Ensuring a culture of compliance is among the most important tasks for you and your team. Not doing so can result in variety of risks for your department and the broader company. This piece will discuss ways to create and sustain a culture of compliance.
Creating a culture of compliance is near impossible without the support of the company’s senior management. With that fact in mind, determine which leaders outside of compliance are crucial in your efforts. A first, obvious choice is gaining support from the legal team. A natural partner that is also focused on risk, the legal team can serve as reliable advocates when you seek to convince the CEO and or the Board to make a company-wide change. Consider also working with the HR department, which can help you disseminate the compliance message across the business. HR can also be invaluable in training new hires regarding the function and needs of your compliance team.
The legal team can serve as reliable advocates when you seek to convince the CEO and or the Board to make a company-wide change.
Even if you receive strong corporate support, convincing the rest of company is far from an easy task. For seasoned employees, early engagement is key. A yearly course with periodic refreshers can go a long way in making sure staff understand compliance issues.
It can also provide a mechanism for timely updates and help staff understand important trends in the compliance world. In designing a training program, be sure to make the content engaging, allowing employees to provide their own thoughts and feedback, which will help you better tailor the material in the future. When presenting this information, discuss the reporting structure members can use if they see a violation. It is important to be as clear as possible on the process of reporting an issue and how it will be addressed.
A yearly course with periodic refreshers can go a long way in making sure staff understand compliance issues.
As your compliance team starts to experience the benefits of the broader company buying into your ideal culture, the next obvious step should be transitioning to a long-term compliance strategy. Data can be a useful tool in this endeavor. Create benchmarks for the company for everyone to work toward. At the same time, be sure to provide clear steps for each employee to help meet your compliance goals. After a sufficient period of time, meet with relevant departments, so you can discuss progress and showcase each team’s direct impact on mitigating compliance risk. And be sure to share positive data with the C-Suite to highlight the benefits of your efforts.
Create benchmarks for the company for everyone to work toward. At the same time, be sure to provide clear steps for each employee to help meet your compliance goals.
If a culture of compliance is properly developed and nurtured, you can avoid many future headaches for the compliance team. Be sure to take the time to build a compliance-oriented culture, and you can make your and your team’s job much easier for the long haul.