In the business world, compliance and good governance have never been more important. Particularly with the Internet playing such an important part in business, fraud and corruption seem to grow by the day. Making copies or taking photos of documents, passing on information for a fee, making a deal with a supplier, or turning a blind eye to a dubious practice, are all aspects of business that are on the rise. As a result, more and more companies are employing staff to conduct forensic audits, and are trying very hard to clamp down on corruption. Compliance training is essential if all staff members are to be aware what is expected of them, and the parameters within which they are expected to work. Sometimes people are involved in corruption unwittingly, and this is why thorough training will prevent them from getting involved in an activity that might be illegal, will protect the firm’s reputation, and will prevent the business from incurring possible huge fines.
The different types of compliance training programs available
There are many different forms of corruption, so there is also a wide range of training available. Most of these compliance training courses can be offered online, which is valuable in that staff members can work at their own pace, and can go back for refresher training whenever it’s required. Insider trading is one area that could be considered a ‘gray’ area if proper training is not in place. For example, anyone working in a company will have access to information – some of it won’t be sensitive, but a lot of it will actually be confidential. Should this information be shared with outsiders and should this be used to manipulate stock prices, this could be considered insider trading.
Privacy is an important issue for companies, which is why these matters need to be clearly spelt out to all employees. Data privacy means exactly that – any of the metrics of a company should not be shared unless through the correct channels. Even the destruction of information has to be done in a legally compliant way, and having knowledge of company policies and legal requirements will be vital.
Other areas of online compliance training
Another area of compliance would involve money laundering, which involves trillions of dollars world-wide. In this regard, criminals are trying to legitimize money that has been gained through nefarious means. They are constantly looking for ways to ‘clean’ their money, and employees need to be trained to be on the look-out for these practices. For example, whenever large sums of cash change hands, they should be enquiring as to why money is not being transferred electronically. In addition, compliance with a company’s Code of Conduct is also important, as are many other business aspects.