Compliance isn’t just a topic for law firms or accounting businesses. Most organisations operate within a legal framework and it’s compliance that ensures that the day-to-day functioning of the business meets requirements and standards. Compliance training is a useful tool in giving staff a rounded understanding of the industry in which they operate and where the legal boundaries lie. It could be the difference between a costly legal breach and smooth sailing for an organisation.
Keeping staff up to date
The law is constantly being updated and so ongoing compliance training is essential to ensure that everyone in the business understands where its legal responsibilities lie right now. The implementation of the GDPR in May 2018 is a prime example of this. When this legislation comes into force it will introduce significant changes to issues such as data security and deleting personal data that will affect many business processes in the insurance software industry and beyond.
Avoiding penalties and consequences
Every legal framework carries penalties for non-compliance and staff training can help a business to avoid falling foul of these penalties. The GDPR, for example, will give the Information Commissioner’s Office new powers to fine non-compliant businesses up to €20 million, or 4% annual global turnover, whichever is higher. Where staff are aware of compliance obligations - and trained to help avoid problems - these penalties can be much more easily avoided.
Feeding into workplace culture
A foundation of compliance provides a strong basis for a positive workplace culture. Staff know where the boundaries lie, as well as why those boundaries exist, and this can give employees context and confidence in terms of what their role is and why it’s important. Compliance training also helps to communicate the expectations and obligations that the business has towards its customers and feeds into a culture of respect and knowledge.
Transparency and uniformity
Transparency is an important factor in workplace culture and ensures that, when something does go wrong, the issue is traceable and easy to detect. It also means that those working within the business know there is nothing to hide. Compliance training supports transparency and demonstrates why this is crucial, both for the future of the organisation and the day-to-day experience of those working within it. Compliance training can also help to implement standardisation and uniformity of systems and processes within the business, ensuring consistent ongoing performance.
Supporting risk management
Non-compliance is a big risk for any business and the process of ensuring compliance can provide a linchpin for the broader risk management infrastructure. Compliance training can also be designed to incorporate risk management training so that your workforce is aware of the risks that the business may face, whether that’s with respect to information management or customer service support. Risk management is almost impossible without the contribution of employees, and compliance training is a great way to integrate this.
Compliance training has a key role to play in modern business infrastructure – to find out more about how the software you use could contribute to high quality compliance get in touch with Mandon Software today.