Many highly regulated organizations require multiple levels of validated identity authentication, whether with e-signatures or physical identification. It is not enough that employees take a course. Highly regulated industries often have different concerns than other lines of business, including: Other industries may only need to worry about compliance once a year. There are industries such as aviation, banking, pharmaceuticals, health care, and mining in which regulation is an everyday concern.
Download Figure 2 below to see a general breakdown of what is included in compliance training for the average organization.Īnother huge factor in compliance is the industry. When we talk about compliance, it can mean many different things to different organizations. 2, right behind leadership development company compliance is No. According to the Brandon Hall Group Compliance Survey, between outside regulators and internal rules, compliance shows up twice on a list of the top five most important learning programs. Make no mistake: Companies understand just how important compliance is to the organization. With so much riding on compliance, companies constantly are looking for better, more effective ways to meet their compliance obligations. Almost two-thirds of survey respondents said that more than 75 percent of their workforce is affected by compliance, meaning the implications go much further than many realize. It is not simply the responsibility of one person or even a team of people. The importance is not limited to a small segment of the organization. Even those organizations that say they do not need to report to an outside agency are likely to have internal compliance issues they need to address, including, but not limited to, company policies and procedures. In a recent Brandon Hall Group Compliance Survey, more than two-thirds of organizations said that demonstrating compliance to an outside agency was either very or critically important. Most organizations are at least somewhat under the influence of an external agency (or even several)-download Figure 1 below. Among all of the issues the Learning function deals with, compliance is the one that can have the greatest consequences if it is mishandled. It can be difficult to manage it is not always the most engaging subject and it requires input from many parts of an organization. These are just two of the seemingly innumerable regulatory bodies that can have a tremendous impact on how an organization conducts itself.Ĭompliance is a topic organizations often struggle with. As of February 1, 2013, the SEC had collected $2.68 billion in penalties and other relief in response to the financial crisis ( ).
Occupational Safety and Health Administration (OSHA) conducted 93,438 inspections found 200,662 violations and levied nearly $200 million in fines ( ). By David Wentworth, Senior Learning Analyst, Brandon Hall Group
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