Making Financial Compliance Awareness Stick

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“If you think compliance is expensive, try non-compliance.” ~ Paul McNulty, Former US Deputy Attorney General

 

How much accreditation training does your Compliance Officer need to be considered compliant with regulatory responsibilities? The answer is a whole lot.

What about the rest of your staff? If you’re a financial institution or a financial service provider, the growth in regulatory requirements over the past decade has set a heavy training burden on organisations as they try to keep up with regulatory changes and reduce their risk exposure.

Finding new and innovative ways to bridge the disconnect between rising training costs and staying ahead of financial terrorists and fraudsters is a skill the financial services sector has to find. The answer lies in organisations finding ways to keep their staff up-to-date with regulatory expectations while also entrenching an overall risk-averse culture.

eLearning designers know that by keeping a steady flow of regular and persistent training, new information will become conscious and top-of-mind for learners. eLearning compliance courses, supplemented by a strategy of reinforcement training through micro-learning, will give an extremely effective way to transition knowledge from the background, shadow understandings into the foreground of good judgement for use and application in daily business activities.

Micro-learning consists of short, bite-sized learning modules aimed at reinforcing key concepts. These are useful ways of keeping regulatory learning alive, and because they are accessible at any time, from any device, the learning from them becomes impactful and interactive.

Financial services providers that can embrace the benefits of strengthening training through micro-learning will enrich their compliance strategies enormously and yield significant ROI for the business while lowering risk exposure.

Here are eight key benefits to be gained from micro-learning:

High Impact:

Micro-learning focuses on delivering a message in a short, punchy manner, so it maximises the learner’s attention and time..

Accessible:

It is designed to run on many devices, so it is mobile friendly and available in offline formats. Its “pull-factor” design gives it a useful content format.

Flexible & Convenient:

Since it is broken up into individual units, it can be deployed into some different environments, like individualised learning paths, and can be reused depending on the context.

Engaging:

Its design format is media-rich, so it’s length is less time consuming, and suits the modern, mobile learner down to the ground.

Just in time:

Micro-learning, designed to accommodate the moment of need, can positively impact the application of learning and change behaviour.

Increased ROI:

Training time reduces radically because of the condensed nature of micro-learning. Shorter development time, easy update cycles and less time spent learning all lead to stronger ROI for organisations

Adopting an eLearning strategy that proactively leads your staff into a place of continued financial compliance awareness, and how to re-act correctly and timeously if these situations arise, is integral to reducing your operational costs and mitigating regulatory risk.

A strong compliance eLearning strategy is key to any efforts at entrenching an appreciation of compliance policies and regulatory updates in your staff’s awareness.

Author: Mandy Collie

 

References
https://www.ftadviser.com/regulation/2018/05/02/managing-the-compliance-burden/
https://searchcompliance.techtarget.com/definition/compliance-burden
https://www.learningsolutionsmag.com/articles/48/whats-your-e-learning-strategy-for-compliance-training
https://www2.deloitte.com/content/dam/Deloitte/us/Documents/human-capital/us-cons-deloitte-regulatory-learning.pdf
https://risk.thomsonreuters.com/en/compliance-training-courses/microlearning-suite.html
hhttps://swissvbs.com/en/resource/maximizing-microlearning-guide/

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