Did you know that organisations around the globe face substantial penalties for not providing their workforce with required Governance, Risk and Compliance (GRC) training? It is a regulatory requirement and an integral part of deploying a GRC strategy in any organisation.
Compliance training may not be one of the most interesting experiences to go through for many employees. It may seem mundane and time-consuming. But it helps run and grow a business successfully following government rules, regulations, guidelines, and business goals. It also helps drive improvements in employee performance, workplace culture, and business operations.
If you are unsure of whether your organisation needs GRC training, this blog post will help you understand what GRC training is, why your organisation needs it, and how GRC software can be an irreplaceable tool.
What is GRC training?
GRC includes three of the most important components of a business.
- Governance – the framework adopted by businesses to manage decision-making processes.
- Risk Management – the process of tracking, forecasting, and evaluating financial and operational threats and identifying them in advance to mitigate those risks in future.
- Compliance – the process of following all internal and external rules and regulations while managing the business.
GRC training is the program for educating employees and all stakeholders about these three components of your business. It can be implemented during employee onboarding and on an ongoing basis with any changes in organisational policies and procedures. Some examples include work health and safety (WHS), workplace bullying, equal employment opportunity (EEO), privacy, etc.
Reasons why you should provide GRC training
Here are some of the reasons why your organisation needs GRC training:
Enabling process continuity
GRC training is a knowledge management process that helps teach employees the best practices for GRC management processes and activities across the organisation. In the absence of this training, the processes and activities might get disrupted when an employee leaves the organisation. Training every new employee helps maintain the continuity of GRC management processes.
Complying with regulations
Providing GRC training to employees is also a regulatory requirement. Organisations are required to train their employees by law. Non-compliance with this law can also lead to financial penalties and increased business risks.
Implementing the knowledge they learned in GRC training can help employees enhance their performance and produce better results for assigned tasks. Employee efficiency always increases when employees know the best practices to perform their tasks and stay compliant with laws. This also creates better employee satisfaction and retention. Employees feel valued and can see their growth with the organisation.
What reduces with increasing efficiency is the cost. Staying on the right side of the laws ensures reduced risks of penalties. Also, efficient utilisation of resources may help reduce operational costs.
What constitutes effective GRC training?
Effective GRC training not only helps you stay compliant with rules and regulations but also helps employees perform tasks and fulfil their responsibilities efficiently. The keys to measuring the effectiveness of a GRC training plan might vary from organisation to organisation depending on the industry and business type. But the most common parameters remain the same. Some of these parameters include:
Knowing who needs what
Not all of your employees require to be trained for all the available online GRC courses. Knowing “who needs to be trained about what” is mandatory to make the GRC training process effective. For example, some employees will only need compliance training, while others need to learn about all three components of GRC.
Scope for modification
Rules and regulations keep changing constantly. The information being shared in a GRC course might become obsolete after some time. An effective GRC training software must be designed to keep this change in perspective and allow you to modify the information when required.
Keeping GRC courses relatable
Apart from knowing who needs to be trained for what, GRC training courses must include relatable information. The participants should be able to understand the examples and case studies used in the training. Sharing information that your employees might never come across will make it irrelevant.
How can GRC software help train your workforce?
As we know, performing all GRC management processes and activities manually can be time-consuming and lead to errors. GRC training needs to be a real-time, simple, and quick. Information delays due to a slow or incompetent system can also result in financial loss. Automation helps speed up the processes and reduce any information delays. A cloud-based GRC software helps conduct online GRC training.
Employees can learn more about the GRC strategy regardless of their location and the system they are using. Online GRC training is a trustworthy and efficient replacement for traditional training methods. Some benefits of online GRC training include:
- Saves time
- Independent of location
- Sets clear guidelines for successfully completing the training
- Enhanced employee experience through streamlined UI
- Helps track individual employee learning easily
- Aids with better training management
- Provides important insights within few seconds
Sentrient’s GRC software includes features and workflows to help easily deploy a GRC strategy for small and medium businesses and larger organisations across Australia and New Zealand. It is simple to implement, easy to use, and reliable. Employees can also use this GRC training and course builder software to quickly build required online courses with better accuracy.
Providing GRC training should be an important part of the GRC strategy of your business. It helps manage GRC requirements efficiently and in line with business goals. One of the best ways to educate your workforce related to governance, risk, and compliance is through online GRC training software. Sentrient’s GRC management software comes with powerful tools to help share the right knowledge across your organisation. Contact us today to learn more.