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As the Royal Commission into misconduct in the Banking, Superannuation and Financial Services Industry continues, one item has become clear; compliance training cannot be an isolated event.

Indeed, it is not even sufficient that compliance training addresses current laws and regulations within the geographic region staff operate, nor that it is engaging and has a high pass rate.

The Royal Commission has made it clear that senior management need to ensure any compliance training program is customised to reflect to their culture, ethics and goals. Further, these cultural items need to be reflected in items such as incentive schemes, and these cannot be in contrast to the legislative requirements of the compliance training. Ideally, testing staff on the areas they have been trained should ideally highlight where there may be weakness of knowledge across the organisation.

This then helps the organisation identify potential behavioural risks which can be addressed at a group or individual level.

Linking compliance programs to culture, ethics and goals

Organisational culture, ethics and goals, which are driven by Management and the Board, are responsible for driving staff behaviour. Organisations may incentivise staff to reach their goals, however this needs to be in line with their culture and in an ethical manner.

An exceptional compliance program teaches staff relevant rules and regulations in an engaging manner to increase knowledge retention, and links these rules and regulations to the ethical way an organisation operates to reach its goals. There is no point to teaching on one hand, and operating/incentivising in a conflicting manner on the other.

Embracing compliance training

Safetrac consultants are available to partner with you to understand your organisation so that we can ensure the course structure and its content is customised and relevant to your organisation’s culture, ethics and goals. Our expert instructional designers will work with you to link your compliance training outcomes to your organisation’s objectives. Safetrac then work with you to design engaging scenarios that are relevant to your business and, if required, to an employee’s specific role. This may involve customising an off-the-shelf course or creating a completely bespoke course.

Compliance training is not like any other standard learning content modules and should not be treated that way.  We understand what is required to have the best compliance training program – after all it’s why we’ve won LearnX Asia Pacific’s Best Compliance Training PLATINUM Award for the last 8 years in a row.

If you have any queries about the courseware you have, would like to know about other courses that may be applicable to you or would like to discuss the features of our dedicated compliance platform contact us.

 

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