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Ethics & Compliance Training: 8 Things Your Board Needs to Know

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What is Online Ethics and Compliance Training?

ethics Work in the workplace is best described as an opportunity for employees to contribute, influence and lead by doing what is morally right. compliance, On the other hand, it complies with the company’s policies and procedures as required by national laws and regulations.

Ethics and compliance training helps align employee behavior with industry regulations and ethical values, improving a company’s financial performance, brand reputation and reducing compliance risk. With online delivery methods for training, content is flexible, cost-effective, and can reach a wider audience than in-person training, making it well suited to today’s hybrid workplace.

What does Ethics and Compliance training cover?

  • Ethics and Employee Behavior
  • harassment and discrimination
  • Whistleblowing and statements
  • Data privacy and cybersecurity
  • bribery and corruption
  • Diversity, Equity and Inclusion

8 things boards need to know about ethics and compliance training

1. Ethics and compliance training improves financial performance

Organizations that invest in comprehensive ethics and compliance training programs will: 218% Increase your income per employee and increase your profit margin by 24%. Furthermore, executives say: 63% One-hundredth of a company’s market value comes from its reputation, and the companies considered “most ethical in the world” are: 24.6%.

2. Training-based ethics and compliance programs reduce fraud

Building an ethical and respectful work culture starts with understanding your organization’s values ​​and the importance of speaking up about misconduct. A formal ethics and compliance training program provides employees with a framework for what is and is not acceptable.

According to a study in the NAVEX 2018 Research Benchmark Report, 72% of employees believe that building a culture of ethics and respect is the primary goal of training programs. Additionally, 56% of employees said a strong ethics and compliance training program was the biggest factor in preventing fraud than having a whistleblowing hotline, third-party oversight, or policy management system in place. I think.

3. Compliance regulations are increasing worldwide

The regulatory environment has strengthened rapidly, especially over the past decade, in response to social trends and geopolitical events. Recent ethics and compliance legal regulations include:

  • 2017 – Occupational Health and Safety Regulations (Australia)
  • 2018 – Anti-Money Laundering Directive and Data Protection Regulation (EU)
  • 2019 – Anti-Bribery Act (Saudi Arabia)
  • 2021- EU Whistleblower Protection Directive, Presidential Decree on DEI (USA) and Gender Equality for Legal and Economic Professionals (France)

4. Fraud and non-compliance fines also increased

Illegal activity and law enforcement levels are on the rise, and fines related to violations are increasing around the world. Not only has the number of fines increased over the past decade, but so has the cost of the fines themselves.

Fraud rates are increasing – 432.58 In 2020 and 2021, 1 million sets of data were compromised. moreover, 71% Percentage of companies that discovered fraud in the last 12 months 19% increase in workplace bullying over the last 11 years. Fines were also raised. A company was recently fined €746 million for non-GDPR compliance.

5. Ethics and compliance training strengthens legal defense

Evidence of an ethics and compliance training program can serve as an insurance policy and reduce penalties from law enforcement in the event of an incident. Companies with 500-5,000 employees can expect savings of $20,000 per year get fined with our online ethics and compliance training solution. Additionally, companies may face 50% fines (or penalties) are reduced if you have a strong commitment to employee ethics and compliance training.

6. The cost of non-compliance goes beyond fines and penalties

Companies without robust ethics and compliance programs are likely to pay more for non-compliance mistakes. Non-compliance is twice as common as staying compliant as of 2017, and can be costly to your business in several areas. The average cost of compliance The average cost of non-compliance is $5.47 million compared to $14.83 million. Areas that could be significantly impacted include lost productivity. $4 million, business disruption can cost over $5 million.

7. Online training can reduce overall training costs

Online training is faster and more accessible to employees than in-person training, saving travel, accommodation and facility rental costs. Additionally, online training is more effective than face-to-face training. 40-60% Faster time to completion and maximum employee 60% Details during the course. Online training also reduces overall costs by reducing travel and lodging expenses.

8. Not all workouts are the same

Not all workouts are created equal. By investing in a customized ethics and compliance training program, your organization can provide up-to-date content that adapts to specific role and job requirements and tracks course completion.

Quality online training should:

  • under legal scrutiny
  • cover a specific topic
  • Tailor training to employee needs
  • Include adaptive courses and interactive elements better suited to adult learning
  • have an audit trail.

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