Codes, Policies and Speaking Up: 3 "Tried and True" Compliance Training Themes!

Question: With the current geopolitical climate, developing a compliance training program is difficult, as compliance topics at the forefront continue to shift and evolve. How do I prepare for the coming year?

Answer:

Thanks for this question, which is a great one to be thinking ahead about as the summer is in full swing and the end of year approaches. 

While it can be hard to predict what the future will hold in terms of regulations and laws, several things remain unwavering when training on compliance: the need for ethical business practices, sharing those practices in your policies, and the need for employees AND third parties alike to speak up should they see something that may violate company codes and policies. Even when dealing with enforcement agencies, many provide guidance on the training that you need to share with your colleagues and that guidance remains constant.  

Take, for example, the 7 essential elements of an effective corporate compliance program. Meaningful training is one such element and includes touching on internal policies. 

When creating a training plan each year, it is important to highlight your company code of conduct and other policies, and what it means to do ethical business for your organization. Consider some of the following topics when addressing your audience:

• Accurate record-keeping and data protection

• Avoiding gifts, travel, or hospitality that is outside of the thresholds authorized by company policies

• Reviewing past ethical issues as helpful benchmarking/real-life examples of what not to do

• Conflicts of interest awareness and avoidance

If someone feels that a policy is being violated, they should also know who to contact/where to report. Add details like a dial-in number, chat support or an email address for the compliance team in which individuals can share their concerns. 

Including these important details with training each year will ensure that every individual will know your internal policies, regardless of outside factors, and that they will know how to report any possible wrongdoing.

Blaise Stanicic

Associate Director, Compliance Training, TRACE