How L&D Helps in Risk Management?

How L&D Helps in Risk Management?

Nowadays, the vulnerability of an organization to be dragged into legal trouble has increased manifold. The current information explosion has armed the clients and the common man to approach the Court at the slightest let down.

Hence, it becomes imperative that all communications in the form of write-ups, websites, newsletters, blogs, or webinars use calculated words and claims in its essence and should refrain from any over-promise or false hopes. This is where the role of a risk reviewer comes into prominence.

The role of a risk reviewer is of course to review all internal and external communications to ensure that it does not contain anything which can potentially harm the company and its reputation. The Learning and Development team should train the risk reviewer about the industry and the intricacies of its business and look at it from the legal point of view.

The Learning and Development team can play a vital role here to first give competency-based training to all the staff and to sensitize them about the importance of providing correct and realistic information to avoid over expectations from clients. This can reduce litigation costs and save the reputation of the company.

The risk can also be about sensitive information related to the company and its business secrets. Cut-throat competition in the corporate world leads to many companies resorting to unethical practices of pilfering sensitive information of their competitor companies which can lead to fierce corporate wars. Dishonest employees with access to sensitive information often fall for baits and leaks out classified information in exchange for whatever their weaknesses are. This can break organizations if proper precautions are not taken on time.

Again the Learning and Development team can play a crucial role in guiding the Management about ways and means to plug such gaps and to train the staff about the pitfalls. The Learning and Development team can also help the Management in getting the background verifications done for the staff handling such data especially in departments like sales and marketing, research and development, security, trading, manufacturing, and insurance.

The training for the staff can be to first help them understand legal obligations, make them aware of the risks at the workplace, their ability to make proper decisions and more.

A Risk Management Policy can be framed for the organization which can be displayed on the website and regular Risk Management training and awareness sessions can be uploaded on the intranet. A certification program can also be devised by the Learning and Development team for the employees.

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