Other parts of this series:
The financial services (FS) industry spends ample amount of resources on compliance training in order to meet regulatory demands, yet a majority of these efforts are not effective and tend to crowd out training that could be used to unlock the untapped potential of the workforce.
According to “Global Regulatory Outlook 2017” by Duff & Phelps, FS organisations are spending about four per cent of their total revenue on compliance, and that number is expected to rise to as much as 10 per cent by 2022. Despite the magnitude of resources spent on compliance, many FS firms continue to struggle with ever-changing demands caused by regulation. In particular movements towards individual accountability for executives in some jurisdictions and broader conduct based regulation, the link to individual behaviour and judgement has never been stronger.
Considering what’s at stake with staggering fines and wage costs, it’s time that financial services executives took a hard and honest look at the state of compliance training in their institutions. Are we merely checking off boxes, and is there a better way to deliver and embed learning in the future workforce?
The answer to both of these questions is “yes.” The current form of compliance training for most FS organisations is a ‘one-size-fits-all’ model, utilising e-learning to tell learners the rules, and often resulting in employees skimming the content quickly and leaving them disengaged from a meaningful culture of compliance and risk management.
Yet, another way is possible. Compliance learning does not need to cost so much, nor does it have to be so frustrating for all involved. It can be high-impact and dynamic. Instead of using generalised, time-consuming modules, it can be customised to be brain-friendly (accessible and fun) and role-relevant (specified to position). Compliance learning can even be incorporated into overall business learning content, rather than being a separate activity.
Here at Accenture, we are proud recipients of prestigious Brandon Hall Excellence in Learning Awards in multiple categories for both our own efforts and the ones with our client partners such as Lloyds Banking Group, Bank of Ireland, Commerzbank, Ping An of China, and many others in the last several years. Of note, in 2017, Accenture took home the Silver Award in “Best Advance in Compliance Learning,” while Lloyds received the Gold in “Best Advance in Learning Measurement,” and Bank of Ireland placed second in “Best Results of a Learning Program.” Many of these relate to taking a different approach towards traditional compliance topics with incredible results.
We now have the digital tools and an array of platforms that can enable FS leaders to truly change the culture and professional standards for an entire workforce. A brand new approach to compliance learning can not only unlock the true potential of the workforce, but can also allow FS firms to live up to their professional ethos.
In my next post, I will outline the four key traits of a successful compliance-learning programme.
To learn more, register to download the full report: Fresh Thinking: Reinvent Your Compliance Training for Increased Value