|By Business Wire||
|May 14, 2014 10:01 AM EDT||
SumTotal® Systems, LLC, the largest independent provider of learning and HR solutions, today announced a webinar series designed to help organizations understand how to create compliance-ready organizations.
The average organization loses about $9 million a year on non-compliance due to business disruptions, like operation shutdowns, productivity loss, fines and penalties,1 and it is not just traditional highly-regulated industries anymore. A survey by InformationWeek showed that almost 90% of organizations have to comply with two or more requirements.2
“All organizations are affected in one way or another by compliance and compliance-related issues. These can include regulatory requirements, data protection and privacy mandates, financial reporting regulations, globalization requirements, safety certifications, workplace ethics and so forth,” said Bill Docherty, SumTotal’s vice president of product management. “To mediate risks and avoid costs associated with non-compliance, organizations need to be able to act immediately when compliance requirements change, especially in highly-regulated industries like financial services and healthcare. Learning management systems are a critical component of an organizations ability to maintain compliance.”
Docherty said a robust learning management system (LMS) can help organizations establish and implement controls to maintain certifications, licensing and accreditations systematically; centralize tracking to reduce redundancies and demonstrate compliance for audits; and lower learning delivery costs by moving some of or all compliance training online. He said key features to look for are completion and exception reporting and analytics, electronic signatures, content versioning, and just-in-time learning access through mobile, social and offline delivery.
SumTotal will host two webinars in May to discuss ways organizations can align people, processes, technology and information to meet their complex compliance requirements.
Is Your Organization Compliance Ready? Start by Organizing Content, Culture and Context
Presenter: Christa Degnan Manning, HfS Research senior vice president, global workforce and talent strategies and solutions
May 15: 1 p.m. EDT, 12 p.m. CDT, 11 a.m. PDT
Register at https://www1.gotomeeting.com/register/111094032
Managing Risk: How Fallon Health Stays Healthy with Compliance
Presenter: Scott Beaird, senior director of talent management at Fallon Health
May 29: 1 p.m. EDT, 12 p.m. CDT, 11 a.m. PDT
Follow @SumTotalSystems and keep up with the conversation using the event hashtag: #STWebinar. Visit www.sumtotalsystems.com and check out the SumTotal Blog for more learning and talent management tips and perspectives.
About SumTotal Systems
SumTotal Systems, LLC, the largest independent provider of integrated HR solutions, is increasing the performance of some of the world’s most successful organizations, including AstraZeneca (NYSE: AZN[ADR]; London: AZN), Amway (KUL: AMWAY), and Seagate (NYSE: STX). The only HR solution provider to deliver Talent Expansion, a whole new approach to discovering, developing and unleashing hidden potential within our customers’ workforce, SumTotal delivers employee enablement solutions that help organizations become great places to work. SumTotal’s people-focused applications, available on premise and in the Cloud, enable contextual, just-in-time development designed to advance employees’ skills and knowledge. Today, more than 3,500 organizations, including several of Fortune’s “Best Places to Work,” rely on SumTotal’s on premise and cloud-based Talent Expansion applications to enable their employees.
1 “While the average cost of compliance for the organizations in our study is $3.5 million, the cost of non-compliance is much greater. The average cost for organizations that experience non-compliance related problems is nearly $9.4 million.” Ponemon Institute study “The True Cost of Compliance.” Jan. 5, 2011. http://www.ponemon.org/library/the-true-cost-of-compliance-a-benchmark-study-of-multinational-organizations
2 InformationWeek’s Regulatory Compliance Survey. Sept. 24, 2012. http://reports.informationweek.com/abstract/14/8935/Regulatory-Compliance/research-compliance-in-the-cloud-era.html?cid=rpt_press_rls