There’s no doubt today’s regulatory environment is becoming increasingly complex – and there’s no denying the importance and value of compliance training in such an environment.
Debitsuccess recognises the importance and value of training staff at all levels. With the ever changing legislative and regulatory landscape, Debitsuccess ensures that our people receive the necessary training on legislation and regulations that impact the business. This is achieved by delivering the initial training on induction and refresher training throughout the course of the year.
As organisations face the challenge of ensuring they comply with a myriad of legal and regulatory obligations, training has become central to an effective compliance programme. In fact, it’s now one of the most valuable strategies for preventing or mitigating the risk of compliance breaches, and is imperative in helping an organisation meet its legal and regulatory obligations.
Compliance training helps employees understand the legal and regulatory parameters an organisation operates in. It’s designed to educate individuals on the laws and regulations related to their industry or job function.
Enormous compliance manuals comprising legal jargon, lawyer dictum and endless regulations have given way to more intuitive methods. Today there are various compliance training options, like inclusion in staff inductions, covering the regulatory landscape, key risk areas, and processes around reporting compliance breaches.
Seminars are also popular, offering employee interaction and generally explaining regulations in a much simpler manner than most handbooks. This makes it more likely that employees will understand the rules and therefore follow them.
Online compliance training can be a convenient adjunct to live training. It can permeate a globally distributed organisation, ranges from legal to behavioural compliance training, and avoids travel expenses. This method ensures individuals have an understanding of regulations and rules applicable to their organisation. It supports a compliance culture, increases training efficiency and effectiveness, and provides training evidence, valuable for auditing purposes.
Other compliance programme components to consider include proactively identifying additional training needs, and a training policy, mandated by industry regulators for some organisations.
So, what’s the best approach? An effective compliance training programme should incorporate all learning tools available to reach the widest audience possible. It should consider all stakeholders and how their interdependence produces compliance.
In tough economic times, an organisation may look at reducing compliance training costs, which can in fact put it at risk of compliance breaches. If regulations and rules are breached, legal action, fines, penalties and negative publicity are generally more costly than the actual expense of a training programme.
Organisations want a return on their investment. The challenge is proving the positive impact of compliance training. This can be demonstrated by evidencing, for example, a reduction in regulatory complaint numbers and avoidance of costly penalties and fines.
The benefits of compliance training revolve around the avoidance of costly mistakes that breach law or regulations. It’s not just about managing risks and control costs; it contributes to an organisation’s brand value and revenue. An effective training programme helps an organisation and its people understand legal and regulatory obligations, policies and non-compliance consequences – all of which position them better for navigating challenging legislative and regulatory waters.