Compliance has been a word of mouth in the banking or financial industry since it ensures that everything is orderly and does not break the laws, regulations, policies, and procedures. A growing issue, however, is ensuring the employees are educated on company laws, regulations, and policies to perform their responsibilities well.
Compliance training serves as the function to affirm the employees of the company's regulations and laws. It is a responsibility because non-compliance costs a lot more and it is to impart to the employees the respect, impartiality, commitment, and obedience to the laws, regulations, and policies of the company. The training involves how to address issues on inequality, workplace safety, and cybersecurity.
The employees are the greatest asset in compliance because they would lead your company to success and avoid receiving consent orders or penalties. As quoted by Colin Clark: "You can get compliance as a by-product of just doing your job right in the place." Without compliance training, meeting the standards and reducing potential risks and damages will be unachievable.
Compliance is not only about being a good follower to the employer nor management staff with the policies implemented; it is the commitment to ensure the safety and healthiness of working environment. The essence of compliance training is protection of the employees from downfall or drastic consequences to be successful and stay in business.