Effective Compliance Training Program - Ways to Reduce
Compliance Risks
A compliance training program relevant to employees at all levels in an organization
Health and safety matters concern all employees
Specific issues such as taxation or financial regulations
The main objective of compliance training is to ensure that organizations abide by the
norms set by regulatory bodies
What is Compliance Risk?
Compliance risk is associated with the violation of certain standard rules or
procedures
Caused by deviations from accepted processes
Affects corporate image in the eyes of customers and stakeholders
May result in reduced business opportunities or limited turnover
Assessing Compliance Risk
Monitor regularly for violation of standard procedures
Steps involved in assessing a compliance risk
Risk identification
Risk measurement
Risk prioritization
Risk control
Enterprise Wide Compliance Program
Helps to bring all employees on the same platform with respect to compliance issues
Understand how risks at one part of the business line might affect other parts of the
business
Tips for a Successful Compliance Training Program
Compliance committee headed by a compliance officer
Abide by a Standard procedure and policy
Devise ways to develop and implement a successful and effective training programs
for employees
Effective communication between compliance committee members and
employees
An evaluation process to devise ways to monitor the progress of employees
Investigation and disciplinary action
Conclusion
To ensure that organizations adhere to regulatory requirements and avoid being
penalized with fines or other loses, they need to invest in compliance training programs.
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