When implemented properly, compliance training courses bring the best out of employees, protect the organization from legal trouble, and result in better experiences for users and customers.
Amid all the available board governance training options, it can be tough to know where to start. Read on to learn about the best compliance training programs and discover how board management software helps organizations facilitate compliance training.
What is Compliance Training?
A sophisticated compliance training program is designed to educate employees about relevant laws, regulations, and policies that apply to their unique job responsibilities. The primary purpose of compliance training is to ensure that employees understand their legal obligations, ethical responsibilities, and the potential consequences of noncompliance.
Compliance training focuses on regulations, specifically how to adhere to them, and the penalties that may occur. Training is often tailored to the particulars of each job and should be viewed as an ongoing process, not a one-time event.
Employees need to understand the latest rules and standards so they can perform their roles to the best of their ability and avoid serious infractions. Compliance should be overseen by a compliance committee, which works in concert with the in-house corporate governance committee and audit committee.
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Benefits of Compliance Training
Legal Compliance
Compliance training serves as a means of protection for the entire organization. It informs employees of relevant laws, regulations, and industry standards that define how their jobs should be performed. This knowledge makes it easier for staff to avoid fines or lawsuits related to their work. Training courses also shape the purpose and structure of the company’s compliance committee charter.
Risk Management
Greater awareness of the rules around compliance helps employees understand the organization’s risk management strategy and encourages them to be responsible with work-related materials and actions.
Ethical Standards
Focusing on workplace ethics helps employees trust that their coworkers and leadership team are invested in doing things the right way.
Reputation Protection
Organizations that prioritize compliance training and integrity also safeguard their reputation. When stakeholders, clients, and customers think highly of your operation, they’re more likely to spend or invest money in your establishment.
Employee Development
Overall, compliance training courses give employees the education to internalize their responsibilities, make better decisions, and do their jobs efficiently with less oversight from management. This leads to more productivity, fewer injuries, and a better experience for employees.
5 Compliance Training Programs
1. NAVEX Global
According to their website, NAVEX has worked with over 13,000 customers across the globe, including 75% of the Fortune 100 and 500 companies. The company assists organizations by providing online compliance training courses, continuous compliance, and reporting tools to facilitate the creation of an improved organizational framework. The prices for NAVEX’s services are personalized for each client. You can request a price from their website or by calling 866-297-0224.
2. Society of Corporate Compliance and Ethics
The Society of Corporate Compliance and Ethics (SCCE) is a 501(c)(6) member-based nonprofit that promotes better standards in compliance and ethics training programs. The organization hosts global conferences and webinars and creates educational materials on corporate compliance. SCCE also provides professional certification through the Compliance Certification Board. (A membership is not required to attain or renew a certification.)
The membership costs are as follows:
- Individual Membership: $325 per year
- Group Membership (four or more people): $275 per year. Each member must apply separately.
- Student Membership (must also be unemployed): $49 per year.
- Retiree Membership: $150 per year
3. Skillsoft Compliance Solutions
Skillsoft partners with organizations (over 1,800 to date) to enact compliance training courses. Topics include:
- Legal and ethics compliance
- Workplace harassment training
- Environmental health and safety compliance
- Hybrid work safety
- Global code of conduct
- Privacy and data protection
Contact the company for pricing information or request a demo from their website.
4. LRN
LRN is another outfit that helps companies create or improve their workplace culture with over 160 compliance training courses covering the following topics:
- Anti-bribery/corruption
- Code of conduct
- Anti-harassment/discrimination
- Data protection
- DEI (Diversity, equity, and inclusion)
- Trade compliance
- Securities/insider trading
LRN also has a feature called Smart Code, which presents your code of conduct as an interactive microsite where employees can search for information and become more aware of potential risks. Contact LRN for a personalized quote.
5. Ethics & Compliance Initiative
The Ethics & Compliance Initiative (ECI) is a union between the two oldest nonprofits in the industry: The Ethics Resource Center and Ethics & Compliance Officer Association. The organization works to improve the effectiveness of compliance and ethics programs through consulting, surveys, and a certification program. The certification program costs $295 for ECI members and $395 for non-members.
An ECI membership costs $395 per year. For organizations or other levels of membership, contact ECI to discuss the price.
Getting Started With OnBoard
Compliance training ensures employees perform their duties in an ethical manner and safeguard the company from risk.
OnBoard board management software provides key features to help your organization share information and enhance compliance training, including:
- Meeting minutes builder
- Diversity reporting tools
- Video conferencing tools
- Secure messaging platform
- Zoom integration
Download our free Board Meeting Minutes Template to see how OnBoard can help your organization.
Efficiently track and document board decisions with our Meeting Minutes Template
Ready to upgrade your board’s effectiveness with OnBoard the board intelligence platform? Schedule a demo or request a free trial.
About The Author
- Adam Wire is a Content Marketing Manager at OnBoard who joined the company in 2021. A Ball State University graduate, Adam worked in various content marketing roles at Angi, USA Football, and Adult & Child Health following a 12-year career in newspapers. His favorite part of the job is problem-solving and helping teammates achieve their goals. He lives in Indianapolis with his wife and two dogs. He’s an avid sports fan and foodie who also enjoys lawn and yard work and running.
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