It’s becoming harder than ever to stay up-to-date with increasing regulations. However, after recent well-known and highly publicized debacles of major organizations, enforcement of regulations has become increasingly stringent. In addition, in this new working environment, where businesses are increasingly global and the requirements to be compliant in each country are different, Chief Learning Officers (CLOs) are put in hard positions as to how to keep their entire global workforce in compliance. Add on the advent of Social networking and the accessibility of news today (the good, the bad, and the ugly), and you have a unique and challenging situation for your average CLO or Compliance VP.
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Both executives are looking to speed time-to-certification to enable faster compliance, while keeping their training costs low. These executives have a limited headcount and finite budget. Yet, they want to ensure that all new hires and existing employees possess certifications necessary to be compliant and effective in their daily jobs. The key imperative for these executives is to reduce the business risks and ensure organizational compliance while keeping the training and compliance costs low.
Audit reporting often involves a daunting, painful and manual process. It is critical for executives to be able to quickly review dashboards and reports around completion of necessary certifications, assess business risk and take steps towards corrective actions. Without an automated cloud LMS tool and compliance management solution, the percentage of employees completing certifications on time is often low—and for new hires it can take up to six months to complete certifications. The number of exceptions that can draw regulatory fines can be very high and managing continuing education requirements manually becomes a nightmare.
The Solution: Strategic Compliance Management with Cloud LMS Tools
A strategic compliance management solution addresses the challenges around certifications, continuing education, and auditing. In order to tackle the growing compliance complexities, a strategic Cloud LMS provides support for:
* Comprehensive certificate management capabilities—The ability to create certification programs, paths & workflows as well as re-certification workflows to speed up compliance and reduce business risk
* Extensive auditing and tracking capabilities such as e-signatures, time stamps and audit trails, course completion tracking, exception reporting and data security to make auditing process less daunting and efficient.
* Dashboards and reports for risk assessment and tracking completion and exceptions about certifications, continuing education requirements, job function eligibility and its impact on business.
* Third-party & user-generated content—the ability to integra tethird-party AICC & SCORM compliant content to keep up with regulatory changes. Additionally, the ability to create standards-based user-generated content & enrich it with community ratings.
* Continuing education capabilities to meet ongoing continuing education requirements in regulated industries such as healthcare and pharmaceuticals by offering self-management of continuing education and ability to manage multiple field of study to achieve recertifications.
* Testing and assessment capabilities to prove the completion as well as proficiency of employees who complete the compliance certification.
* Embedding compliance within business processes with capabilities such as an embedded portlet from your employee portal to make compliance/certification a part of the learner’s everyday work life by delivering notifications/alerts within existing business process.
* Global, scalable and configurable Cloud LMS solution to meet your organizations unique needs.
Non-compliance is costly to any business. To steer clear of the pitfalls, it is imperative that companies adopt strategic LMS tools solutions that address compliance issues. By implementing a cloud LMS solution, companies can dramatically reduce time to certifications, achieve higher on-time completion rates for continuing education certifications, and reduce compliance exceptions. In a nutshell, with a cloud LMS solution, CLO’s can demonstrate direct business impact by reducing business risks, saving millions of dollars on compliance costs and driving employee productivity which affects quality of customer care and margins.
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