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Improving Financial Compliance in Azerbaijan: 5 Essential Steps
As financial institutions in Azerbaijan navigate an ever-evolving regulatory environment, compliance officers are facing unprecedented challenges. With the pace of regulatory changes soaring by 500% since the global financial crisis, it’s more crucial than ever to equip staff with the right communication tools and practices to effectively manage new compliance risks.
Reaching Everyone: Engage Everyone
In a post-pandemic world where remote teams have become the norm, reaching and engaging with staff has never been more critical. Compliance officers must ensure that all employees, including those in branch networks, are included in compliance communications. Using an Employee Communication App is a great way to keep staff informed wherever they are.
Revamping Training Programs
Effective engagement of staff during change is more crucial than ever. Unfortunately, 68% of employees fail to engage with compliance training. Reviewing current training and communication programs to ensure they’re effective is essential. Consider incorporating innovative tools such as Employee Quizzes and Gamification to make sessions more engaging.
Fostering a Culture of Compliance
Laundering, bribery, market abuse, and insider dealing are some of the biggest financial services compliance breaches. To be successful, ethics and compliance must work together to form part of your corporate culture. Roll out a compliance program that specifically targets the application of positive ethical values.
Improving Cross-Department Communication
Cross-department collaboration is essential for compliance, but e-collaboration tools must be handled with care. Each feature must be analyzed and assessed to ensure they meet compliance requirements before incorporating them into the business.
Bringing Compliance to Life
Not everyone will be as passionate about Compliance as you are. Counter this by bringing Compliance more to life using real-world examples, video messages, and audio-visual elements in communications.
Conclusion
By following these 5 essential steps, financial institutions in Azerbaijan can improve compliance and reduce risk. Download our free checklist to achieve high employee compliance through effective internal communication.
Free Checklist
- Identify and communicate key regulatory changes to all staff members.
- Review and revamp training programs to ensure they are engaging and effective.
- Develop a culture of compliance by rolling out a program that targets positive ethical values.
- Improve cross-department collaboration by assessing e-collaboration tools for compliance requirements.
- Bring Compliance to life using real-world examples, video messages, and audio-visual elements in communications.