It’s no surprise that we’re living and working in a highly regulated business environment. For companies and individuals alike, staying well-versed in compliance standards and regulations is essential for many reasons. One of the most significant reasons is that non-compliance exposes your organization to legal, financial, and reputational risks and can undermine your operational performance. Therefore, implementing a well-structured compliance training program is vital to protect your organization and maintain an agile, compliant workforce.
Beyond the evident legal need for compliance, it's evolving from serving merely as a requirement to a valuable business activity. According to a 2023 survey, 80% of corporate risk and compliance professionals agreed that their organization views risk and compliance as valuable business advisory functions and 74% agreed that risk and compliance requirements enable, support, and enhance business activity.1
In this blog, we’ll explore the value of compliance training programs for your organization. Additionally, we’ll explain how our compliance training LMS is an indispensable tool for compliance training initiatives, empowering employees with the knowledge to navigate complex regulatory practices while adhering to the highest standards of ethical conduct. Lastly, we’ll outline best practices for using Absorb LMS to design and maintain compliance training programs that match your workforce's unique needs and preferences.
From box-ticking to business advantage: Why your compliance training program matters
Compliance training is a crucial aspect of a company's overall risk management strategy. But more than that, it’s a foundational element of your company’s culture. A comprehensive compliance training program can deliver several practical benefits to your organization, including:
- Liability reduction: By ensuring employees adhere to industry regulations and standards, your organization can minimize legal and financial liabilities associated with non-compliance.
- Improved operational efficiency: A well-trained workforce is better equipped to navigate the complexities of regulation, resulting in smoother, more efficient business operations.
- Better reputation: Demonstrating commitment to compliance can strengthen your organization's reputation and credibility among stakeholders, customers, and regulatory bodies.
- Increased employee morale: Providing employees with the knowledge and tools to understand and comply with applicable regulations fosters a culture of accountability, trust, and confidence within your organization.
How our compliance training LMS drives regulatory excellence
Learning management systems (LMSs) play a pivotal role in managing learners and tracking compliance outcomes. According to a 2023 Brandon Hall Group compliance training study, 76% of companies noted that they use an LMS to manage learner engagement including tasks like assigning courses and sending reminders. Furthermore, 77% responded that they use an LMS to track and report on compliance training outcomes and KPIs.
Beyond these key compliance training software elements, Absorb LMS offers several other intuitive features that help create impactful compliance training programs:
- Dynamic content authoring: Use Absorb Create with built-in GenAI to design interactive compliance training modules in minutes. Additionally, from HIPAA and ethics to phishing and safety, our content libraries offer pre-built courses so you can get your teams up and learning quickly.
- Customizable learning paths: Tailor learning paths within Absorb LMS to suit the unique needs and job functions of various teams or individuals, ensuring that each employee receives relevant and targeted compliance training.
- Advanced reporting and analytics: Take advantage of robust reporting capabilities to monitor employee progress, assess knowledge retention, and identify areas where further training may be necessary.
- Automated compliance tracking: Use automation features to schedule recurring training events, send automated reminders, and issue certification upon course completion, keeping your workforce up-to-date on the latest regulatory requirements.
Beyond these features, our client experiences speak for themselves. The University of Illinois Foundation (UIF) chose Absorb LMS to improve training access and development. With the implementation of our LMS, UIF added 270 resources and 72 courses to its LMS, including required compliance and security training. As a result, UIF experienced a 100% adoption rate for new employees.
Read the case study: University of Illinois Foundation Transforms Learning and Onboarding
Best practices for implementing a compliance training LMS
Making sure your workforce adheres to regulations can feel like an uphill battle. But leaning into best practices when implementing your compliance training LMS can turn your compliance training program from a mandatory check box into your strategic asset. To boost the efficacy of your compliance training program, consider the following four best practices:
- Align training with business goals: Ensure that your compliance training program aligns with your organization's overarching objectives, reinforcing the importance of regulatory compliance within the broader business context. We also recommend developing role-specific modules that address relevant regulations and company policies.
- Encourage practical application: Implement real-world scenarios, simulations, and case studies into your training modules, enabling employees to apply their newly acquired knowledge and skills to real-life situations. Think about presenting realistic challenges your employees might encounter, allowing them to practice applying compliance principles in a safe learning environment.
- Foster a culture of continuous learning: Emphasize the importance of ongoing professional development and regulatory knowledge, encouraging employees to revisit and refresh their understanding of compliance topics regularly. You can also encourage peer-to-peer knowledge sharing through forums, discussion boards, or internal knowledge bases.
- Reinforce training with assessments: Incorporate quizzes and assessments in your compliance training modules to evaluate employee comprehension and retention, providing immediate feedback and opportunities for improvement. Use a mix of multiple-choice questions, case studies, and simulations to evaluate different aspects of understanding and application.
Read the blog: eLearning in Healthcare: Navigating compliance training
Refining and optimizing your compliance training program
Continuously analyze and refine your compliance training program using the insights and tools delivered through your compliance training LMS. Consider the following approaches:
- Monitor key performance indicators (KPIs): Use Absorb analytics features to track training effectiveness, such as course completion rates and assessment scores, to gauge the overall performance of your compliance training program.
- Gather employee feedback: Solicit feedback from employees to identify areas of success and opportunities for improvement within your compliance training modules, ensuring that your program remains relevant and impactful.
- Assess organizational impact: Examine how your compliance training program affects your organization's overall compliance status, risk mitigation, and operational performance, helping you determine the program's value.
- Continuously refine and update content: Stay up-to-date on industry regulations and best practices, and regularly revise your training content accordingly to ensure that your employees remain well-informed and equipped to meet evolving compliance standards.
Read the white paper: The Culture of Compliance Its More Than Just Checking a Box
Embrace compliance training excellence with Absorb LMS
By tapping into the powerful capabilities of Absorb LMS to deliver up-to-date compliance training, you can safeguard your organization against non-compliance risks while simultaneously fostering a culture of compliance excellence. The best practices outlined in this article can help you get the most out of your compliance training initiatives, ensuring that your employees are equipped with the knowledge and skills needed to navigate changing regulatory standards.
Experience the power of an industry-leading LMS for your organization's compliance training needs. Contact us today to schedule a personalized demo and discover how we can help you achieve compliance training excellence.
