If you’re struggling to manage compliance, you’re not alone. From high-risk industries, like life sciences and manufacturing to boutique agencies and technology startups, compliance touches markets and organizations of all size. Virtually every organization has to manage a slew of constantly changing domestic and international laws and regulations.
The cost of non-compliance isn’t cheap; the average cost of non-compliance runs organizations around $9 million dollars a year. And, an estimated 68% of organizations have admitted they’ve been caught off guard by a compliance surprise.
A proactive approach to compliance management is the only way to ensure regulations are met and disastrous legal, financial and PR ramifications are avoided.
So how do you go about implementing an integrated, holistic approach to compliance? You’re in luck because we have the answer! Developing a culture of compliance that scales with your business can be easily managed through a learning management system (LMS). Here’s how it works.
How an LMS can help you easily manage ever-changing regulatory mandates:
- Eases administrative burden. Alleviate the headache of spreadsheets by leveraging a learning technology to deliver, manage and track learning activities. You can ensure certifications are maintained, conduct audit trails at any time, and automate and enforce policies across your organization.
- Reduces risk and serious financial impact. Employment-related lawsuits have increased by 400% in the last 14 years. With an LMS as the backbone of your compliance strategy, you can sleep easy knowing your organization isn’t at risk of a financial fall out.
- Provides a central system of record. Be ready for any surprise with a single, unified employee record that allows for scheduling based on skills, performance and certifications and automatically ensures real-time compliance with schedule requirements.
- Reveals who needs training (and when!). Gone are the days of organizational cat herding. You don’t have to chase down employees to make sure they complete required training – the LMS does it for you! Automatic alerts keep employees on their toes, letting learners know when they need to complete a training activity.
- Quickly delivers new content. Learners can access a variety of content, when and where they need it – even from their mobile device or tablet.
- Protects reputation to preserve the brand. Sixty five percent of an organization’s value is based on its reputation. Avoid the casualties associated with a PR fallout by implementing process efficiencies that align to corporate policies and procedures, enhance conduct and sustain confidence.
Ensure your workforce is adequately trained and avoid a costly compliance disaster with proactive learning management! To get started, check out our compliance toolkit complete with compelling research and information on building a compliance strategy.