Compliance Trainings

With compliance training being such a routine aspect of businesses, organizations might sometimes fail to identify potential compliance training mistakes they’re making. Some of these oversights can increase compliance training time, costing companies hours they could have utilized elsewhere. This article will highlight 2 common compliance training mistakes and offer solutions to them so you can shorten compliance training time for your future compliance programs. 

What is compliance training? Legal and regulatory compliance is an obligation no business can get out of. It maintains the business’ reputation, ensures employees’ safety, and keeps the profits rolling. Therefore, all companies need to assign a certain portion of their funds to compliance training. However, there have been significant changes in the economic landscape in the past few years, leading new and old firms to reconsider how they allocate resources. E-learning offers multiple avenues for companies to save costs without sacrificing outcomes.

Employees and management alike tend to agree that organizational compliance training programs are very dry and boring. For most businesses, it is just an obligation they fulfill to keep themselves out of regulatory trouble. Only 53% of organizations believe that compliance training programs can drive business performance. And even fewer, at 33%, believe it advances employee development (Source: Brandon Hall Group, 2021). However, a poorly executed compliance training program can cost a company thousands in the event of a non-compliance incident. Therefore, organizations should re-evaluate and improve their compliance training programs regularly. For firms looking to spruce up their compliance efforts, here are 5 things to do before you create your next compliance training program.