Board of Directors Compliance Training: 5 Best Programs

  • By: Adam Wire
  • April 12, 2024
Reading Time: 4 minutes

Understanding regulatory compliance is an important aspect of board governance training. 

Whether you’re a new board member or a veteran looking to refine your knowledge, corporate compliance training ensures you can protect the organization’s reputation, minimize risk, and perform your duties in an ethical manner. 

Read on to learn about five compliance training programs and discover how board management software streamlines training and board governance.

What is Board of Directors Compliance Training?

Overall, board of directors compliance training is essential for ensuring that board members have the knowledge, skills, and awareness necessary to fulfill their duties effectively and uphold the organization’s reputation and integrity. 

While the board is ultimately responsible for the organization’s compliance strategies and outcomes, many companies set up a compliance committee to create the framework for internal rules and compliance oversight. The committee is also often tasked with writing a compliance committee charter to formalize the organization’s regulations. 

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Benefits of Regulatory Compliance Training

Legal Compliance

The main benefit of compliance training is that it serves as a safeguard against legal issues. Training programs inform board members of the laws, regulations, and industry standards the organization must follow. This knowledge lessens the risk of fines or lawsuits due to employee actions or conduct.

Risk Management

Compliance training can also help a company deploy its risk management strategy. Staff members learn how to assess potential risks in the workplace and manage those situations with more intelligence.

Ethical Standards

Compliance training helps employees understand legal requirements and ethical standards, reducing the likelihood of legal violations or unethical behavior that could result in lawsuits, fines, or reputational damage for both the employee and the organization.

Reputation Protection

Compliance training goes a long way toward boosting your company’s reputation. Diversity training can be especially useful for attracting and retaining top talent from diverse demographics.

Employee Development

After completing compliance training, employees should be better prepared for a wide range of issues that may occur while at work. Contributing to the growth of employee skills can also help convince them to stay with your organization rather than search for greener pastures.

5 Board of Directors Compliance Training Programs

1. National Association of Corporate Directors

The National Association of Corporate Directors (NACD) has helped nearly 2,000 boards across America with its proprietary director education framework. The framework shows directors how to create a healthy in-house culture and fulfill their responsibilities at the highest level. The NACD offers board assessments, compliance training courses, governance reviews, advisory services, and an extra layer of security through its subscription-based X-Analytics Cyber Risk-Reporting Service.  

The organization also offers a certification program for active corporate directors or NACD members. An individual NACD membership costs $1,585, while a corporate membership that covers up to 10 members costs $12,900.  

2. The Directors College

Organizations in Canada can utilize the Directors College. Through its Chartered Director Program, the company defines best governance practices and brings peers together for virtual and in-person courses. 

Another Directors College feature is the Directors College Director Education Program (DEP), which helps board members enhance their credibility with three programs: Signature Director Education Program, Chartered Director Program, and Collaborative Healthcare Governance Program. Interested directors must create an online profile to apply for the Directors College’s programs. 

3. Institute of Corporate Directors

The Institute of Corporate Directors (ICD) provides highly rated development programs, learning opportunities, networking events, and local chapter support. ICD members receive exclusive benefits, such as regular updates on emerging governance issues and best practices, as well as access to the ICD Directors Register, which is a board matching and referral service to bring like-minded board members together. 

Individuals can join the ICD for $450 a year, while organizational membership rates range from $2,500 to $5,000 based on the type of company and gross revenue.

4. Preparing to be a Corporate Director

Ivy League alumni fill the boards of many organizations, so it’s only fitting that Harvard teaches a course on how to be a corporate director. The program teaches students how to prepare themselves for the role.

Harvard’s class targets the following demographics:

  • Senior executives who are interested in serving on a corporate board
  • Executives who are retired or preparing for retirement and considering board opportunities
  • C-level executives who are board-facing (e.g., CEO, CFO, CHRO, CSO) and seek to strengthen their leadership capabilities
  • Partners from audit or consulting firms
  • Partners and executives of private equity and venture capital firms
  • Nonprofit board directors who aspire to serve on corporate boards
  • New board members who are in small and medium-sized firms

The in-person course runs October 2-5 and costs $11,750 per person

5. BoardSource

BoardSource is a 501(c)(3) organization that specifically focuses on improving compliance programs and board effectiveness in nonprofits. Its Board Support Program gives partners tools and resources to assess their performance and make the nonprofit a more equitable and inclusive place. 

BoardSource membership prices differ depending on your annual revenue. There are also membership fees for federated networks, individual nonprofit executives, foundation boards, independent schools, and corporate partnerships. 

Getting Started With OnBoard

Board of Directors Compliance Training teaches your board members how to safeguard the organization’s reputation, reduce risk, and work in an ethical way. 

Board management software, such as OnBoard, helps organizations streamline their compliance training while safeguarding sensitive data and enhancing collaboration.

Key OnBoard features include:

  • Customizable minutes builder 
  • Video conferencing tools and Zoom integration
  • Secure messaging platform
  • Voting and collaboration tools 

Our services are also certified by SOC 2, GDPR, the Data Privacy Framework Program, HIPAA, and ISO 27001.

Download our free Board Meeting Minutes Template to see how OnBoard can help your organization. 

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About The Author

Adam Wire
Adam Wire
Adam Wire is a Content Marketing Manager at OnBoard who joined the company in 2021. A Ball State University graduate, Adam worked in various content marketing roles at Angi, USA Football, and Adult & Child Health following a 12-year career in newspapers. His favorite part of the job is problem-solving and helping teammates achieve their goals. He lives in Indianapolis with his wife and two dogs. He’s an avid sports fan and foodie who also enjoys lawn and yard work and running.