Compliance officers are tasked with multiple competing priorities, not least of which is the overall management of an organization’s compliance program. Training of employees and third parties is an essential element of any corporate compliance program and a critical component of the compliance officer’s job.
Although the importance of compliance training cannot be overstated, it is only one aspect of a demanding set of responsibilities that require various levels of attention on any given day. But a compliance officer doesn’t have to let training monopolize her attention, nor does she have to settle for mediocre, uninspiring and ultimately ineffective corporate compliance training. E-learning provided by a quality training partner can deliver impact as well as measurable and meaningful results. These three principal aspects of compliance e-learning highlighted below will help compliance officers elevate their training to a higher level without imposing burdensome time constraints.
Continual corporate learning involves the ongoing learning of new skills and knowledge. Continual learning helps employees stay current and up to date on the latest industry trends, best practices, and evolving regulatory requirements, all critical in today’s demanding regulatory environment. In fact, recent guidance from the Department of Justice (DOJ) provides that training must be “appropriately tailored” to cover high risk areas with specific attention to one’s role, including real-life scenarios one may encounter in his or her day-to-day business activities..
Moreover, ongoing compliance training is considered a best practice. And although continual e-learning is just one aspect of the overall compliance training program, it is a crucial one that boosts and reinforces employee understanding and mastery of key compliance concepts throughout the year. Organizations that limit their training program to one required training session annually lose out on a valuable opportunity to introduce new information and to supplement and bolster core compliance concepts previously introduced. A reputable training partner can help compliance officers implement and deliver effective and well-timed training that is convenient for employees and minimizes the overall compliance risk that can result from knowledge gaps.
Predictive data or predictive analytics is the use of statistical data to identify and predict the likelihood of certain outcomes. More companies are using predictive data in various ways, including to optimize employee training and deliver a more successful e-learning experience. Predictive data in e-learning offers comprehensive and in-depth evaluation of learners and can be used to cater to individual training needs. However, e-learning is only as good as the data intelligence engine behind it, and not every training platform offers the latest or easiest-to-use technology.
An innovative training partner can offer premier solutions and help a company uncover new opportunities. These offerings include essential tools to help companies pinpoint and target specific risks, uncover blind spots, more effectively measure programs, benchmark performance with actual behavioral data of employee decisions across industries, and prevent incidents before they occur. With proper resources delivered by the right partner, a company can untap new potential and increase its bottom line.
Adaptive learning is a highly effective, immersive, and engaging e-learning experience that facilitates interaction with the learner by delivering customized activities, including gamification, to address the unique needs of each student. It is a type of intelligent teaching that is able to automatically adjust, in real time, to individual users and meet specific learning objectives. This approach dramatically reduces the learning gap and propels users toward mastery of required compliance concepts.
Not all e-learning solutions provide adaptive training, and some that do offer only limited tools. The right training partner offers fully adaptive courses, real-time personalized coaching and feedback, active learning sessions, and scenario-based interactive exercises in which users learn by doing. Therefore, it’s important for compliance officers to select their vendor carefully in order to achieve more efficient training that provides an individualized learning journey for each employee while delivering 100 percent proficiency, ultimately freeing up valuable compliance officer and company time.
Regulators and industry experts increasingly expect the compliance function to modernize. Drawing on technological advancements in compliance training, including analytics, automation, and gamification, can help organizations enhance their profiles and become better business partners.
There is no reason to struggle with compliance training when you can have the assistance of an experienced and effective e-learning partner. A carefully chosen and high-quality training partner can deliver convenient continual learning, proven predictive data, and effective adaptive learning that meets regulatory requirements, as well as stronger overall training, resulting in reduced subsequent compliance problems.
Ideally, you will be able to rely on your compliance training provider as an extension of your organization, and as a partner that is committed to helping your employees fully comprehend concepts vital to your organization. Don’t rush to pick a compliance training solution before you understand the full capabilities of e-learning.