Almost all companies have policies and regulatory requirements that their employees have to adhere to. Going against these requirements can attract fines, lawsuits, reputational damage, penalties, or even criminal charges. It is important for companies to make sure there is corporate and regulatory compliance from all members of staff to ensure the smooth running of operations.
Corporate compliance allows organizations to carry out their business processes safely and effectively while following the policies that were developed during the organization’s founding. On the other hand, regulatory compliance makes sure employees obey the laws and follow the regulations set out by government bodies for companies in the sector in which such business operates.
These policies change sometimes, making it important for companies to offer compliance training to their employees, customers, or partners regularly so they can know the industry rules they need to follow and the ones that are outdated.
Many companies get engrossed in their daily operations and do not commit enough resources or time to compliance training.
They might rush through the training session in half a day, or share company handbooks containing the relevant information and hope employees take time to read it. These methods are not as productive as employers hope they would be.
Unfortunately, corporate compliance training is not just a formality in a business environment. It should be taken seriously and ideally be carried out often, so every employee would fully understand the policies and regulations that guide them, so they do not go out of line. At times, some government bodies might mandate the training before some organizations can be accredited.
It is important to note that not all organizations can afford to hire compliance officers to facilitate compliance training and ensure all employees understand what was taught. This has led to the embrace of online compliance training programs.
How Does Online Compliance Training Benefit Companies?
It is cost-effective
Online compliance training helps companies save money, as it costs significantly less to host than physical lessons. Since the training will be facilitated without hiring a compliance officer, employees can repeat the training if they need more clarity without the company needing to pay a facilitator for another session.
It is more convenient
Virtual training is more convenient for workers because it can be undertaken anywhere, and at any time, unlike physical classes that would require every employee involved to sit in the same location for the entirety of the training session.
It allows employers to monitor employees’ progress
Online compliance training programs allow employers to note the employees that are yet to complete the program with its built-in audit system. The employees lagging behind can then be queried or prompted to finish their training as soon as possible.
Corporate and regulatory compliance training is necessary to keep employees informed about the rules and guidelines they are to follow while working for a particular organization. Carrying out this training exercise helps companies avoid fines, penalties and other negative occurrences. On some occasions, this training could be a factor in the accreditation of that organization.
However, companies that find the hiring of training facilitators to be too expensive can opt for effective online training and enjoy its many benefits such as reduced cost, real-time audits, and extra comfort.
Featured image: Jason Goodman, Unsplash.