. Ongoing data collection and analysis will be extremely valuable as you work to revise and improve your program over time.
eLearning for Corporate Compliance Training
As online technologies continue to evolve, eLearning has emerged as a cornerstone for corporate compliance training. If your organization is considering the use of eLearning for your corporate compliance training program, some of the benefits you can expect include:
eLearning reduces or even eliminates many of the major costs associated with in-person, classroom-based training, such as travel, venue fees, catering, on-site instructor fees, and the cost of distributing printed materials.
Unlike live, classroom-based training, eLearning allows your staff to conduct their training 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 your employees away from their jobs as they can accomplish their training activities after hours.
A challenge for many learners is in having to work at a pace set by an instructor. eLearning eliminates this challenge by allowing users to revisit important or complex material as many times as they need to before moving on to the next section.
Many eLearning platforms include powerful tools for data collection and analysis to measure the performance of your corporate compliance training program. The ongoing review of this information can be extremely valuable as you look to revise and improve your training program over time.
LMS Portals for Corporate Compliance Training
LMS Portals provides a cloud-based eLearning platform to drive and support your corporate compliance training program. Our system allows you to build a fully customized eLearning portal, branded for your organization for fast and easy course building, delivery of quizzes and tests, online communication, data analysis, knowledge management, and more.
Contact us to get started today!