Boosting Financial Compliance in Croatia: 5 Strategies for Success

In today’s fast-paced regulatory environment, Croatian financial institutions must prioritize effective compliance practices to minimize risk and stay ahead of the competition.

Engage Everyone, Everywhere

With remote work on the rise, it’s crucial for Compliance Officers to reach and engage with staff wherever they are. To achieve this:

• Use Employee Communication Apps: Ensure that remote teams and frontline staff in branch networks stay informed.
• Employ a campaign approach: Launch with high-impact channels for instant attention and reinforce through more subtle tools to effect longer-term behavioral change.

Revamp and Reinforce Training

Effective engagement of staff during change is more crucial than ever. Unfortunately, 68% of employees fail to engage with compliance training. To address this:

• Review your current training programs: Ensure they’re as effective as possible, considering recent innovations in the industry such as open banking and cryptocurrency.
• Use Employee Quizzes and Gamification: Introduce a fun, dynamic element to sessions.

Foster a Culture of Compliance that Includes Ethics

Ethical shortcomings are often at the root of major compliance breaches. To succeed:

• Roll out a compliance program: Target the application of positive ethical values.
• Use subtle tools like Corporate Screensavers and Digital Signage: Regularly enforce company values and ethical behaviors.

Improve Cross-Department Communication

Cross-department collaboration is essential for compliance, but e-collaboration must be handled with care:

• Analyze each feature of e-collaboration tools: Ensure they meet compliance requirements before incorporating them into the business.
• Develop a distinct brand identity: Use pre-defined Templates to ensure managers instantly identify their nature and importance.

Bring Compliance to Life

Not everyone will be as passionate about Compliance as you are, but financial services compliance requirements are important for business health:

• Use real-world examples: Cautionary tales and video messages can help make Compliance more relatable.
• Make training sessions available: Ensure that staff at all locations have access to video updates and include audio-visual elements in large volumes of text-heavy documentation.

By implementing these five strategies, Croatian financial institutions can boost their compliance practices, reduce risk, and improve business advantage. Download our five-point action checklist to achieve high employee compliance through effective internal communication.