Three tips for your new year’s compliance checkup

Check list

January may signify the loss of sun-drenched beachside holidays as you readjust to business as usual, but it’s also an opportune time to refresh your organisation’s objectives and check in with staff to begin the year on a positive note. Setting ambitious sales targets and devising strategies for new clients may be top of the agenda, though it pays to do a compliance checkup along the way with these tips in mind:

1. Identify gaps in learning and compliance training

A training needs analysis may not seem like the most exhilarating activity at first glance. But it can go a long way towards ensuring that your training covers all the relevant areas and does more than just ‘tick a box’. Ensuring that company procedures are published and updated and that staff at all levels have completed their relevant compliance training will mean everyone is on the same page with common goals.

 2. Make your teams aware of compliance contacts and their responsibilities

Who can employees go to if they suspect an IT scam is making the rounds? What if simmering tensions between a few workers haven’t mended over the holiday break? It’s important that staff know what the Compliance Officer is responsible for and are comfortable enough to approach them or management when these types of issues arise. It goes back to establishing a culture that promotes clear lines of communication, but also the old saying that “prevention is better than cure”. This brings us to the third tip.

3. Review risk management procedures through assessing your workplace culture

“Risk management” and “due diligence” always come up when talking about compliance procedures. Your organisation’s workplace culture is where risk management starts – if employees are in an environment where their peers are acting with a compliance mindset, they’re more likely to follow suit. Implementing programs which demonstrate real-world scenarios that your employees can directly relate to is a great place to start. Bringing together multiple departments through workshops or discussion groups about their approaches to high-risk areas like fraud awareness are also a good way to check that your compliance policies are being adopted. Further training can then be adapted as required to fill any gaps in knowledge and embed compliance as a fundamental part of how workers carry out their everyday tasks.

Some key checkpoints:

  • Are new employees briefed on the importance of a collaborative and diligent workplace culture led by example?
  • Does your company have a fraud awareness plan and social media policy?
  • Do your meetings just focus on the numbers or is there also a focus on establishing good business ethics?

GRC Solutions provides a large library of award-winning online compliance training, as well as customisation and bespoke development services.