Regulatory compliance requires a large portion of not only an organization’s budget but time needed to train employees on an expanding list of regulations. With regulators increasing their efforts in compliance and new global-focused regulations, firms are feeling the burden.
- Many firms now are looking at providing “holistic” compliance learning tools, such as blended learning, social media and on-the-job aids.
- Customized training to fit your organization’s unique needs, diversity and sensitivity is crucial.
- Organizations are moving towards more engaging training options which not only provide a better experience for employees but also increase the likelihood of information retention.
Due to this regulatory pressure, creating a culture of compliance has become significantly important in both maintaining compliance and fostering an environment where compliance is second nature.
But where do organizations begin?
An easy place to start would be to review their compliance training program. For starters, it means providing more than just the same old learning content for employees.
Many firms now are looking at providing “holistic” compliance learning tools, such as blended learning, social media and on-the-job aids.
More than that, risk and compliance officers need to provide relevant learning content when it comes to compliance.
This means getting rid of generic content and instead providing learning tools that are tailored for specific regions, industries and job functions.
Financial firms do business in many different jurisdictions, all of which have different AML, fraud, KYC and other compliance statutes.
Customized training to fit your organization’s unique needs, diversity and sensitivity is crucial.
No More ‘Click, Click, Click’
In the past, compliance training tools lacked a level of engagement that is necessary in the learning process.
Employees completed exercises in a rote manner, simply going through the motions to satisfy a requirement. But the days of going through the motions, “click, click, click,” are over.
Organizations are moving towards more engaging training options which not only provide a better experience for employees but also increase the likelihood of information retention.
This can mean possibly shortening training sessions from 60minutes, to 45 or even 30 minutes, in a bid to provide users with more snack-able content.
Other methods organizations are seeking include even shorter supplemental trainings throughout the year referred to as “microlearning,” or add-on courses sent throughout the year.
These not only remind employees about key aspects of compliance, and for maximum effectiveness can even be sent when a major event, such as the Panama Papers leak of 2016 happens.
At such a time, a short add-on course relating to data security or money laundering is relevant and timely.
Such a method can be effective in reducing “training fatigue,” which can set in if you are rolling out several full-length training courses per year.
Paradise Papers Microlearning course screenshotIt’s also important to embrace rich media content, and utilize engaging mediums like video to keep employees more captivated when it comes to compliance learning.
Ultimately, all of this means delivering courses that are driven by practical examples and interactive scenarios to ensure users truly understand and recognize compliance issues.
Take advantage of technology
Smart firms are using technology to optimize their compliance training. For example, using data analytics to measure a change in behavior after a training session is given, or to see where gaps exist to target future training more effectively.
This also means enabling more mobile learning. The world is largely mobile now; it’s the main platform most people use to consume content and socially interact with others.
Offering training sessions that run seamlessly on desktop as well as mobile gives users more flexibility of when and where they can complete the training, and also appeals to the younger worker, who is used to engaging on a mobile device.
Choosing the right partner
It’s important to have the right courses ready to go when new regulations come in.
Financial firms can create these in-house, or find a partner such as Thomson Reuters with extensive market-ready courses in their library.
Our suite of online training solutions can provide your organization with an arsenal of compliance learning content to build and support a culture of compliance and effectively manage risk year-round.