Tips & Tricks for Chief Compliance Officers: Onboarding Employees

Tips & Tricks for Chief Compliance Officers: Onboarding Employees

According to our recent survey, 88% of firms ask potential employees to disclose holdings within 10 days of hire. This is one of several best practices CCOs should consider when onboarding employees.

Since it takes months for new hires to feel fully engaged in their roles, starters can be a huge drain on an organization’s resources, especially at a time when we’re all being asked to do more for less. This is why your firm’s onboarding process should resist the temptation to be seen as box-ticking. A deeper understanding of the risk and compliance environment should be demonstrated by all employees of whatever tenure.

Successfully onboarding employees is crucial for firms to maintain regulatory compliance. Below are a few tips & tricks CCOs can follow:

6 Tips & Tricks for Onboarding Employees Successfully

  • With broadening corporate objectives and pressures of working within a regulated environment, regular performance management discussions should be encouraged with employees at all levels of an organization, and expectations should be set early on.
  • Firms should develop a whistleblowing policy to facilitate a culture of compliance for new starters.
  • Ensure local and regulatory attestations have been completed satisfactorily using compliance software workflows that can automate and track required regulatory activities.
  • Encourage ongoing training, including for any compliance software that is being used, any regulatory body responsible for sanctions, and any regulatory violations that can damage the firm and cause personal liability.
  • Leverage compliance software to store important files in a document repository, including your firm’s compliance manual, for employees to easily access and review.
  • Require employees to disclose political contributions within 10 days of hire to avoid severe sanctions from pay-to-play violations.
Implementing successful onboarding practices is crucial to ensure that your firm stays compliant. If you’d like to learn how ComplySci’s API capabilities can help, request a demo today.