While having robust compliance policies and procedures in place is essential for meeting regulatory requirements, it’s equally important to establish a culture of compliance within your organization.
A culture of compliance means that every employee understands the importance of compliance and is committed to upholding it in all their work. Here are some tips for establishing a culture of compliance:
- Lead by example: Senior leaders and managers should set the tone for compliance by modeling the behavior they want to see in others.
- Provide regular training and education: Ensure that all employees receive regular training and education on compliance requirements and best practices. Make sure training is ongoing and covers changes to regulations and industry standards[1].
- Communicate effectively: Keep employees informed about compliance issues and the importance of compliance in the organization. Use multiple channels, such as email, posters, and meetings, to reinforce the message.
- Recognize and reward compliance: Recognize and reward employees who consistently adhere to compliance policies and procedures[2]. This helps to reinforce the importance of compliance and encourages others to follow suit.
- Foster a culture of reporting: Encourage employees to report any compliance concerns or violations they observe. Create a reporting system that is accessible, confidential, and easy to use[3].
By following these tips, you can help establish a culture of compliance within your organization that supports regulatory compliance and drives business success. Contact EMMA International for more information on how we can help you establish effective compliance policies and procedures in your organization.
[1] EY. (2016). Ongoing compliance training: Why it’s important and best practices. Retrieved from https://www.ey.com/en_us/assurance/ongoing-compliance-training-why-its-important-and-best-practices
[2] Forbes. (2018). How to create a culture of compliance through recognition and rewards. Retrieved from https://www.forbes.com/sites/forbescoachescouncil/2018/10/16/how-to-create-a-culture-of-compliance-through-recognition-and-rewards/?sh=4f68d5c61f5b
[3] Ethisphere Institute, “Ethics & Compliance Program Best Practices,” Ethisphere, 2017. (https://ethisphere.com/ethics-compliance-program-best-practices/)
