How to change the game of compliance training
Compliance training is a necessity. It is crucial that your employees are up to date with your policies, regulations and legal requirements.
After all, organizations and individuals who fall foul of industry rules and regulations can be hit with severe penalties and fines.
What is compliance training?
Compliance training is an essential type of employee training, which is used to inform your team of your organization’s:
– Policies
– Regulations
– Commitment to laws
Employee compliance training is all about keeping your company and the people in your company safe.
Remember, compliance training is mandatory
Employee compliance training is mandatory, and almost always needs to be completed by certain deadlines for your employees and company to comply.
Why is compliance training important for your organization?
According to Forbes, only 10% of corporate compliance training is effective. This is shocking when you can consider that compliance training is vital for any business.
If your compliance training solutions are inefficient, your organization faces serious consequences, including:
– Fines
– Loss of employment
– Audits
– Reputational damage
– Criminal prosecution
Successful compliance training for employees can reduce workplace injuries and expensive, highly damaging mistakes.
Why gamified and mobile-first compliance training could be the way forward for your organization
1. Simulation based training can go hand in hand with compliance training by using interactive, immersive training solutions, including AR, VR or 3D technologies.
2. For remote employees, why not introduce mobile-based training? Deliver custom compliance training, accessible from any device, anywhere, any time.
What types of compliance training are out there?
Every industry has their own rules and regulations to contend with.
Here are just a few examples:
1. Anti-Money Laundering (AML) training
In 2022, IBM suffered a data breach costing $4.35 million.
AML training can prevent this. This compliance training allows companies to develop important frameworks that mitigate and prevent potential threats – from breaches in cyber security to terrorism.
- Fraud Awareness and Prevention Training
- Anti-Harassment and Bullying (or HR Compliance Training)
- Anti-Bribery
- Conflicts of interest
- Cyber Security
- DAC6
- Data Privacy & GDPR
2. Diversity & Inclusion
The fundamentals of diversity and inclusion are important in every workplace, no matter the industry you work in.
- FCPA
- HIPAA & OSHA Training
- Risk Management
- Securities Law
- Climate Change & ESG
3. Health & Safety compliance training
For those in the industry, providing thorough and detailed health and safety training for your teams is vital.
According to the International Labor Organization, losses by organizations from compensation, lost work days and interrupted production due to poor health and safety equates to almost 4% of the world’s annual GDP.
Cut back on all costly errors using health and safety-based compliance training.
- 508 compliance training
- Pharmaceutical compliance training
The more specific your compliance training, the better
It can prevent costly errors and incidents.
No matter your field of work, implementing effective and specific compliance training will ensure your employees act responsibly and adhere to best practices.
Every organization and workplace is different, even within the same industry. Your challenges may be the same, but that doesn’t mean the solutions will be.
That’s why your workplace compliance training needs to be specific.
A cost-effective way to maintain compliance
A very important benefit of employee compliance training is that you are protecting your company, and everyone in it. Successful compliance training is a cost-effective way to diminish the risk of non-compliance, which, as we’ve said before, can result in fines and fees.
Implementing compliance training solutions that are effective the first time around will help your team steer clear of costly mistakes. In 2018, non-compliance cost organizations almost $4 billion.
Protect your people and your organization in the long run. It’s worth the investment.
Does gamified training provide better results for compliance training?
Compliance training should be more than a tick-box exercise.
Engaging in realistic workplace scenarios helps your employees see the consequences of their decisions and learn from their mistakes. Just like any other game, if they get things wrong, they can simply have another go. After all, it’s repetition that drives players towards improved confidence and mastery.
When top Norwegian investment bank Bien Sparebank needed a comprehensive training solution to certify hundreds of employees in anti-money laundering regulations, they decided to go against the status quo and introduce a new way of training: gamified simulation.
Having previously relied on e-learning or classroom training to upskill staff, the learning and development team decided it was time for a change. It was this decision that led to creating the AML app – and the results were impressive.
After completion, average playthroughs continued for a further 52 minutes, a 108% increase.
Staff completed each scenario an average of more than 8 times.
Within a few short weeks of deploying the AML app, 100% of employees were certified
Why settle for anything less than an exceptional learning experience?
Compliance training that sticks
To ensure learning sticks, motivate them to train using interactive and scenario based-training.
If you’re looking to engage your employees, and for them to learn in a way that lasts, we’ve got cutting edge solutions, such as VR and 3D, that create a fully immersive training experience.
Forget what you know about compliance training. It’s out with the old and in with the new; it’s time to change the game.
If you’d like to join our learning revolution and give your teams everything they need for success, talk to one of our Attensi team today.