How Risk and Compliance Training Can Help Boost Career Performance
Compliance and risk training is like buying insurance – there is a little bit of cost involved every year, but it more than pays for itself when a crisis occurs.
The cost of compliance and risk management has been increasing every year. As the government rolls out more regulations covering every sector of the economy, this is only expected to increase in the future. As high as the cost of compliance may be, the cost of not adhering to regulations can be catastrophic. This is why companies of all sizes have been focusing on ensuring that all their employees have at least a basic understanding of the regulations which are relevant to them.
The new training regime
The traditional model of delivery for risk and compliance training was what is called a read and agree form. You are presented with a document which distills all the risk and compliance related information into a few pages and you simply sign at the end. However, this tick-mark activity rarely helps in the event of an actual crisis. Furthermore, the regulatory and risk environment changes so rapidly these days, that the trainings have to be revised at least annually in order to remain relevant.
Many companies are now resorting to purpose built training programs which are created in-house or by specialized vendors. These could be interactive, web-based sessions or small classroom or telepresence sessions. In addition to ensuring that the content is relevant, the delivery method and actual testing is also given due importance.
So how can risk and compliance training help boost your career?
As compliance and risk management costs escalate, the value of employees with these skills witnesses a commensurate rise. The best way to answer this is – because these skills are in demand!d
Risk or compliance trainings do not only have to cover regulatory aspects, but they can also cover a whole host of other things. Every firm, for example, is susceptible to legal risk, reputational risk, environmental risk and so on. So if you work in a manufacturing company, how well you manage the damage to the environment becomes important. If you are negotiating a contract with a client, your experience with contractual risk would likely set you apart.
Then there are aspects which directly affect your job. Think about the operational risks in your role. Or if you are on the sales side, how market risk can affect the demand for your product. Purpose built compliance and risk training can cover each of these areas.
The best part is that the impact of these trainings can be felt across the entire organization. At the senior level, the focus would be on macro issues like preserving shareholder or brand value or perhaps reducing any reputational risk. At the middle management level, the focus would be more on avoiding unnecessary cost escalations due to unplanned events or perhaps adhering to set processes. At the employee level, the training could be about personal or informational security and so on.
Guidelines and regulations issued by the Government, industrial bodies or your own organization are only going to increase in the future. A well rounded employee needs to ensure that any of his actions do not lead to any unforeseen risks for his employer. Individuals who demonstrate this ability to understand risks and navigate the regulations, will only increase their value to the organization now and in the future.