We know it’s a lot easier said than done but as wise people would say, worrying never helped anyone. Instead, you need to figure out how you can better the process of compliance training management with the help of technology and innovation. The sea of change that has been witnessed by every industry in 2020 is only a precursor to the risk regulatory arrangements and compliance mandates that are going to follow. 74% organizations are already planning to increase their compliance training budget and rightly so.
Digitalization has created a few habits in us which have altered the way we function. Human beings are now essentially addicted to ease of access, flexibility, agile response, regular reminders and immediate gratification. Incorporating these features increases the chances of adoption of any procedure. Thus, it is high time that you look at making your compliance training process automated and technology driven.
Curating Learning Experiences
Learning Management Systems are not enough if you are not using them to optimize the training procedure. Not only deployment of courses but vILT features are necessary to ensure that the training they are receiving are wholesome. It should have simulations and communication features to help with practical learning exercise and problem solving. Enabling your employees with a complete learning system that supports them with flexibility and issue resolution will always be seen as an encouragement.
According to the True Cost of Compliance with Data Protection Regulations, a recent study sponsored by Globalscape and independently conducted by Ponemon Institute, an average cost of non-compliance can range from $14 million to a maximum of almost $40 million. One reason for this is lack of automation and timely notification, in case of certification expiry. Integrating a certification management tool in your LMS will keep a tab on your employee’s certificate expiry and you can focus on better training than worrying about doing it manually. This increases productivity by leaps and bounds and effectively reduces the cost of non-compliance.
On-Time Report Generation
Keeping track of who has completed the training and who hasn’t has caused insomnia for many L&D managers. It, however, has an easy and basic fix which isn’t even a very new feature but so less acknowledged as a lifesaver. Let your LMS reports compile the data on who has completed their training and who hasn’t. Check the reports to track learner behavior in real time and correct path before it is too late. Your reports will be autogenerated and thus help during audits.
From banking to manufacturing, aviation, pharma and multiple other industries have very strict compliance regulations. If you are a part of such an industry and have a suggestion or a question regarding compliance management please write to us.