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Why is compliance training important?
Providing information about rules and regulations helps internal stakeholders understand why compliance matters and increases awareness of the consequences of noncompliance. A compliance program can be the best way for your organization to manage risk, maximize return on investment and increase its competitive advantage. Learn more about the importance and benefits of a compliance program.
Employees can only follow rules that they are aware of and understand. Compliance training is the best way to introduce and explain internal rules and any applicable regulations that external industry bodies or government agencies enforce. Implementing and running a compliance program requires time and money, but providing training can pay off by reducing the risk of infractions.
According to a study, noncompliance can be 2.71 times more expensive than compliance. Any comparison of the cost of running a training program with paying fees and penalties for noncompliance indicates that compliance training is a much better deal. The most effective programs provide initial training to new hires during the onboarding process along with regular refreshers and updates for existing employees. Here are seven benefits that you should consider when designing a training program.
The main reason for a company to provide compliance training is to notify employees about rules and regulations. Adherence to internal policies can determine job performance. Compliance with industry regulations and federal or state laws can have financial implications for a business and legal repercussions for individual employees or an organization at large.
Reactive approaches to compliance that primarily focus on avoiding consequences for violations are relatively common. Taking a proactive approach to compliance can encourage trained employees to try to align their actions with the values of your organization, even in situations that go beyond the letter of the law.
Compliance training can protect your organization against liability for non-compliance. Training materials and assessments should clearly differentiate between compliant and non-compliant courses of action. Knowing the right choices to make in risky situations can reduce the frequency and severity of violations.
Providing guidance to employees is particularly important when an enterprise must uphold legally enforceable standards, such as regulations that govern the use of personally identifiable information or protected health information. Non-compliance with industry standards also has far-reaching consequences. The benefits of a compliance program can extend from organizations to employees.
The main reason why compliance training is essential is to prevent infractions. Obtaining evidence that individual employees are aware of any applicable rules and regulations can be a secondary benefit. Keeping records of compliance training is a crucial risk management measure.
When proof of training is readily available, this documentation increases the likelihood that an employee will bear the full responsibility for non-compliance rather than transferring liability to the organization. It is a good idea to regularly review training records and issue reminders to ensure that the compliance program in your organization benefits all parties.
Compliance training can provide a return on investment in several ways. Retention is one significant factor. Organizations with strong learning cultures tend to have rates of engagement and retention that are 30% to 50% higher than workplaces that do not prioritize employee development. Investing in this training for new hires and current employees can increase productivity and reduce risk.
The high cost of non-compliance also indicates the benefits of a compliance program for the bottom line of your organization. Running a training program is likely to cost significantly less than the fees, fines, penalties and legal costs that could accompany even a single instance of non-compliance.
Another reason why compliance training is important is that these programs help to keep an organization current. Data security frameworks and standards are constantly evolving to account for new technological developments. An all-in-one platform that supports the leading security frameworks can help stakeholders achieve and maintain compliance.
The leadership of your organization should ensure that this training corresponds to the latest versions of regulations. A proactive training program can help you maintain a competitive advantage and identify opportunities for innovation.
Training plays an essential part in establishing the culture of a workplace. Compliance training is a vital practice because it presents opportunities to inform new hires and remind current employees of the mission and values of your organization in addition to any applicable rules and regulations.
You can promote a positive work environment by providing employees with information about compliance accompanied by other types of training. The higher the level of engagement, the more influential the culture of your workplace is likely to be when employees face decisions that could have professional or legal repercussions.
The influence of compliance training is not limited to the employees of your organization. An enterprise that draws attention to a training program as part of a broader commitment to information security strengthens its reputation among external stakeholders. Clients, customers, shareholders and potential hires are all more likely to trust a business that prioritizes providing compliance training to employees.
When external parties place trust in your organization, this outlook lays the groundwork for positive public perceptions. These attitudes can lead to purchases or investments that contribute towards increased revenue. On the contrary, a company that does not emphasize security or compliance and then experiences a breach or another type of incident is usually seen as less trustworthy, which can lead to lost revenue.
Compliance training is critical for any enterprise that works with highly regulated data. Breaches and security violations involving personal identifiable information or protected health information can lead to hefty fines and legal consequences. With a clear understanding of why this training is important, consider the advantages of using an information security platform to promote continuous compliance.
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