Yulia Landbo
In today's corporate world, more and more people encounter compliance training from one of the sides: either as an employee participating or as a compliance officer or other manager organizing one. With both physical and online risks that companies are exposed to nowadays, compliance training should be approached very seriously, as proper training can help companies to avoid much damage. Compliance training is out here not just for kicks.
Compliance training serves as a program designed specifically for employees, helping them understand the laws, regulations, and the company’s internal policies that apply to their responsibilities.
Training initiatives are predominantly in place to maintain the safety of the workplace and the dignity of the employee applicable to their job function or industry.
In today’s corporate world, where businesses face challenges and risks regularly while trying to fulfill commitments toward all stakeholders involved, programs such as compliance employee training provide valuable insights into how organizations can proactively manage these risks.
A core component of a company’s risk management system, an effective compliance training program helps prevent misconduct and ensures proper governance across organizations. Its aim is to create awareness among employees by preparing them to handle situations that could jeopardize their safety, well-being, or employment status.
The requirement for compliance training depends on the standards set by international entities and local government bodies. The exact requirements depend on the industry and jurisdiction in which a company operates. In many cases, compliance training is indeed mandatory for certain businesses and industries.
Regulatory bodies, such as financial authorities, data protection agencies, or workplace safety organizations, often require organizations to provide employees with appropriate compliance training to ensure adherence to specific regulations and standards. These regulations may mandate training on topics such as anti-money laundering (AML), data protection, anti-corruption, occupational health, and safety, or environmental regulations.
Similarly, compliance employee training can be held on a regular basis, because organizations may choose to implement it voluntarily as part of their risk management strategy and to foster a culture of compliance and ethical conduct. In this way, compliance training serves to protect an organization’s values, policies, and commitment to the law.
Compliance training is typically designed for various individuals within an organization. The specific audience for compliance training may vary depending on the nature of the organization, industry, and applicable regulations. Here are some key groups for whom compliance training is often conducted:
Executives, Senior Management, and Board Members: Compliance training for executives may cover topics including fiduciary responsibilities, insider trading laws, and ethical leadership. They also need to understand the key compliance risks faced by the organization to effectively manage and mitigate these risks.
Middle Management: Managers are the bridge between executives and frontline employees. They should receive training on the same topics as executives, as well as training on how to promote a culture of compliance within teams and how to handle potential compliance issues.
Compliance Officers: Extensive training is also required for compliance officers, enabling them to stay updated with constantly changing regulations, risk management strategies, and best practices. Among the institutions that design programs and certifications for professionals in the compliance field are the Society of Corporate Compliance and Ethics (SCCE), the International Compliance Association (ICA), the Compliance Certification Board (CCB), the Global Compliance Institute, and others.
Employees: Implementing comprehensive compliance employee training programs for all employees fosters a culture of accountability. Key subjects covered during sessions include data privacy regulations, harassment policies along with necessary anti-discrimination measures while prioritizing worker safety in the office environment.
Contractual Workers and Temporary Staff: These individuals also need access to role-specific information pertaining to regulatory laws and internal policies. Despite being short-term employees, their duties toward fulfilling legal and company requirements remain unchanged.
Compliance programs can vary depending on the nature of the organization, industry, and applicable regulations. Here are some different types of compliance programs commonly implemented:
· General Compliance Training. This broad program aims to familiarize employees with basic laws, regulations, and company policies, serving as an introduction to the overall concept of compliance.
· Regulatory Compliance Training. These programs help employees stay informed on specific regulations governing their industry vertical and their job responsibilities.
· Anti-Money Laundering (AML) Training. AML courses educate employees on identifying possible signs of fraudulent transactions or money laundering, especially in financial sectors, where fraudulent activities are a sensitive area that requires continuous preventive measures.
· Data Privacy and Protection Training. The aim of this training is to protect confidential information from external threats like hacks, phishing attacks and safeguarding sensitive information by implementing best practices that comply with legal frameworks, like GDPR.
· Code of Conduct & Business Ethics Training. It covers significant content areas like conflict resolution involving interests; combatting bribery as well promoting corporate social responsibility practices.
· Cybersecurity Awareness Training. This type of training helps employees understand the importance of data security, how to handle sensitive data, and what to do in case of a data breach. It typically covers topics such as password management, phishing scams, and data privacy laws.
· Diversity and Inclusion Training. These programs focus on fostering a respectful and inclusive workplace, covering topics like unconscious bias, cultural sensitivity, and strategies for promoting diversity and inclusion.
· Insider Trading and Market Abuse Training. This training covers all relevant laws related to insider trading and market abuse while protecting financial markets' integrity, aiming to prevent illegal and unethical trading practices and protect the integrity of financial markets.
· Health and Safety Compliance Training. This type of employee training educates employees on policies governing safety protocols. By following these guidelines proactively, workers can potentially avoid accidents or other incidents while creating an optimal work atmosphere.
· International Trade Compliance Training. This type of training is crucial for organizations that engage in international trade, including import/export businesses, multinational corporations, and logistics companies. These sessions usually cover control laws, customs compliance, embargoes and sanctions awareness, and handling cross-border shipments.
Following a phishing attack at a commercial bank, cybercriminals were able to access bank customers’ sensitive data, such as credit card numbers, social security, and login information.
To address this situation and prevent similar incidents in the future, the bank decides to enhance its cybersecurity measures by providing employees with cybersecurity training. The cybersecurity training program covers several key areas: understanding cyber threats, recognizing phishing attacks, protecting sensitive data, incident response and reporting, and maintaining cybersecurity awareness.
How can an organization ensure the success of compliance training? Unfortunately, traditional compliance training methods often suffer from a reputation for being dull and uninspiring, which reduces the overall effectiveness. To overcome this challenge, organizations need to adopt strategies that make internal training for employees engaging, interactive, and impactful. Here we give some tips on what companies can try doing:
1. Make it mobile-friendly. In an inclusive organization whose workforce includes remote working arrangements or flexible working hours, mobile-friendly training content is indispensable in facilitating uninterrupted learning experiences.
2. Leverage digital technology, training apps and e-learning platforms like EdApp, ProProfs, Cossemble, Docebo, or Talent LMS to create an engaging and user-friendly learning experience.
3. Add real-world examples: Use real-world examples to make employee training more relatable, thus equipping learners with practical skills they could apply on the job effectively.
4. Use microlearning: Consider implementing a series of microlearning modules that break down complex concepts into smaller chapters for digestible understanding, to make the learning process more flexible and less stressful.
5. Customize the training: Personalizing the program according to employee roles gives trainees valuable context and relevance while also increasing overall engagement during sessions. Also, make sure your training is regularly updated to stay relevant and engaging.
6. Make it visual and interactive: Regularly use images, videos, infographics, and other visual elements to make your sessions more attractive and engaging. Where possible, include interactive elements in your training such as quizzes, trivia competitions, and simulations.
7. Use a storytelling approach. Transforming technical aspects into stories, scenarios, or hypothetical situations piques trainees’ curiosity while enhancing information retention.
8. Gamify the training: Turning learning into a game by adding elements like points, levels, badges, or leaderboards can make the training more fun and engaging, thus encouraging active participation and inspiring competition.
9. Encourage a feedback culture: After each training session, ask for feedback and assess what employees have learned, ask for and provide constructive feedback. This helps employees track their progress and identify areas they need to improve.
In conclusion, it is critical for organizations to design compelling compliance training programs that shield them legally while promoting ethical growth among their teams. The challenge isn't limited to covering mandatory regulations; they must also embed this information in a format that genuinely engages employees at all levels.
When companies actively introduce dynamic content into their comprehensive compliance training courses based on principles like safety, honesty, integrity, ethics, and respect, they build collaborative work cultures centered around these core values.
5/5 stars on G2
