The Facts

 

Common compliance elements making up corporate compliance programs include:

  • Employee compliance training
  • Policy Management
  • Third Party Training & Risk Management
  • Demonstrating Effectiveness

 

What do you need to know about them?

  1. Employee compliance training

    About 56% of organisations globally provide their employees with annual online Compliance training and there is increasing pressure on organisations to reduce employee ‘seat time’.72% of companies view the adoption of mobile technology for the delivery of training as desirable or essential but less than 10% are actually doing it.

  2. Policy Management

    Companies are familiar with the use of policies to provide guidance on employee behaviour. However, nearly 50% of companies report that management and coordination of policies is difficult. The rate of change and the sheer volume of regulations is creating a significant distribution and management issue or organisations.

    Only 13% of companies have some sort of policy management system.

  3. Third Party Training & Risk Management

    36% of organisations do not train or do not know if they train their third parties. In the Australia Mortgage Broking industry (for example) banks train their third parties on their mortgage products but currently have no way of knowing if that third party is meeting all their compliance obligations as a mortgage professional yet these 3rd parties are out selling the banks products.

    Only 16% of companies are training their third parties annually.

  4. Demonstrate Effectiveness

    Companies are being asked by external auditors, boards and by regulators to demonstrate how they are managing their compliance and ongoing training commitments. The risk to companies from enhanced regulatory enforcement and new legislation continues to increase. Enforcement actions are increasing and officials are becoming more prescriptive about what they expect from companies’ compliance programs.

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