In terms of finance-related regulatory compliance, there are new things you should learn. There are always changes in federal legislation and managers have to ensure their accounting and finance teams adhere to these changes to avoid extra costs and penalties. If you are a business owner, you want your accounting and finance people to learn the importance of compliance. Regulatory compliance training is important to keep your employees learning. Here are some tips that you may find helpful:
Everybody in your team must be involved in compliance even if some of them may not be involved in certain training projects. Empower your workers on how the program will help them do their jobs effectively. Also, consider sharing expectations that include learning objectives and expectations.
Be Aware of the Options Available to You
There are various forms of compliance training. Apart from in-person sessions, a lot of organizations provide resources available online and certification programs which can fit the schedules of any employees. It is important to pick a method which makes sense based on the workload of your company.
Work with a Consultant
If you are looking to improve regulatory compliance training in your organization, consider staff augmentation. Hiring a consultant with a familiarity of regulatory problems, you can provide your people the chance to work with and learn from a professional with years of experience helping organizations in various forms and sizes.
Although the training has to be ongoing, a consultant can serve as an essential supplemental resource. Your managers can engage with the expert during the project implementation by ensuring employees gain the tools and skills they need to finish compliance projects in the future by themselves.
Plan and Start Early
Compliance training must be planned out and initiated as early as possible. Complying with government regulations is a long-term process and a compliance program can only succeed when started out early. Having more time to prepare allows lesser chances of incurring penalties and other undesirable consequences.
Creating, updating, reviewing and posting policies can be time-consuming. These processes can be automated for easier control. Also, version control lets your business monitor who has updated or reviewed a policy. Remember to limit the access to policy and tie updates in with incident management. This can ensure a more proactive compliance. The access and visibility of updates ensure the application of a policy in a certain department or in the entire business.