BFSI LMS: Automated Compliance Training for Branch Operations

Regulatory compliances are like the relatives who come for every family occasion, with an expression of disapproval. Even if you have planned for everything, they manage to find that one thing you decided to not focus on. And of course, they will give you grief over it. Similarly, for compliance training at branches in the banking sector, which is as highly regulated as an industry can get, no stone can be left unturned.

Our study suggests that the primary cause of concern among our clients are:

• Extensively growing headcount with changing job roles
• Ensuring genuine learning for compliance adherence
• Audit process with required reporting

To address the above, we created the following four goals:

Goal 1: Scheduling Compliance Training for a Dynamic Workforce

With a large number of branch employees, generally, new people are joining and taking on new roles all the time. With each job role requiring a different set of compliance certifications, the key is to assign and track completion for everybody, though they might have individual starting and end points. To drive engagement and motivation, word of the wise is that you intersperse skills training, leadership training, and compliance training.

The first step is to map the job roles with the required number, and level of training. Once that is done, a BFSI specific LMS can map the personnel against their job roles to get data on the number of man hours for each employee who will go into training completion. This can now be used to map individual employee’s learning path on your LMS.

This helps you achieve the objective of error-free scheduling and completion tracking while keeping the employee motivated till the end.

Goal 2: Ensure Learning and Understanding

Experience says that with every system put in place, there will always be those who would want to find a way to bypass it. In addition, there are concerns over actual learning and understanding of the module. Branch employees are required to have the knowledge from a compliance perspective.

A BFSI specific LMS shall be able to deliver compliance training with the additional ability to capture completion details of a course. This includes time taken on various pages and issuance of a completion certificate to the attendee. The system shall also generate an intelligent assessment for every participant. Assessments that are administered online, can be doctored. So, the system has a proctored environment, which includes a browser lock to avoid the itch to visit a search engine to find the answers.

It should also be able to capture the photograph of the participant periodically to ensure that the person who attended the training, started the assessment, and completed the assessment, are the same. Finally, for more critical assessments, having live invigilators to discourage cross-questioning among peers for help, is recommended.

Goal 3: Re-certification

For regulatory compliance training that needs to be retaken for periodic recertification, the automated compliance training platform throws up reminders to employees, long before their current certification’s expiry date. In case, they choose to ignore these reminders, their supervisors would start receiving reminders so that the recertification can be completed on time.

Goal 4: Tracking and Audit

Regulatory compliance auditors will come knocking; therefore, it is critical that the tracking of compliance training is maintained meticulously. Further, these auditors require the organisation to conduct their internal audits for compliance and maintain records of the audit process and trails. An important aspect is to implement a system that provides this information periodically and maintains audit trail reports in the format required by the authorities. This way with an industry-specific system, regulatory compliance training is managed 360° at your branches.

The next time you have a family event and those relatives show up, expect them to be even more unhappy than usual. With the implementation of automated regulatory compliance training, employees/trainees will have the utmost difficulty in missing a thing related to the same. Though it will be fun to watch them try.

We at GCube, have 20 years of experience and 80+ industry awards in learning technologies; and would love to hear your thoughts, queries and suggestions. Please do write to us.