AXENTIS Survey Reveals Substantial Progress and Risks in Corporate Compliance Training Practices
Responses from 178 Compliance Managers Highlight Vulnerabilities within the Enterprise and across Supply Chains
Cleveland, OH (Vocus/PRWEB ) May 13, 2009 -- Compliance managers have made significant progress when it comes to educating people about what they have to do to support both external regulations and internal corporate policies. But companies are also exposed to significant business risks as a result of gaps in their compliance training programs.
These are the results of a survey conducted by AXENTIS, a leading provider of enterprise-wide governance, risk, and compliance (GRC) management solutions, of 178 compliance managers from a broad range of market segments - including healthcare, financial services, and utilities - in conjunction with a recent webinar on compliance training.
A company's ability to mitigate compliance-related risk depends on its ability to effectively educate people about policies and procedures. Fragmented approaches to the creation and delivery of training, however, can result in gaps, inconsistencies, and duplications that undermine a company's ability to educate employees, vendors, contractors, and other supply-chain partners.
The good news from the survey is that many companies (30%) have standardized training processes in place for external legal/regulatory mandates - and use them consistently. The numbers are almost as good for internal business policies (26%).
The bad news is that a greater percentage of companies don't have these processes for either external mandates (43%) or internal policies (40%). Forty-two percent of those with standardized processes do not use them consistently for external mandates. And more than half do not use them consistently for internal policies.
Most respondents (60%) believe they are able to target training to employees based on defined roles and responsibilities. About 43% of these respondents further claim that they have implemented technology that allows them to automate this distribution.
On the downside, 35% of respondents admit that their companies still rely on inconsistent manual processes to get training to their own employees. Survey responses were even worse when it came to the distribution of compliance training to supply chain partners. Only 11% of companies surveyed have automated external distribution - and a remarkable 35% of respondents admit their companies don't do external distribution at all. These results indicate that many companies remain vulnerable to risks associated with compliance failures in their supply chains.
The survey also found that of the 178 respondents:
| | - 31% can provide executives with accurate reporting on compliance training
- 44% are using automated methods to track training across the enterprise
- 32% believe their current processes might fail to yield desired results
|
Complete survey results are available online by clicking this link: "Good News and Bad News in Compliance Training". The on-demand webinar discussing some of these highlights is available online at: Strategic Approach: Compliance Training and Technology Webinar.
"Compliance managers are clearly becoming increasingly conscious of the central role that training and learning management play in the effective mitigation of compliance-related business risk, and they are therefore embracing best practices and technologies necessary to achieve their compliance training objectives," says Brett Curran, Vice President of GRC and Regulatory Practices at AXENTIS, and a former CCO at a leading financial services and insurance company. "On the other hand, many organizations still have significant deficits in their training process - and these deficits are leaving them exposed to considerable compliance-related business risks."
About AXENTIS
AXENTIS is a global leader of governance, risk and compliance (GRC) management solutions for highly regulated industries including life sciences, healthcare, financial services, energy, utilities, manufacturing, and others. AXENTIS' risk-driven compliance approach helps organizations to effectively and consistently address internal and external risks associated with all legal, regulatory, and corporate mandates and policies with which they must comply including established federal government standards for an effective compliance program. Founded in 1999, AXENTIS reaches individuals worldwide via a Software-as-a-Service (SaaS) model. For more information, visit www.axentis.com.
Media Contact:
Sandra Leon
AXENTIS
sleon (at) axentis.com
216.896.8416
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