Have you considered the undisclosed costs your company incurs due to non-compliance? Compliance training is more important in the current business world, which has become more complex and regulated than ever. Employees must know industry rules and their employer’s policies and procedures to prevent costly mistakes and sustain a sound image. With changing regulatory demands, the need for comprehensive and relevant compliance training programs is an issue that continues to be problematic for numerous organizations.
It can be wise to outsource compliance training because it may provide practitioners with access to resources that may not be available internally. However, this strategy can only work if the right partner is chosen. This means that when an organization hires or selects a compliance training provider, the provider can design programs that are best suited to the specific organization and deliver training messages to the targeted employees.
For instance, Drata’s survey revealed that 77% of businesses with never-ending compliance processes have an excellent or very good compliance score compared to 67% of companies with point-in-time compliance practices. This shows the need for ongoing training and ensuring all employees adhere to the country’s laws. Read ahead to learn the intricacies of selecting the right compliance training company. Here, we will focus on advantages, selection criteria, and strategies for future cooperation in outsourcing relations.
Understanding the Need for Compliance Training
Compliance training constitutes a formalized program crafted to instruct employees on the laws, regulations, and policies that apply to their job responsibilities and the industry sector. This training helps prevent ethical misconduct, legal issues, and organizational non-compliance. It entails issues such as occupational health and safety, information technology security, anti-fraud procedures, and sectoral requirements.
It is imperative to understand the importance of compliance training. Non-compliance has severe repercussions, such as penalties, legal actions, and negative impacts on the business’s image. Compliance training helps prevent employees from engaging in wrongdoings or violating the set legal and ethical standards because they lack adequate knowledge.
Gallup has revealed that most employees have training experiences that are uninspiring, unmemorable, or irrelevant to their work. The above findings stress the need for designing compliance training that is both effective and interesting, and that appeals to learners’ reasoning.
Challenges of In-House Compliance Training
Developing and managing compliance training in-house is often quite difficult for many organizations. One big problem is the time limitation: designing and updating perfect training programs takes time and money. In many cases, internal teams seldom possess the specialization in writing training content and further updating it.
Another issue is the volatility of the rules and regulations, and it may take time to track these changes. Regulations continually evolve, posing a frequent challenge for in-house teams to stay abreast of these changes. This can lead to wrong reference materials for training, increasing the risk of non-compliance and related penalties.
Benefits of Outsourcing Compliance Training
- Access to Expertise: Outsourcing provides access to specialized trainers with in-depth knowledge of current regulations and best practices, ensuring accurate and effective training programs.
- Cost-Effectiveness: Outsourcing compliance training reduces the burden on internal resources and eliminates the need for costly training tools and content creation, allowing for efficient budget allocation.
- Scalability and Flexibility: External compliance training providers offer flexible solutions that can adjust to your organization’s evolving needs, catering to small teams and entire workforces.
- Technology and Innovation: Outsourced training providers use advanced technology, including interactive eLearning platforms and mobile accessibility, to enhance the learning experience.
- Reduced Turnaround Time: Experienced providers have streamlined processes for faster implementation, quickly addressing compliance needs and reducing risks.
- Decreased Development Costs: Outsourcing compliance training & development saves on the costs of creating content internally and purchasing authoring tools.
- Avoid Launch Delays: Partnering with an experienced provider ensures the timely delivery and implementation of training programs, avoiding common pitfalls and delays.
Key Factors to Consider When Choosing a Compliance Training Partner
Industry Experience and Expertise
When choosing a partner for compliance training, evaluate their experience and proficiency within your industry. A partner with a demonstrated history in your sector will be better equipped to tackle your distinct compliance requirements effectively.
Comprehensive Training Solutions
Look for a partner that offers a wide range of training courses and modules. Comprehensive solutions ensure that all compliance aspects are covered, providing a well-rounded approach to training.
Customization and Personalization
Ensure the partner can tailor their programs to meet your organization’s needs. Customized training solutions are designed to match your company’s culture and compliance requirements.
Accreditation and Certification
Check that the partner’s training programs are acknowledged and accredited by relevant authorities. Accreditation confirms compliance with industry standards and regulatory expectations.
Technology and Delivery Methods
Evaluate the technology and delivery methods used by the partner. Advanced eLearning platforms, interactive modules, and mobile accessibility can enhance the training experience and ensure greater reach and engagement.
Customer Support and Service
Ongoing support and service are critical for the success of your training programs. Choose a partner that offers excellent customer support and is responsive to your needs, providing continuous assistance and updates.
Best Practices for a Successful Partnership
- Clear Communication and Expectations: Open lines of communication are essential from the outset. Clearly define expectations, roles, and responsibilities to ensure both parties are aligned with the project goals.
- Regular Review and Feedback: Implement a system for continuous monitoring and feedback. Regular assessments assist in identifying areas that can be improved and ensure the training remains relevant and effective.
- Collaborative Approach: Collaborate closely with your training partner to continuously refine and enhance the programs. Foster a collaborative environment where ideas are shared and feedback is valued, allowing for ongoing refinement of the training materials.
- Staying Updated with Regulatory Changes: Regulatory landscapes evolve constantly, making it crucial for both parties to stay updated. Ensure your training partner remains proactive in monitoring regulatory updates and adjusts the training content accordingly
- Flexibility and Adaptability: Be prepared to adapt to changing circumstances and requirements. A flexible approach allows adjustments to be made promptly, ensuring the training effectively addresses compliance needs.
- Ongoing Support and Maintenance: Select a partner that provides continuous support and maintenance for the training programs, including regular updates, troubleshooting assistance, and addressing any post-implementation issues that may arise.
- Continuous Improvement: Strive for continuous improvement in the training programs. Monitor performance metrics, gather learner feedback, and identify areas for enhancement to ensure the training remains effective and impactful.
Conclusion
Outsourcing compliance training has numerous advantages, including expertise, cost factors, flexibility, and technology. Yet, this approach highly depends on selecting the right partner. Some key considerations include experience in the industry, the extent of service provision, flexibility in service provision, accreditation, use of technology and customer service.
Infopro Learning offers customized eLearning solutions that address business requirements and help employees. Our approach, in turn, cuts the eLearning cost while at the same time increasing the training return on investment. We emphasize delivering the organization’s values through proper and interesting training sessions. AI, advanced systems, and professional service guarantee your organization will remain informed of current rules and regulations and has efficient compliance processes. Cuts the eLearning cost while at the same time increasing the training return on investment. We emphasize the delivery of the organization’s values through proper and interesting training sessions. AI, advanced systems, and professional service guarantee your organization will remain informed of current rules and/or regulations and has efficient compliance processes.
Are you ready to enhance your compliance training efforts? Get in touch with our team at Infopro Learning to begin your compliance success story now.
