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Compliance Training – a Corporate Must Have

Proudly Serving Annapolis For Over 15 Years

DSR specializes in providing compliance training services in the Annapolis, MD area. One of the most vital processes to institute in any business, compliance training provider streamlines your onboarding, protects you from legal, physical, or commercial risk, and makes for more effective, more successful, and happier workplaces. Contact us today to speak to a compliance training company consultant.

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What is Compliance Training?

Compliance Training

Every business has rules and regulations under which it must operate, whether it’s a small start-up, or a multinational corporation. These rules include the:

  • General ethical principles of any corporation
  • Specific legal requirements of a particular industry or sector
  • Requirements for data security and data management
  • Rules around non-disclosure of commercially sensitive information
  • Diversity, Equity, and Inclusion guidelines
  • Standard accountancy procedures and practices
  • Qualification and certification of key workers

This is not an exhaustive list. Some industries, such as finance, healthcare and the law are more heavily regulated that others, with federal and state requirements to adhere to as well as additional duties of confidentiality (such as in a lawyer-client relationship).

When companies onboard new staff it can be time-consuming and ineffective to task in-house HR staff with delivering compliance training. Pulling them away from their regular roles reduces efficiency and may be a bad use of resources.

This is where Compliance Training as a service step in.

 

What Exactly is Compliance Training?

Compliance training is the process of making sure that all employees understand and adhere to the rules, regulations, and standard operating procedures under which they must work.

For some industries these strictures are standardized, making it easier to deliver a relatively “one size fits all” approach to training. However, at DSR, we believe in making sure all our training packages are tailored to each client.

Video Conferencing Compliance Training

Compliance training can be delivered in person, virtually via a videoconferencing platform , or in the form of online training courses. There are also hybrid models combining two or more of these methods. At DSR we believe that the more interactive, one-on-one time your employees spend with a compliance trainer, the more information will sink in.

One particular challenge that compliance training companies face is making sure employees process and retain the large volume of information they will typically receive during a short onboarding process. It’s important, therefore, to provide high quality printed or online reference materials. Employees can return to these regularly to ensure their activities match current SOPs and regulations.

 

The Benefits of Compliance Training

When you hire DSR as your compliance training provider, you are effectively managing risk to the highest degree. We’ll work with you to identify the risks inherent in your business model and make sure appropriate procedures are inculcated.

Remember, failures in employees’ regulatory compliance can lead to the following negative outcomes:

  • Potential third-party lawsuits.
  • Loss of revenue due to inefficiency.
  • Loss of clients or customers.
  • Damage to reputation / Bad PR.
  • A more rapid employee turnover.
  • Removal of commercial licenses.
  • Physical injury, or even death.

Compliance training is perhaps the most important part of any employee onboarding process. It is vital to engage an experienced and professional provider of compliance training services to make sure your SOPs minimize risk as much as possible.

While it is sometimes possible to embed interactive systems which guide an online worker to complete all the necessary procedures in compliance with SOPs, it is always better to inculcate a rigorous approach within the employee. When an employee knows WHY an activity should be carried out in a particular way, they are less tempted to cut corners.

There is no substitute for a person-centred approach to compliance, delivered by charismatic, experienced trainers. This can, of course, be backed up with online courses and assessments too.

 

Compliance Training is Not an Optional Extra

The risks attached to not doing compliance training, or doing it badly are enormous – they can literally destroy a company, or even an industry.

The financial collapse of 2008 was largely due to the miss-selling of sub-prime mortgages and affiliated financial products. Brokers were evidently not doing enough to identify risky prospective customers. Procedures to minimize risk were being skipped over.

Such calamities can be avoided by instituting the right SOPs to manage risk, and then instilling those procedures in all employees with mandatory compliance training.

Let’s leave the last word to a former US Deputy Attorney General:
“If you think compliance is expensive, try non-compliance.” – Paul McNulty.

Minimize Risk and Ensure Compliance with Effective Training

Ensure that your employees maintain the highest standards of conduct while following all SOPs and regulations, by hiring DSR as your compliance training company.

Contact us today for a free compliance consultation.

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