1/20/2024 0 Comments Jeff kelly oncourse learning![]() ![]() Such teams operate with increased efficiency, effectiveness, and longevity, which can offset the cost of these programs as the following examples show. ![]() In addition to the obvious avoidance of litigation and monetary penalties often associated with regulatory violations, institutions should consider the more discreet, but impactful, effects of a better-trained team. They often achieve this goal through education and training, which is an investment in employees, the most valuable resource of any financial institution.ĭespite the positive influence of compliance training, financial institution leadership often focuses on compliance departments as a growing cost of doing business and overlook the benefits they bring to the table. Is it comprehensive? Is it cost effective? Does it create a culture of compliance? Does it foster a commitment to compliance?Ĭompliance leaders must provide a consistent flow of information to their teams, positively influencing the accuracy and efficiency of day-to-day operations. To determine if a compliance training program is robust, see if it meets the four Cs criteria: “Mandatory or compliance training continued to be done mostly online, with 73 percent of organizations doing at least some of it online and 26% entirely online,” stated the 2015 Training Industry Report. Is it cost effective? In recent years, many compliance training programs have been streamlined, becoming more affordable and contributing to their organization’s bottom line, according to training industry trends. To determine if a compliance training program is robust, see if it meets the four Cs criteria: “Is it comprehensive? Is it cost effective? Does it create a culture of compliance? Does it foster a commitment to compliance?” The same article says this generation values development more than other generations do. The article reveals 87 percent of millennials affirm that professional development or career growth opportunities are very important to them and it is a key factor in retaining them as employees. In fact, a June 2016 Gallup article “Millennials Want Jobs to be Development Opportunities” addresses this point. While most employees see the value of keeping their job skills updated, Millennials, in particular, highly value training and career development when considering employment opportunities. Highly trained employees also provide high-level service and add to the company’s sales success.įindings from a Pew Research Center Lifelong Learning and Training Report in 2016 show 65 percent of employed adults who participate in professional learning are most likely to say it expanded their professional network and 47 percent note it has helped them advance in their current organization or company. Plus, they also remain in their jobs longer and advance within the company. Studies show such training results in employees who are efficient, are effective, and have high morale. A strong compliance program begins with an investment in the professional development and training of employees. To avoid the unwelcome consequences of penalties or litigation, financial institutions need to implement a comprehensive compliance program and training that covers all the laws and regulations that affect their business.įour Cs of compliance training. ![]() Regulatory fines and penalties against financial institutions for compliance violations are still commonplace. Oct 19: Digitizing the risk back officeįinancial institutions need to be aware of the regulatory requirements as much today as ever, despite President Trump’s recent executive order to review many of the regulations and legislation passed during the Obama administration. ![]()
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