Corporate Compliance Training: Do You Need It?
Corporate compliance training is a must for all companies. Think you don’t need it? Read here about why you do.
What Is Corporate Compliance Training?
Compliance training is the education of your company and your employees on the regulations and legislation that affect your organization. In all working environments, leaders must make sure that employees know and follow these rules on a daily basis. Failure to do this could cause serious complications in the future.
A corporate compliance program must outline all the internal, national and global policies that your company must follow. By investing in compliance training, you are making sure that your business stays protected. So, by having a compliance program you can lay out expectations around behaviour to your employees and run your operations more smoothly.
Without it, you are putting your company at substantial risk. If your employees don’t receive any formal training on compliance, it could cause you to face many issues including legal, discrimination, fraud and even abuse.
How Do I Know If My Company Needs It?
The answer is that all companies need training in compliance. In the modern workforce, every industry is held to a certain regulatory standard. Whether that is in terms of data and information handling, ethics, mental health or sexual harassment. If your company has never put a compliance program in place, it can no longer be ignored.
The area of compliance is complex and ever-changing. This means that your corporate compliance training needs to stay up to speed. New regulations are introduced on a regular basis due to legislation initiatives or societal needs – take mental health in the workplace for example or GDPR. As new changes arise, your company’s training will need to be updated.
If your company already has a compliance program, ask yourself this question: When was the last time training was carried out? Your training content needs to be updated on a regular basis to match the changing rules of your business. If your employees have never received compliance training, now is the time to take action.
The first step is to make sure to conduct risk assessments and establish company standards, policies and a code of conduct. Next, you need to properly train your employees.
Industries Where Compliance Training Is Mandatory
Healthcare
As one of the most regulated industries in the world, companies in the healthcare industry should be highly concerned when it comes to staying compliant. One of the most important reasons for this is from the legal and ethical viewpoint of patient information.
Many hospitals and medical centres face the issue of ensuring that the personal information of patients is stored and handled correctly. As data breaches and hardware failures are a constant threat, these could alter the integrity of your business if not addressed correctly. In the case that patient information is not handled correctly, you could face a lawsuit. Therefore, it is mandatory that individuals working in this sector receive correct compliance training.
Finance
The financial services sector is another industry which faces huge threats if proven to be non-compliant. With international legislation such as the General Data Protection Regulation (GDPR) in force, the cost of non-compliance would be too much to handle. If your business stores and moves large amounts of money as part of your daily processes, compliance training is necessary.
Financial companies must keep bookkeeping and reporting a top priority. Your employees need to be trained to carry out these processes in a legal and ethical manner. As this industry is held to federal regulations, regular corporate compliance training is essential. This will make sure that your employees remain qualified for their roles and are always remaining compliant.
Law
The legal industry is another area where compliance training is mandatory. Working in law, you must support a culture of accountability and transparency. That is why compliance training is needed to ensure that misconduct is recognized and detected.
If your company works in legal, you are required to provide all your employees with adequate training. This will make sure that they are aware of how to conduct themselves in certain situations. Your employees must also know the correct code of conduct when carrying out procedures and processes. Due to the highly sensitive nature of the information your business handles, ethics awareness is vital.
Human Resources
Finally, human resources is another sector which is heavily regulated. As HR professionals are at the front line at the range of employee relations and compliance issues, they need to have regular corporate compliance training.
The human resources industry is governed by workplace and safety regulations and employment equity standards. For this reason, it is essential that your company’s HR professionals are continuously learning about new rules and legislation in this space.
Benefits Of Having A Corporate Compliance Training Program
Investing in a compliance training course for your employees will not only protect your business against poor conduct. It will also ensure a safer workplace, higher productivity levels, lower risk of legal action and protection of your business reputation.
Corporate compliance training programs give your employees the knowledge and skills to foster a safe environment to work in. Your company will be trained in workplace safety, anti-harassment and diversity rules.
Compliance training also offers higher levels of performance and employee productivity. As your team will be aware of the rules surrounding processes they carry out, it will reduce errors and ensure smoother business operations.
But the best benefit that you will receive from receiving compliance training is peace of mind knowing that legal action will be minimized, and your business’ reputation will be protected.
What You Need To Know Before Doing A Corporate Compliance Course
Before doing a corporate compliance course, you need to make sure that your company is aware of the regulations governing your industry. You must also set out a code of conduct for your employees. After this, you need to pick a training and development solution that is right for you.
Canadian Training Company specializes in delivering high quality and results driven compliance training to businesses across Canada. Our team of training experts will work with your company to devise a tailored corporate compliance training course that is perfect for your industry and team.
If you are interested in finding out more about how we can help you stay compliant, get in touch with us today.