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“Being Compliant” – is often the mantra followed by most Banking Organization. Compliance continues to be a top concern as violation of complex regulatory changes has direct impact on any Organization’s reputation and ultimately impacts business as well. Every organization in the BFSI sector prioritizes training their employees on regulatory and compliance statutes Even in turbulent market conditions where training is often put on the back burner in most organizations, the BFSI sector continues to spend large part of their budget on “Being Compliant”.
Banking sector is one of the major industry vertical in the Asia Pacific and has driven a lot of business in the region. In my journey across GCC and APAC, I’ve met professionals from L&D and Compliance functions, who have shared challenges of training in the sector. The prime challenge that comes up is the cumbersome activity of maintaining employee training records on spreadsheets and keeping up with changing regulations and compliances of the BFSI sector.
Another challenge is the staggeringly low number of compliance professionals which is not enough to keep up with the demand created by the regulatory environment within the APAC region as well as globally. When analyzed further, the reason behind this also drills down to lack of trainings and awareness. Not many organizations are able train professionals to develop expertise of compliance and regulatory mandates and ensure a healthy supply of Compliance professionals for the BFSI sector on the whole.
According to a Thomson Reuter survey, compliance training alone costs banks $4.5 billion annually. Part of these costs go into hiring new compliance staff and training them. Thus, the Banking industry must look out for cost effective innovative solutions which help managing Global Compliance and regulation processes and upskilling the workforce with Digital transformation.
Backed by years of Industry experience and proven case studies, I firmly believe that technology-aided learning is the solution that would solve the challenges of training and learning within the Banking sector. Organizations in the BFSI sector must look out for professional and scalable Learning Management Systems which would help them in many ways:
1. Reducing the cost of Compliance trainings – Reduction in huge trainer, facility and logistic costs by bringing blended learning environment
2. Improving the Effectiveness – Standardizing all Compliance trainings reduce administration effort, therefore increase in effectiveness of workforce
3. Internal Audit Compliance Support – Easy to assist internal as well as third party Audit Organizations with structured data management and reports
4. Certification (Controlled Assessments) – Online platform for assessments in controlled environment reducing huge assessment and certification cost
5. Easy to manage Regulatory changes in content – Integrated Authoring tool to constantly update amendments in Regulatory documents (content)
6. Reachability with Digital Transformation – Increase your reachability to Global audience with anywhere anytime accessibility
The BFSI sector is flourishing in the APAC region and to keep up with the growing number of employees within the industry, technology-aided learning is definitely the way forward. There is a lot that can be done and explored – in terms of innovative content as well as technology-enabled platforms for effective learning delivery. Watch this space for insights from the industry – learning trends, success stories and more.
