In a previous post, we discussed the potentially disastrous consequences of companies’ failing to adhere to the compliance requirements impacting their business by looking at several high-profile examples.
The challenge for most companies faced with regulatory and compliance obligations is not necessarily knowing what compliance obligations they face or the potential consequences of failing to meet those obligations but rather ensuring compliance throughout the organization.
Finding the Right Balance
It only takes one employee, at any level, to expose a company to significant liability for violating a law or regulation, but compliance rules are often lengthy and complex.
Is it realistic for a bank to expect every teller to be an expert on anti-money-laundering laws? Is it efficient for a healthcare organization to require every receptionist to be an expert on Health Insurance Portability and Accountability Act (HIPAA) compliance? Probably not.
At the same time, companies can’t expect their compliance team or general counsel’s office to be engaged in every detail of the organization that could potentially expose it to liability.
Therefore, some balance is required between overtraining all staff and over-involving the highly trained compliance staff. The solution used by many organizations is training all staff on standard policies for common situations and instructions on escalation for less common situations…
Source: HR Daily Advisor