Are you looking to take a few strokes off your game? Your compliance game, that is. As the United States prepares to take on Europe in the 2021 Ryder Cup, here are four golf lessons you can apply to your firm’s compliance training program.
Plan for the Long-Term
In golf, your tee shot sets the stage for the way you play the rest of the hole. Whether you decided to crush your driver or hit your 4-iron to set up an easier second shot, you want to have a plan of action before taking your first swing. Similarly, there are several factors that you need to consider when teeing off your compliance training program for the year. For instance, launching your needs analysis survey can help you pin-point holes (or divots) in your firm/firm member’s compliance obligations and help you decide which training courses to assign. Additionally, putting together a detailed written training plan will help you accomplish your firm’s training goals and stay on top of looming deadlines.
Think about Your Approach
After teeing off, your next goal is to get on the green in as few shots as possible. Planning your approach shot can be the difference between pars and boogies. This same idea can be applied to your firm’s training plan. As the head of compliance, it’s up to you to decide how and when to kick off your annual compliance training program. Will it be right away in Q1? Or will you tie it in with your end-of-the-year projects? Having a plan of action and knowing when you’re going to send out your compliance questionnaire or launch your annual meeting will help get your firm in position to meet its compliance obligations.
Watch Out for Hazards
When faced with ponds and bunkers, golfers may club down or adjust the power in their swing to try and stay clear of these fairway-side hazards. Likewise, firm members have their own share of hazards to avoid, such as getting caught-up in unanticipated cyber-attacks or undisclosed conflicts of interests. Proper training can be a firm’s best defense from these types of compliance hazards. It ensures expectations are clear and known, so when something does happen to go a little sideways, you have the proper processes in place to get back on the “green.”
If you played the hole well, you may be in position to sink your putt for par. Similarly, if you followed the long-term plan you made earlier in the year and played your part to mitigate any risks along the way, your firm should be on pace to meet it’s end-of-year compliance goals. And if you need a little extra assistance getting your firm members to close out their compliance tasks in a timely manner, take advantage of a system, like Renaissance, that makes it easy to send out automated email reminders as often as needed to keep your firm on track.
For more tips on how to perfect your compliance game, reach out to us here.