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