How a Company Intranet Can Help Create a Culture of Compliance and Mitigate Risk
Staying current with compliance and risk management is a critical goal for financial institutions, and the ever-evolving nature of these processes presents an ongoing challenge. Establishing a culture that encourages policy learning and awareness can help ensure that employees are aligned, so they follow the procedures for compliance. It also equips employees to better recognize and evaluate risks.
How can you accomplish a culture of compliance and risk management?
Having strong internal communications can help your financial institution build a culture of compliance and risk management. And a company intranet can be a valuable tool to implement your internal communications strategy.
Instilling your culture with an effective internal communications strategy via your intranet starts with the C-suite. Executive leadership needs to build a culture where ethics and compliance are considered a critical part of every employee’s job—not just the risk manager’s and compliance officer’s. The value of compliance must not only be communicated from the top down, but it must also be modeled in their daily conduct. When leaders practice the ethical behavior they desire of others, they set the best example for employees to follow.
Using your intranet to promote a culture of compliance and risk management
Your FI’s Intranet can promote your company’s culture of compliance awareness and education, while also encouraging better compliance management and tracking. Your intranet is a repository of all information and important activities that occur in the workplace, which makes it a perfect place for all your policies and procedures. Post them on your intranet so everyone who needs to know has easy access to the information. When you need to change a policy or procedure, notify all personnel of those changes on the intranet.
A company intranet also includes a robust ticketing system that can allow an employee who experiences an incident to report it using the system. When your financial institution assures that communication about incidents flows securely throughout the organization, the process makes staff feel safe and protected.
You can also keep communication flowing on your intranet by using the blog feature. Blogging about compliance and its importance is a proven, effective way to share the latest information with employees. These blog posts, when delivered through the tone of your corporate voice, can give staff confidence about quality of information, reinforce your organization’s culture, and keep communication lines open.
Intranet as a tool for security
As you move content through the policy management workflow, make sure every employee who needs to read and approve important content does so by requiring them to accept the notice by way of a read acknowledgement. By requiring this acknowledgement, you are also adding a layer of security, confirming the right people are reading the right information at the right time. It provides employees with peace of mind, knowing they are operating within regulatory guidelines.
Your intranet home page can also highlight security updates. It’s a quick and visible way to share important changes with your employees. Encourage your teams to view your home page often – at least daily – to stay informed of important policy changes, procedural updates, and educational events required by law.
The power of a company intranet: An activated company culture
A company intranet can be used to establish a culture of compliance, but it’s essential to maintain it once it’s in place. This is where engagement, alignment, and activation comes together.
Here are a few ways to keep your employees engaged in a compliance and risk management culture:
- Recognize their contributions. Tie compliance to your rewards or incentive program. Acknowledge employees who have pointed out risk incidents.
- Create forums to initiate dialogues to address concerns and find resolutions, to show your staff you take compliance seriously.
- Set up confidential manager pages with controlled access to address compliance issues.
- Reward employees who offer innovative ideas that are implemented to help improve your organization's performance and support company culture.
A company intranet can improve internal communication across your entire organization, which encourages employee engagement. . When you use the intranet to build and maintain a culture of compliance and risk management that employees are aligned with, you help ensure safety, soundness, and success for your financial institution.
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