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Definitive Guide to Compliance Training | Definitive Guide | Compliance Next


A strong training program is the foundation
of an open, ethical and productive culture. It offers a return on investment by helping
organizations prevent misconduct. It also improves employee engagement, retention
and recruitment, creates alignment around core values, and helps establish legal defense
in the case of compliance failures by individual employees. The very best-run organizations have an advanced
training program for all stakeholders, board members, executives, management, employees
and contractors alike. That way, everyone knows they are part of
a culture that values professional integrity and respect. And finally, it is through training that you
change behavior, and start building the culture you desire. So, how do you know if your training program
is advanced or not? Before deciding where to take your program,
it’s best to take stock of where you are today. Let’s take a look at the four stages of
program maturity: In the beginning stage, training programs
lack a formal plan or strategy, and typically address issues as they arise. Or even more commonly, after they occur. If you’re mostly reactive with your training,
you’re in stage 1. The next stage is Basic. If you’re training on topics ONLY required
by law and at a fairly rudimentary level, you’re in the second stage. The third stage is Maturing. If you have a plan for the year that covers
a handful of risk areas, including some specific role-based topic assignments and metrics such
as training completion rates, you are in stage 3. The last stage is Advanced. If your training consists of a multiyear training
plan that covers all key risk areas with topics and instruction selected specifically for
the needs of different employee groups, then you’re among the training super stars. If you’re in one of the earlier stages,
let’s walk through the 3 simple steps you can take to get your training program to Advanced. The first step is establishing your training
objectives and priorities. Make sure you understand what training is
required by law or is otherwise necessary for organizations in your industry. Other objectives could include increasing
compliance with organizational policies or reinforcing a positive workplace culture. Step 2 is prioritizing the compliance risks
facing your organization and identify which of these can be best mitigated by employee
training. A good place to start is by interviewing subject
matter experts in your legal, finance and audit departments. Find out where there is the most risk, and
plan to address those areas first. Step 3 is to personalize your training program
so it fits your organization. Training isn’t “one size fits all,”
meaning some high-risk groups are going to need more training, and others will obviously
need less. Consider focusing the majority of your training
on your organization’s objectives and risk-profile, while limiting the duration and frequency
of other, less pertinent training. Keep in mind that the purpose of training
is often to change behavior, or introduce employees to a new way of thinking. This doesn’t happen overnight. That’s why truly advanced programs cover
a multi-year span, recording frequent progress and improvement measurements along the way. It may seem like a lot of work, but it’s
worth it. In addition to supporting good behavior, effective
training can also dramatically reduce the likelihood of inappropriate – or even illegal
– behavior. For more guidance on successful training,
including detailed advice on how to implement your program and measure its success, download
the definitive guide to Ethics and Compliance Training found in the Building Your Foundation
section of Compliance Next.

Reynold King

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