In the bustling world of sales, where every minute counts and dealer efficiency is constantly sought after, it becomes easy to overlook the foundational practices that ensure smooth and lawful sales practices. Ongoing training and certification can help, and that’s why it’s #3 in our 10 Steps to Advertising, Sales, and Finance Compliance.
Ensure all relevant personnel undergo comprehensive training on compliance best practices.
This is not just about having a cursory knowledge of the rules; it’s about deeply instilling the ethos of compliance within every member of your team.
Let’s delve into why consistent compliance training is non-negotiable and how it goes beyond a one-time session.
Beyond One-Off Training Sessions
The traditional approach to compliance training has often been a “one and done” affair—once completed, rarely revisited. This method falls short of addressing the ever-evolving nature of regulations and the nuances of adhering to these laws. True compliance training is an ongoing process, necessitating regular updates and reminders. The importance of compliance cannot be overstated, encompassing not just the adherence to policies but an understanding of why these measures are in place.
The Human Element
At its core, compliance is about understanding and appreciation—recognizing the gravity of each document and procedure in the grander scheme of the business’s legal and ethical framework. Employees, especially those new to a dealership or less familiar with industry-specific compliance issues, might underestimate the significance of seemingly mundane tasks or paperwork. For instance, overlooking essential forms in deal jackets might appear as a shortcut to efficiency but, in reality, jeopardizes the entire business by risking non-compliance. This lack of awareness can inadvertently lead to breaches of protocol.
Creating a Compliance Culture
The solution lies in cultivating a culture of compliance, where adherence to established procedures is second nature to every team member. This cultural shift begins with education—communicating not just the “how” but the “why” behind every compliance-related action. It’s about instilling the principle that the company’s established processes are there for a reason and deviations are not just discouraged but are impermissible due to the risks they pose.
Preventing Unfair Practices
Moreover, consistent compliance training empowers employees to avoid actions that could be misconstrued as unfair or deceptive. In an era where businesses are under increasing scrutiny for their ethical practices, ignorance is no defense against violations of federal laws or regulations. By thoroughly understanding their role in maintaining compliance, employees are less likely to unintentionally engage in practices that could harm the business and its reputation.
Establishing a thoughtful training strategy will help your organization reduce costs, generate revenue, and mitigate risks. Is your training program up to snuff? Use our training checklist to find out.
Shift the perspective on compliance training from a checkbox activity to a core part of your business’s continuing education.
This commitment not only safeguards against legal infractions but also fosters an environment of transparency and integrity. For dealers aiming to thrive, investing in ongoing compliance training is not just beneficial—it’s essential. Through these efforts, they can not only avoid the pitfalls of non-compliance but also build a stronger, more aware, and more ethical team ready to face the challenges of the regulatory landscape.
Advertising, sales, and finance training solutions from KPA
Ensure your customer-facing personnel and programs are compliant and effective with our comprehensive training library.
Award-winning library of over 400 courses
Topics address a wide range of risk areas at your dealership, covering regulations like the Adverse Action Rule, ECOA, Fair Credit Reporting Act, and more.
Mobile-friendly online courses
Deliver high-quality, online training to your teams anytime, anywhere, directly from their phones or desktop.
Learning management system fully integrated into our compliance software
Easily assign and track course participation and completion, observing progress and engagement.
Next week let’s look at Written Policies and Plans.
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