Other parts of this series:
Compliance learning strategies must remain closely aligned to each other and to the overall learning goals for the organization.
In this series of blog posts, I’ve dived into the issue of compliance. In my first post, I explained Accenture’s vision for compliance learning and argued that at present, many financial services (FS) organizations’ learning programs are costly yet ineffective. In the subsequent posts I discussed three of the four characteristics of compliance learning, which, if adopted properly, will pave the way to more dynamic, high-impact programs.
In this final post, I’ll discuss the fourth characteristic, namely joined-up strategic learning, delivered and reinforced at the point of need.
Compliance learning needs to keep in mind the role of professional bodies in enforcing rules and regulations. It needs to be leader-led, and it should make use of analytics, measurement and certification to fuel continuous learning.
The role of professional bodies:
There are many benefits to closer liaison between FS organizations and professional bodies. Most FS organizations will spend increasingly more time liaising with regulators, while they in turn have become savvier when it comes to learning, capability and culture. A close collaboration between FS organizations and professional bodies is vital and needs to happen across all departments, from compliance, risk and legal to learning and development (L&D). When FS organizations consult with regulators on compliance learning strategies and materials, it both confirms the rules to drive compliance behavior and builds regulator trust. In the end, this leads to increased consumer confidence.
When it comes to behaviors and decisions that affect the whole organization, change should be led from the top down. Executives, middle managers and team leaders should model the behavior they wish their employees to adopt. To achieve this, leaders should reflect on their behavior and coach one another to make sure the tone set at the top drives behavior through the organization.
Fuel continuous learning with measurement, analytics and certification
At the moment, typical compliance metrics only show employee participation and how many people completed their learning. This information is not necessarily useful in providing insight into how well employees understood the material or whether or not they employed it in their work.
Therefore, organizations need to adopt proper measurement tools that consider the assessment of capability, behaviors and culture as meaningful metrics. These insights can help organizations identify areas where more focus is needed. Another way to gauge the value of compliance learning is through certification tracking, a tool that helps L&D professionals drive corporate strategy by showing the impact of learning on the workforce.
Last but not least, a robust feedback loop from employees is essential in simplifying as well as enhancing regulatory interpretation and implementation.
To visualize a future where compliance learning is dynamic and high-impact, FS professionals must give status to compliance learning as a key starting point. In this series, I discussed four characteristics of compliance learning and explained the benefits thereof. For more information, download the report here.