Business and Compliance Training

It was once said by an American attorney Paul McNulty, "If you think compliance is expensive, try non-compliance." In case organizations fail to provide proper business compliance training to their employees, that would result in severe and costly repercussions, eventually threatening the company's future. When entering the world of business, several legal issues come along with it. Therefore it becomes essential for business owners to train and educate their employees on laws, regulations, as well as company policies that apply to their day-to-day job duties. There are several goals that can be achieved if employees are given business compliance training. Robust compliance training helps companies avoid and detect violations by employees, leading to legal liability. Moreover, if you have well-trained employees who feel good about where they work and who they work with, they will be more committed, loyal, and customer-service focused.

Corporate & regulatory compliance may not be viewed as an interesting business concept, but it’s a fact that your company can’t run without attaining some level of compliance. Violations of the numerous corporate policies, laws, and accreditation requirements, and regulatory policies can all have an adverse impact on your company or firm, from fines as well as penalties to lawsuits and even criminal charges.

Effective and ethical business compliance training is beyond the walls of formalities in the onboarding process. In order to keep employees updated on the latest policies and regulations, Workplace compliance training must continue on a regular basis. Business compliance training enables your organization to operate in a safe and efficient manner with the policies the organization has laid down to meet its founders' and executive vision. Corporate compliance ensures that your employees follow all laws and regulations set out by the state and Central Government.

All the organizations and emerging startups must offer compliance training to assist their employees, partners, as well as customers, know about the rules and regulations everyone must follow.

Business Compliance Training Program

• The business Compliance training program is an initiative taken by the organizations to impart meaningful knowledge to employees concerning the laws, regulations, as well as policies of the company.
• As rightly said, with great powers come significant responsibilities.
• Small businesses, as well as growing startups, are deemed as the catalysts of the current economic scenario.
• These business ventures comply with their responsibility of contributing to the Indian economy during crisis times.
• Nevertheless, these organizations carry certain duties towards their workers/employees or the public at large.
• From ensuring a safe environment at the workplace to safeguarding consumer policy along with privacy, business organizations are doing everything to avert the risk of ruining their reputation and tackling legal action.
• It’s not wrong to say that business compliance training program is the core of the risk management system of the organization.
• The compliance training program is the robust act or the all-round process of complying with specific norms, demands, proposals, desires, etc.
• In brief, it’s the conformity in fulfilling mandatory needs as per the market’s standard.
• Business Compliance training is a formal program or an act to direct the business organization’s employees on the policies, procedures, actions needed to prevent ongoing problems at the workspace and refrain them from contravening the land’s law.
• These laws are usually industry-specific.
• These specific laws are mainly in place to preserve the safety as well as the dignity of the employees at their workspace.
• Regulations, Policies, and legislations mandate these types of training.
• Employees should typically complete their Business compliance training in order to continue to stay in employment in the long run.

Importance of Compliance Training

The final purpose for any compliance training initiative must be to produce a safe, productive work environment that frequently requires a genuine shift in the company culture. The customary training can be the origin of that shift if the approach is in the right direction and manner.

To circulate the word with respect to the Compliance Training program, one should ensure its simplicity to acquire the technical information. By giving real-life examples as well as scenarios will lend life to the dry meaning of contents of compliances. Most importantly, microlearning can be helpful in keeping the employees actively engrossed with compliance training by extending the content in small-sized lessons.

Under several skill development programs conducted, the Indian Government has highlighted the importance of business compliance training. Also, the government has provided the platform to stay in touch with the blooming entrepreneurs’ business compliance training programs, which are shining on the battlefield of the market. This training program is more of a powerful weapon on this battlefield for the youthful warriors stepping in.

Types of Business Compliance Training

The major types of business compliance training are exhibited below-

• Anti-harassment training
• Data protection and privacy training
• Workplace safety training
• Diversity training
• Workplace violence
• Information security training 
• Healthcare training
• Export compliance training
• Bank compliance training
• Environmental compliance training
• Trade compliance training
• Regulatory compliance training

Benefits of this Training

If employees fail to prevent and manage compliance issues, the company will move towards the point of reputation damage. Then, penalties and fines are likely to be imposed. However, if the company will spend on business compliance training, these risks will be avoided. In industries such as Tech, Manufacturing, Finance, and Healthcare, there is an urgent need to conduct this training program. Compliance training will instruct how to prevent workplace accidents. The best part is that compliance training is cheaper as compared to most of the training. So, investing in it won't be a decision of loss.

Why Compliance Training Program?

Irrespective of the kind of business venture you are running, a compliance training program must be highly valued.

This training program revolves around two significant factors-

• Employees must be treated with loads of respect & dignity
• Reputable business must be taken seriously

Given below are the reasons why a business compliance training program is crucial in India-

Security at the Workplace

Some specific compliance, such as workplace violence, anti-harassment, etc., ensures workplace security and lifts the spirits and morale of employees. Maintaining the appropriate safety training protocols will reduce the cases related to the injury at the workplace.

Securing the Business Organization

Through a compliance training program, knowledge is imparted concerning how to secure the relevant and secret information of the organization.

Securing Insurance

Employees must receive proper training on compliance-related issues. This training is essential for an organization that is endeavouring to obtain insurance.

Minimizes the Chances of Legal Action

Besides safeguarding the organization from appropriate legal action, this training program also fosters transparency, well-being as well as smoothness throughout the organization. In addition to this, it can support the business corporation to avoid potentially harming lawsuits.

Uplifting the Productivity

Diversity training as well as other compliances stave off the issues related to the workplace that ensures outstanding results in the workplace’s working environment and uplifts productivity. Consistent training on diversity as well as the discrimination can help enhance collaboration and build towards an inclusive group.

Key Elements of Business Compliance Training Program

The key elements of business compliance training program are mentioned below-

Code of Conduct

A proper Code of Conduct encourages a safe and healthy work setting. It addresses aggression, harassment, as well as equality issues. It ensures that all employees give preference to cultural differences, respect the dignity, as well as rights of their co-workers. Such a kind of training encourage positive and healthy attitude at workplace and minimizes the cases pertaining to complaints made by employees. Code of Conduct will be helpful in better functioning of the business.

Policies on Gifts

Employers need to have policies on gifts as well as benefits to refrain from permitting external organizations to influence the behaviour of the employee. Some policies prohibit huge gifts and benefits from suppliers/customers and fix a monetary limit for what employees can accept. Training must clearly specify what gifts or benefits will be acceptable and what is prohibited as well. In addition to this, the training must define that regardless of the size of a gift, potential employees may not allow such supplier or customer initiatives affect their decisions on behalf of the company.

Privacy Laws

Privacy Laws are essential elements of business compliance training program. Companies should conform to privacy laws in order to provide safety to the personal information of their customers and preserve the interests related to intellectual property.

Awareness related to Health & Safety Policies

One of the most significant factors of compliance business training is raising awareness regarding health & safety policies. Legal as well as liability implications, are likely to occur in well-regulated industries if employees feel that they are working in an unhealthy and unsafe position. Through this training, employees become familiar with the policies framed for their welfare.

How is Business Compliance Training Different from Other Corporate Training?

• Business compliance training is different from any general type of training conducted in corporate as it encompasses a broad spectrum of subjects as well as rules.
• From how to file a report to how to use an ERP software, deep knowledge concerning different topics is imparted under this Business compliance training.
• Rules concerning business and employment-based laws and information related to the penalties for violating such rules are explained properly under Business compliance training.
• It can also throw light on industry-specific regulations, like the privacy of members as well as clients, financial disclosures, and reporting needs.
• Legal & ethical issues must be an integral part of this training.
• The existing values and principles of the organization should be covered under this form of training.
• This training must be mandatory and should be organized from time to time.
• An invitation should be sent to all the employees of the organization, including new employees and existing ones.

Role of Aatmnirbhar Sena

Aatmnirbhar Sena will be providing thorough and relevant to industry compliance training to new businesses. Our team of experienced lawyers, Company Secretaries, Chartered Accountants will provide training related to both Regulatory and Corporate Compliances. Our business compliance training program will help organizations prevent poor conduct and, at the same time, ensure proper governance. Several courses fall under the ambit of "compliance training." Some of the courses are Ethical workplace training, Project management, Business analysis, IT service management, etc.

Aatmnirbhar Sena's business compliance training program will develop employees' confidence to identify potential compliance issues and enhance the career prospects of individuals with fundamental knowledge relevant to any organization. For organizations, the training program will reduce the chances of incurring costly fines that could affect the company's future. Further, the compliance training program will provide employees the right level of understanding, which will improve productivity and safeguard the organization's reputation.