Compliance tools and technology are essential, but they only form the foundation. To truly safeguard your credit union, you need to foster a culture of compliance—one that goes beyond policies and procedures to engage every employee actively.
A culture of compliance means creating a workplace where following laws, rules, and ethical standards is a natural part of everyday work and decisions.
Instead of seeing compliance as just a task or list to check off, it becomes a shared value and a proactive way to do business responsibly.
A culture of compliance would look like an environment where every employee is committed to understanding and adhering to regulations, ensuring that ethical standards are seamlessly integrated into daily operations.
Creating a culture of compliance is vital for safeguarding your credit union from legal, reputational, and financial risks. Key benefits of a compliance culture include:
It ensures that every team member is actively working to uphold regulations and protect members.
Leadership sets the tone. By actively participating in training and integrating compliance into decision-making, leaders demonstrate its value to the entire team.
Source: Comply-YES!
Properly training employees from the start is essential to building a culture of compliance. Begin by integrating compliance education into the onboarding process, ensuring new hires understand the importance of their role in maintaining regulatory standards.
Provide role-specific training that equips each department with the knowledge and skills required for their unique responsibilities.
To reinforce this foundation, offer ongoing education and refresher courses, keeping the team informed of new regulations and best practices.
Clear, accessible policies are the cornerstone of building a strong compliance culture. When policies are written in plain language and organized for easy accessibility, employees can confidently apply them in their daily roles.
Ensuring that policies are regularly reviewed and updated to reflect evolving regulations further reinforces their relevance and effectiveness.
Foster an environment where employees feel safe to voice compliance concerns without fear of retaliation.
You can do this by encouraging open communication by providing clear channels for raising questions, reporting issues, and offering suggestions.
Compliance is not a one-and-done effort. Regularly assess and refine your approach to ensure long-term success.
Using these strategies will help you build a strong compliance culture in your credit union.
Compliance can be overwhelming, but you don’t have to navigate it alone. FLEX offers compliance services to help your credit union stay proactive and aligned with regulations. With FLEX, you can empower your employees with tools and resources that make compliance easier.
Ready to strengthen your compliance strategy? Click below to download FLEX’s Compliance eGuide today!