5 Tips to Create An Effective Corporate Compliance Program

A compliance program refers to an organization’s system concerned with creating, reviewing, distributing, and tracking the policies and procedures required to adhere to rules, regulations, and laws. An effective compliance program of any company addresses the factors such as finding a responsible body for maintaining and proving compliance, reviewing the compliance policies now and then, deciding on the factors to hold the employees accountable to compliance procedures and policies, etc. 

Compliance programs use systems that address all these factors because of which your organization mitigates liability and protects its employees, community, and itself from an undesirable episode. Here’s how you can create an effective compliance program for your organization. 

Introduce a Learning Management System 

Many companies begin tracking compliance training in an Excel spreadsheet or use any other manual inconsistent system in tracking it. The concept might work well only when there are a handful of employees in the company. Gradually, you will outgrow this system. 

On the other hand, a learning management system offers a formal and easy way to track and administer all the online and in-person company training. 

Make Material for Compliance Training Easy and Fast to Find 

Just-in-time learning refers to the concept of being able to look up and immediately locate training information whenever the learner requires the same. This concept highlights allowing employees to find the exact information they need. 

It promotes efficiency and productivity among the employees. Just-in-time training is the best way for employees to find immediate answers to compliance questions, thus reducing risks. 

Communication is the Key 

If you want your compliance program to succeed, make it a point to keep the communication open, clear, and consistent. Communication is the key to many problems that any company may face during its operations. From the very beginning, all the employees need to value the importance and benefits of the program; otherwise, it will become another set of rules to follow. 

If the employees understand why and it clarifies what the company expects from them, they will be more on board with the alterations than the contrary. A critical aspect of a compliance program focuses not only on how it will be communicated in the beginning but also includes how the alterations and updated policies will be communicated in the future. 

Establish Compliance Training 

Updating the policy of the company from time to time is not enough. Your employees need to understand these policies and apply them in their day-to-day work. It is where the training comes to play. You must, therefore, establish a compliance training program to fulfill the purpose. 

You may need to educate your employees on expectations. Train them to your policies. It is also good to use training programs under Proven Compliance Solutions to help you save time, money, and efforts you will otherwise use to accomplish the objective. 

Monitor and Review from Time to Time 

If you want the compliance program to become a huge success for your company, it is necessary to monitor the situation from time to time. You should not only check how well the employees are complying with the program but also incorporate regular policy reviews and updates. 

Monitoring and reviewing from time to time is just like future-proofing your program. Establishing this process from the very beginning ensures that the program stays relevant and does good to the company and its employees. We urge you to conduct the review process every year. 

Takeaway 

An effective compliance program ensures that all the activities of the company work within the ambit of the rules and regulations. Introducing such programs also ensures that the organization takes care of loopholes.