In this article, we highlight the key benefits and impact that compliance training has on business culture, practices and risk and hear from our Affinity Nav leaders, Tony and Kristy, about the Nav LMS compliance training platform, Atlas.

When operating a regulated business, there are essential legal and regulatory requirements that must be met. Compliance failures significantly harm a company’s reputation and damage their credibility as a trusted brand.

In some jurisdictions, regular compliance training is a legal requirement. Compliance can often be regarded as a nuisance and many companies will comply with the bare minimum to meet standard requirements. However, regular training not only mitigates risks but can considerably streamline operations and strengthen company culture.  

Compliance training is also an excellent way to reduce costs. Having effective and regular training, delivered by compliance professionals, equips employees with knowledge to identify, assess and respond to risks. This in turn reduces business costs on regulatory enforcement action and internal investigation to find the root cause of problems.

How training significantly impacts your company overall

Regular compliance training reduces business risk of legal and regulatory breaches and builds a strong ethical culture. Reducing business risk improves operational efficiency and supports growth through positive regulator relationships and reputation.

Training your workforce regularly ensures your team(s) are well-equipped with the appropriate knowledge required so they can do their jobs correctly. It keeps your team aware of what’s relevant in the current market and the key developments that may have a direct impact on your operations. Staying up to date is critical in the regulated environment as it is continuously evolving. This is fundamental to protect your brand, people and reputation.

Training also positively contributes to your company culture. It reinforces integrity and accountability and provides clear direction for team members on their specific roles and responsibilities. This helps to reinforce trust in your employees and gives them a chance to contribute their ideas or to express concerns.

Regular training keeps your team informed about your policies and aligned to working towards the same objectives. It also mitigates potential violations, such as regulatory breaches or data leaks, by acting as a control mechanism to prevent non-compliant behavior or mistakes before they escalate. In the regulated environment, failure to comply with regulatory requirements can result in serious consequences such as heavy fines, legal action and even company closure.

Benefits of outsourcing training

Training can put a strain on your resources; it requires your team to allocate time outside of their job responsibilities to deliver and prepare training content. It’s often not considered a main priority and may not be as thorough as it should be.

By outsourcing training, you ensure the quality of content is up to standard and the frequency of training is maintained by taking the burden off your team. Outsourcing provides access to a wide pool of people with the required expertise who specialise in a specific subject. An external party will take the time to understand your unique business model and training objectives to ensure the training delivered is aligned to your company practices. This also provides flexibility for your training content which can be delivered bespoke to you, your needs and your business, rather then an ‘off the shelf ‘ delivery.

They can provide consultancy on what relevant regulations apply to your industry and outline what compliance requirements to be aware of.  In addition to sharing regular updates on industry developments, they can provide company specific policies and procedures.  They can also implement reporting mechanisms to ensure the company is operating in accordance with compliance standards to keep the company protected.

Our experts are always on hand after the training for follow up sessions, meaning you can take advantage of the flexibility to customise future content.  Our professionals remain up to date with emerging standards and risks and have access to colleagues across the globe in the same industry. With years of hands-on experience in the sector, we have built strong, positive trusted relationships with the regulators and other supervisory agencies. We have access to the most up to date information and are invited to consult on changes – mean your voice will be heard.

What resources are required

External providers offer a range of services that  are tailored to suit the company’s specific objectives. They also offer white-label products so the company can retain its own branding whilst taking advantage of the content.

The packages can be simple or complex as you requireand can cover any topic from the ‘Role of the Regulator, the Licensing Process, Role of a Designated Official AML,  Ant-Bribery and Corruption and the Role and Responsibilities of a Company Director’

From e-learning modules, workshops and quizzes, an external party provides fresh and interactive content which is informative and company-specific and keeps the team engaged. The software external parties have available also provide further insights and data for the company on employee progress, with automated reminders and deadlines and certificates are often deployed to keep the team on track with the training allocated.

Crafting your compliance culture  

A good compliance culture starts from the top with senior management who must lead by example. This shapes the attitudes and behavior of the business which will protect the business from regulatory action and reputational damage.

Involvement from senior leadership  encourages buy-in from staff and training platforms are a great method to demonstrate participation from senior leadership, which sets a good example for the team. Recognising performance is also a great way to motivate employees and by adopting a training platform, compliance awareness can be integrated into the company’s practices as a KPI.

Navigate global regulatory compliance with Atlas

Atlas is our interactive online learning platform that offers a range of training courses which can be made bespoke to your company’s procedures and business model.

Our LMS platform lets you manage ongoing training for your workforce through expert-developed content on key topics in the regulated environment, including AML/CFT/CPF, sanctions compliance, cyber security and data protection.

Our Atlas leaders – Tony and Kristy

Our team of professionals have decades of collective experience in the regulated environment. Spanning various regulated sectors, including eGaming, medical cannabis and fintech, our experts provide guidance and a range of tailored solutions to meet bespoke requirements.

“Our compliance training portal has been designed by our team who hold specialist knowledge on regulatory compliance in multiple sectors. As a regulated business, we understand first-hand the challenges the regulated environment brings and the pressure it puts on resources. Our focus with Atlas is to relieve these issues for clients by offering our vast depth of specialist knowledge as a flexible resource which can be applied to their practices.” – Tony Ure, Head of eGaming Strategy.

“Our compliance teams stay on the pulse with global regulatory developments so we can provide our clients with up-to-date information that they can rely on to help keep their business informed and protected. The nature of our service has always been personal, and this is exactly the type of service we offer at Atlas. In addition to our bespoke product offering, we provide dedicated on-going support, which often extends to other areas of the business.” – Kristy Maxwell, Associate Director.

Atlas key features:

A white-label solution: brand the platform and deliver training to your employees.

Business specific content;

Produces CPD records and certifications

Gamification options for friendly competition within teams

Interactive course content

Produces key management reporting info

Contact our team

If you are interested in Atlas or any other services, contact our team at info@affinityco.com to learn more.

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