Are you looking for the latest compliance training statistics?
If so, you’ve come to the right place! We’ve compiled the best information on compliance training from around the web and put it all in one place just for you. It’s the ultimate resource for anyone who needs to know what’s going on in the world of compliance training!
You’ve probably heard the phrase “the devil is in the details” before, right? It means that sometimes the most important parts of something are the ones that get overlooked.
Well, when it comes to compliance training statistics, we’ve found that’s definitely true. When you’re trying for a promotion, writing an article for your blog, or giving a presentation at work—all of these things are easier if you have a solid list of stats at your fingertips. And if you don’t have one? Well then…you’re gonna be scrambling around trying to find some numbers that make sense. And that’s no fun!
That’s why we put together this list of compliance training statistics. We’ve compiled all of them into one place so you can easily find what you need—and use it in your next project!
Compliance Training Statistics (Editor’s Choice)
It seems that compliance training is crucial for the well-being of the company and its employees. Still, few companies have mandatory compliance training. Even fewer provide their employees with a high-quality compliance program.
Check out some of the most mind-blowing compliance training stats we discovered.
- About 24% of companies do not have an official compliance training program.
- Only 12% of companies have well-built and advanced training compliance programs.
- Over 15% of employees do not read or listen to their compliance training.
- About 44% of employees feel unprepared to protect their company after compliance training.
- Over 90% of the employees who underwent compliance training did not learn anything from it.
- Businesses spend about $1.34 million on compliance training and security.
- Non-compliance issues can cost a company about $14.82 million per year.
Compliance training is a small price to pay to achieve a safe environment for your employees. It can also ensure that your company grows in the right direction.
Keep on reading if you want to learn more about the many positive effects of compliance training.
General Compliance Training Statistics
1. About 24% of companies do not have an official compliance training program.
There is a lot of evidence that compliance training can lead to a safer workplace. Still, nearly a quarter of all companies do not have an official training plan or a compliance committee.
That can lead to many potential problems that are usually covered by compliance training. These problems include data breaches, cybercrime, privacy issues, and unethical work behavior.
Simply put, compliance training is the process of teaching employees to understand and follow the rules and regulations of your industry. It’s about making sure that every member of your company is familiar with all of the policies and procedures that are in place for their protection and for yours.
There are many reasons why compliance training is so important:
- it helps keep your business safe by ensuring that employees are aware of potential hazards and don’t accidentally cause harm;
- it can help reduce the risk of lawsuits by providing employees with information about how to handle situations before they get out of hand;
- it helps protect against theft or fraud by making sure everyone knows what’s expected from them when it comes to protecting confidential information;
- and finally, it helps ensure that employees who do not know what they’re doing don’t break any laws or harm property when they do their jobs!
2. Over 40% of companies consider their compliance programs basic.
While most companies have some kind of compliance plan, about four in ten consider their programs basic or reactive.
According to many surveys, the compliance programs do not cover everything they need. Or they are lacking. They are also presented as a one-time thing, and they are not preparing the employees for any potential compliance issues.
3. Only 12% of companies have well-built and advanced training compliance programs.
Most companies are not prepared when it comes to compliance, but one-tenth of them are doing something right. About 12% of companies with mandatory compliance training have an advanced compliance plan. They also include an excellent ethics training program.
These programs are well-built and help prepare their employees for many risk situations. They learn how to protect their company or themselves from a breach or unethical work behavior.
4. Only a few compliance training programs can make a difference.
It seems that only the programs that are rated a five on a five-point scale are the ones that can make a real difference with the employees. Of those who rated their compliance training programs excellent, 84% know what to do. They know who to talk to if they are concerned about unethical work behavior or security breach.
Furthermore, about 72% of those who rated their compliance training as “excellent” enjoy working in their company. They also say they work in a place that allows its employees to speak freely about potential problems.
5. Not all companies measure the effectiveness of their compliance programs.
Not having a compliance program is one of the problems many companies have. The other problem? Many companies aren’t measuring the effectiveness of their compliance programs.
30% of the companies have some type of compliance plan without understanding its effect on their employees. That is a waste of time for both the company and its employees.
On the other hand, larger companies make more efforts to measure the effectiveness of their compliance programs. Studies show that 75% of the large companies are measuring the effectiveness, while only 53% of the smaller companies are doing the same.
6. Most compliance training sessions are over thirty minutes long.
Employees most often describe compliance training as boring. One reason is that most training sessions are over half an hour long. In fact, 70% of them last for over thirty minutes. Of those, 52% are between thirty and sixty minutes, 14% are between one and two hours, and 4% are over two hours.
No wonder 50% of employees experience them as boring.
7. The most common compliance topics are data protection, information security, and conduct training.
Depending on the company, the most common mandatory compliance topics are:
- Data protection.
- Information security.
- Conduct training.
While these are all good topics to discuss, only 45% of employees say the compliance training is specific to their role or department.
When asked how they feel about it, employees said making the compliance training more specific to their business would be much better. They would have a training program that would be more helpful for their line of work. They also asked for real-life situations or actual examples to better understand how to ensure compliance.
Compliance Training and Employees Statistics
8. Over 15% of employees do not read or listen to their compliance training.
A survey by Elucidat showed us that 15% of employees click through their compliance training. But, they don’t bother with listening or reading.
Moreover, 36% said they only skim-read their compliance training or tuned in or out to audio. That leads to many of them not feeling equipped to protect themselves or their company from a potential breach. They also don’t know who to talk to about unethical work behavior.
Interestingly enough, men have twice the chances as women to click through.
The survey discovered that the reason for not partaking in the compliance training is boredom. Employees are bored by mandatory compliance training and feel it takes too long. They also believe that it’s not relevant to their position or it’s not interactive enough.
9. Over seven in ten employees say compliance training is unique to their company.
About 77% of employees confirm that their company has a compliance plan specific to their organization. Usually, it’s a personalized plan that covers various topics important for the company’s employees.
That said, only 46% say that their company offers a compliance plan specific to their role or department. This practice makes many employees undergo compliance training that may not be helpful for their position. It may also confuse them, and they might not feel ready to act when a problematic situation arises, which leads us to the next stat.
10. About 44% of financial services employees feel unprepared to protect their company after compliance training.
It seems that many companies do not have department-specific compliance training. That is why a bit over four in ten employees feel unprepared to protect their company or themselves in a high-risk situation. Even after completing the mandatory compliance training plan, they still feel lost or unsure how to act in the office.
The fact that they are not being engaged during the mandatory compliance training may put the entire company at risk. That is especially true when it comes to security breaches.
11. The biggest problem with compliance training is limited training sessions.
Over half of employees (53%) feel that their compliance training is not long enough for them to learn from it. We are not saying that the training should last longer. On the contrary. It’s best if the training sessions are shorter, but there are more of them.
Instead of serving all the information in one go, data shows it’s best to organize several short compliance training sessions. They should be focused on a single targeted message. Your employees will be able to focus much better during the short sessions, and they will keep more of the presented information.
12. Only a handful of employees say that their compliance was excellent.
It seems that barely 23% of the employees who have gone through compliance training rate it as “excellent.” That means that only two in ten employees have passed a compliance plan that they found enjoyable, engaging, and helpful.
The other 77% find their compliance training unmemorable and uninspiring. Some even see it as irrelevant to their role or department.
13. Even fewer employees claim that compliance training changed how they work.
Believe it or not, only 10% of employees claim that compliance training inspired change in their work or the work of their colleagues. However, they agree that they have learned a lot during the training and can change how they work or act around their colleagues.
That means that 90% of the employees that went through compliance training did not learn anything from it. They simply couldn’t tell the difference between their behavior and workplace pre and post-training.
14. Web-based compliance training is rated worse compared to hybrid and in-person.
Contrary to popular belief, web-based compliance training is rated as the worst method to have these sessions. Of the 52% who underwent web-based compliance training, only 17% rated their experience as “excellent.”
For comparison, out of the 25% who had hybrid training and 23% who had in-person training, about 29% rated their compliance plan as “excellent.” More precisely, 30% rated their in-person training as “excellent,” and 28% rated their hybrid training as “excellent.”
The Costs and Savings of (Non) Compliance Training
15. Non-compliance issues can cost a company about $14.82 million per year.
If you believe that compliance is expensive, you have to think twice. According to a GlobalScape study, non-compliance costs about 2.71 times higher than the cost of compliance.
The study also shows companies that delay compliance efforts have a higher chance of paying a pricey penalty. That may set them back about $14.82 million annually. Depending on the size of the business, this number can go even higher.
16. Businesses spend about $1.34 million on compliance training and security.
The fantastic figure of $1.34 million is the average cost for companies that want mandatory compliance training. The price also includes high-security protocols. Yet, by investing this money, they, in turn, save on average $1.45 million in compliance costs. Moreover, by appointing a C-level compliance leader, businesses typically save a further $1.25 million in compliance costs.
Keep in mind that utilizing the technology invested in is crucial. Unfortunately, only 69% of companies use technology to support their compliance plans.
A dedicated incident response team can save all companies an average of $14 per lost or stolen record. Lastly, the most effective way to mitigate risk is an automated IT risk data collection and reporting process. Unfortunately, only 18% of companies have them.
17. About 24% of the budget for compliance is spent on training.
Compliance training is only the start of the process. That said, if it’s planned well, you can achieve much more than you think.
It is proven that a more focused approach will help you balance quality and quantity. You can use that as your biggest strength when planning the budget for compliance.
18. Over half of the companies do third-party compliance training.
While some things are recommended to be done in-house, running compliance is not one of them. It looks like the employees are responding better to third-party compliance training.
More and more companies realize this, and so far, 53% hire an outsider to run the training.
19. About 39% of companies report weekly attacks or breaches.
In 2021, 39% of businesses and 26% of charities reported cybersecurity breaches or attacks. Additionally, 21% of the companies that were attacked ended up losing data, money, or other assets, as well as 18% of the attacked charities. Almost 83% of these breaches were phishing and could have been stopped with proper compliance training.
Of the businesses that were attacked, 65% were medium-sized, and 64% were large-sized. As for the charities, 64% were high-income.
20. Companies with robust privacy practices have fewer chances of experiencing a data breach.
A study by The Osano revealed an exciting find. Companies with lenient privacy practices have almost twice the chances of experiencing a data breach. Furthermore, they lose seven times the amount of data once they are attacked. It would be most reasonable to keep in mind that third-party vendors are responsible for two of every three data breaches.
The companies that invest in high-quality compliance training are much more protected. They also tend to invest in robust security systems. That said, almost 30% of government and educational organizations with “.gov” and “.edu” top-level domains have experienced at least one data breach during their existence.
21. 23% of companies do not have structured compliance training for their employees.
This is a troubling statistic, as compliance training is an essential part of any company’s business practice.
In order to ensure that all employees are aware of their responsibilities and able to carry out their jobs in accordance with the law, it is crucial for managers to implement a formal compliance training program.
By providing employees with information about what constitutes legal behavior, as well as what does not, companies can help ensure that they are not only following the letter of the law but also making sound business decisions.
A company’s compliance training program should include both written materials and live training sessions led by experts from outside organizations who are familiar with the regulations being implemented by the organization itself.
The nature of these regulations depends on the industry in which a company operates: for example, financial institutions must adhere to regulations set forth by various federal agencies as well as state laws; retail stores have their own rules regarding employee wages and hours worked; medical practitioners are subject to state-specific requirements regarding patient privacy; etc.
Now that we’ve looked at some of the latest statistics on compliance training, it should be clear to you that compliance training is an important part of any company’s operation. We truly believe that compliance training is a crucial part of any organization’s culture, and we’re excited to see more people taking it seriously.
It’s time to consider how you can use this information in your own business. You may want to consider adding a compliance training program to your business practices, or you might just want to look into what other companies are doing in terms of compliance training.
Whatever you choose to do, make sure that you have a plan. It’s important to have a clear idea of what you want out of your compliance training before you start implementing it.
Thank you for reading this article! We hope it has been helpful and that you are able to use what you’ve learned. If you do find this information useful, please share this article with your friends and colleagues!