Everyone knows that regulatory compliance is crucial to an organisation's success, although many employees find it an abstract or boring topic. However, compliance training is a necessary corporate practice across organisations in different industries. It teaches employees the regulations, laws, and policies that apply to every industry, which are put in place to ensure a safe and ethical work environment. Organisations must prove their compliance by providing proper compliance training to employees and everyone in the organisation.
Here are the latest trends in Compliance Training you should know.
1. Employees are More Proactive with Training
Unlike many years ago, employees are now more proactive with compliance training. That's because they now know that the training can benefit them. While it can do good for the organisation, they know it can also do good for them.
For one, compliance training helps to promote an inclusive and safe working environment. It teaches employees how to handle compliance issues, encouraging them to report them should they encounter one at work. In addition, the training encourages people to speak up about the things around them, helping to create a safe workplace for everyone. Studies show that employees who have undergone workplace training have demonstrated improved performance, committed fewer errors, and were less likely to leave the organisation.
Another reason employees are being proactive with compliance training is it balances ethics with priorities. Principles and values can be the same for most companies, although the details can vary. Compliance training can help employees to learn how to integrate these systems into their daily tasks, allowing them to perform their jobs in ways that adhere to internal and external standards.
2. Power of Compliance Data
Leveraging data and analytics, along with comprehensive reporting, is one of the latest trends in compliance training. Data and analysis can be crucial in understanding clients and not just knowing them. Armed with as much insight, compliance teams can generate valuable management and business reports and uncover which cases use the most resources, allowing them to achieve Know Your Customer (KYC) success rates.
In addition, data and analytics can help to reduce operational workloads during case management. Companies can also leverage them to prevent financial crime. Compliance teams using advanced analytics can help improve KYC success rates, monitor client activities, refine sanctions screening, and proactively identify risks.
Technology has allowed various organisations to easily integrate compliance requirements into core business operations - something they have not been able to do before. Thus, the "compliance by design" resulted in increased data analytics tools, allowing companies to identify potential issues before they can arise. In addition, these innovations have allowed organisations to enjoy significant savings and achieve more precision in targeting risk-based activities.
3. Mobile-Friendly Compliance Training
Gone are the days when organisations rely on the traditional method of training their employees. Many are now shifting towards a more mobile-friendly training environment due to the limitations of traditional classroom methods while allowing them to keep up with this tech-driven world. Thankfully, you will now find online health and safety courses allowing employees to take compliance training more conveniently. Some are available in mobile format, allowing them to take the training anywhere that suits them.
Everything is now going mobile. So, it just makes sense that compliance training will follow suit. With the availability of responsive design tools, organisations can create a mobile version of their compliance training course. They can rely on software and tools to automatically adjust the orientation and layout of the training materials according to the mobile device. For instance, employees who prefer tablets can get the same experience as laptop users.
But it's still essential to ensure that the training materials are compatible with mobile by creating a bite-size version of your online compliance courses, allowing for a quick and convenient way to access the training materials. It also helps to minimise cognitive overload while improving employee engagement.
4. Interactive Online Training
Many organisations are shifting to interactive and immersive online training content using Virtual Reality and other advanced technologies that allow e-learning professionals to engage participants. Organisations can integrate these platforms into compliance training in numerous ways. For instance, the training can feature augmented reality objects that mimic real-world environments, allowing employees to clean up hazardous virtual spills through the use of realistic gear without causing harm to themselves and others.
There are various methods organisations can use to integrate interactivity into their compliance online training course. Some examples are simulations, branching scenarios, and serious games. These activities allow employees to brush up on essential skills and learn about compliance in a real-world context. As a result, employees will be able to appreciate the benefits of the training even more and learn how to use the knowledge they gained in the workplace.
Integrating interactive elements into your compliance training, such as click and display, multiple choice, and drag and drop, is one of the best ways to improve participant engagement. The interactive content helps to ensure a highly engaging training experience, enhancing the impact of the compliance training.
5. Cybersecurity is Still Vital
Cybersecurity remains a vital topic in compliance training. The law requires regulated businesses to gather sensitive customer data for their Know Your Customer (KYC) process. The data can include sources of funds and wealth, identity verification documents, adverse media reports, PEP checks, sanction list screening, etc.
Ensuring the data gathered is safe and free from prying eyes is crucial. Any vulnerability can result in data breaches, paralysing the entire business, leading to hefty fines, reputational damage, and legal proceedings.
Cybersecurity is not only a crucial aspect of data collection - it also helps to ensure robust, business-wide cybersecurity protocols that can prevent data breaches, malware, and other viruses that can result in devastating cyber-attacks. Seasoned criminals will attempt to access sensitive data that they can use for crimes like fraud and identity theft. They can also seek to perform financial crimes, such as scams and theft to steal money from your organisation, employees, and clients.