Relevance of Training in Compliance, Diversity, and Coaching to American Express

Relevance of Training in Compliance, Diversity and Coaching to American Express
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Relevance of Training in Compliance, Diversity and Coaching to American Express
1 Compliance
Compliance training involves educating employees on the legal frameworks within which the organization operates (Goreth & Sandler, 2010). Compliance training is important for various reasons.
* Encourages better workplace cultures: compliance training help employees to understand the organization's expectations with regards to legal requirements, standards, obligations, and responsibilities. As a major player in the financial services industry, American Express is subject to the banking/financial laws of the United States and the jurisdictions in which it operates. In this regard, compliance training will allow employees to understand the financial regulations that they must adhere to when doing money transactions or offering financial services. This may include avoiding or reporting fraudulent activities such as money laundering and tax evasion.
* Help organizations keep pace with change: some industries experience regular policy changes that organizations must adhere to. For instance, the fight against terrorism and drug trafficking necessitates the updating of existing regulations to counter money laundering and illegal money transfers. Compliance training will help the company's employees' operate within the law when proving financial services to clients.
* Increase employee efficiency and productivity: having a compliance training program in place helps employees to be better acquainted with the organization's standards. This enables them to match their performance with the expected quality standards. This can be an effective way for businesses to reduce costs since employees become more efficient and productive. In addition, compliance training will make employees to understand their duties and responsibilities better and avoid getting into problems with the senior management. A compliant workforce makes also makes the management's work easier by minimizing the need for constant supervision and monitoring of employees.
The sort of compliance training should be relevant to the nature of the industry. Employees should be trained on issues that affect the organization's business activities as well as its legal obligations, such as financial reporting standards. In this regard, an effective compliance program is one that teaches employees the company rules, work ethics, quality standards, and employee responsibilities. All new employees should be subjected to compliance training to orient them with their job responsibilities.
2 Diversity
Diversity training involves training employees to function effectively in multicultural environments. American Express is a multinational corporation with operations in different countries. Diversity training is very critical in today's work environment, which is becoming more and more multicultural as a result of globalization. Diversity training will benefit the organization in the following ways.
* Promote coexistence and better employee relationships: Today's business environment is rapidly changing into a global arena, and organizations are finding it necessary to empl...