Financial Crime World

Minimizing Compliance Risks with Improved Employee Engagement

As a financial institution in Chad, navigating the complex regulatory landscape can be a daunting task. With an ever-evolving environment, compliance officers must be equipped with effective communication tools and practices to keep staff informed on new regulations.

The Challenge of Low Employee Engagement

Recent studies have shown that 68% of employees fail to engage with compliance training, placing businesses at greater risk of compliance breaches. This highlights the need for financial institutions in Chad to take proactive steps to mitigate this risk.

5 Steps to Improve Employee Compliance

Step 1: Reach Everyone - Engage Everyone

Reaching remote teams and frontline staff has become critical due to the global pandemic. To keep staff informed wherever they are, consider using an Employee Communication App.

  • Benefits of Employee Communication Apps: Keep staff informed remotely, improve engagement, and reduce compliance breaches.
  • Best Practices: Ensure that all employees have access to the app, use clear and concise language, and provide regular updates on new regulations.

Step 2: Revamp and Reinforce Training

Reviewing current training programs and developing new ones is essential to ensure effectiveness. Does your training consider recent innovations like open banking, cryptocurrency, and quantum computing?

  • Key Considerations: Increase reliance on technology necessitates constant review of and training on processes.
  • Best Practices: Use interactive tools, provide real-world examples, and offer regular feedback.

Step 3: Foster a Culture of Compliance that Includes Ethics

Ethical shortcomings in staff can lead to significant compliance breaches. Developing and enforcing practices to protect against these risks is crucial.

  • Key Considerations: Protect against ethical risks by promoting positive values and ethics within the organization.
  • Best Practices: Roll out a compliance program that targets the application of positive ethical values, using subtle tools like Corporate Screensavers and Digital Signage.

Step 4: Improve Cross-Department Communication

Collaboration among departments is essential for compliance. Develop a distinct brand identity for your compliance messages and use pre-defined templates to ensure managers instantly identify their nature and importance.

  • Key Considerations: Ensure that all departments are on the same page when it comes to compliance.
  • Best Practices: Use clear and concise language, provide regular updates, and offer training on compliance procedures.

Step 5: Bring Compliance To Life

Not everyone will be passionate about compliance, but it’s crucial for business health. Use real-world examples and video messages to make compliance more engaging.

  • Key Considerations: Make compliance relevant and interesting to employees.
  • Best Practices: Launch new initiatives or convey updates through a Video Alert from your CEO speaking.

Conclusion

By implementing these steps, financial institutions in Chad can minimize compliance risks and improve their overall business advantage. Download our five-point action checklist to achieve high employee compliance through effective internal communication.