Compliance eLearning For Financial Services

Creating Engaging Compliance Training For Finance

Compliance, Risk and L&D Managers in the Financial Services sector have a big and important obligation to deliver mandatory training on compliance issues each year, a task which can be fast-paced, challenging and rewarding. Whilst “repeat training” might seem straightforward and hassle-free from the outside, the cyclical nature of this learning can be tricky to manage and maintain in an effective and engaging way.

We have worked with many financial organisations (like Credit Suisse and Barclays) and we are well aware of the pressures that this “must-do” compliance training can bring. This type of training often comes with a bad reputation, and managers are often left looking for ways to make it feel more “real” and get audience buy-in again and again.

Alongside internal pressures and challenges, this type of training is also highly regulated, so must be consistent, evidence-based and focused on the learner’s and organisational needs.

Mandatory Doesn’t Have To Be Mundane!

Just because something is important or serious, it doesn’t mean it has to be boring or basic. There are some key questions we need to explore here:

• How can teams continue to enable learners to be engaged with compliance eLearning?
• How can L&D professionals ensure they are creating both mandatory and memorable learning experiences?
• How can we make sure the learner is at the heart of the learning whilst ensuring all the key boxes are being ticked?

The Importance Of Compliance In The Financial Services Sector

First and foremost, we must acknowledge that the Financial Services sector is a regulatory landscape. This type of learning is not optional and will be regular. The priority here is to continue to deliver excellence in terms of delivering knowledge and information—whilst ensuring the learner is engaged and in tune with the learning experience.

What Are The Key Challenges Of Compliance Training For The Financial Services Sector?

We know that inherently people want to be compliant. But, this can still come with many challenges:

• Many L&D teams can become “stuck in their ways” and see certain types of training as a tick-box exercise—leaving gaps in engagement and knowledge retention.
• The pressure to create a “compliance culture” is very real for many organisations—especially those that are growing quickly. This can be very nuanced and tricky to navigate, especially in fast-paced environments.
• The focus on risk management for organisations can be intense, and it can be easy to let a more dynamic approach slide in the name of prioritising safety.
• The “serious” nature of this type of training can mean that engagement and enjoyment can be neglected or under-valued. When, in reality, by prioritising engagement L&D teams will see more positive outcomes.

Let’s Focus On The Learner

So, we can acknowledge that compliance training can be hard to navigate! However, we are here to support you and remind you that compliance eLearning can be positive and effective and can be a really fulfilling experience for your individual learners.

We believe by putting your individual learners at the centre of your learning experiences, you’ll see the best return.

5 Ways You Can Focus On The Learner With Compliance eLearning

1. Focus On Meeting The Learner Where They Are

Your priority here is to make things as easy and straightforward for your colleagues. Can you create eLearning programmes that work for the on-the-move learner? Can you focus on microlearning techniques to ensure busy workers aren’t overwhelmed? Can you relay familiar information in a new way? Think about the outcomes you want to achieve through the learning (better understanding of a policy or a change in behaviour) and the steps the learner will need to take to get there.

2. Have A Big Focus On Personalisation

With training that is both mandatory and that may have repeated elements, it’s important to reflect the knowledge that the learner already has. This both acknowledges that this is about building on previous knowledge and creates a sense of individual responsibility for the learner. We encourage you to be as bespoke as you can be for repeat and “reminder” type courses.

3. Be Creative!

Again, serious and important doesn’t have to be boring and dull. Whilst your information may have to remain a certain way, how you deliver it can vary. Variety is key here to ensure maximum engagement and knowledge retention. Be creative with your approach and “mix up” the learning style by using different techniques like gamification and video content. For Credit Suisse, we created an escape-room-themed challenge called the “Hacker’s Hideaway” as part of their cyber security training!

4. Focus On Evidence-Based Learning Approaches

Of course, you’ll want to gather as much data and evidence as you can. And, there are many benefits to this approach for the learner, too. By adding in short quizzes, end-of-course assessments or reflection-based tasks, you’ll keep the momentum for the learner and reinforce their knowledge. All whilst still focusing on evidence and keeping the regulators and senior stakeholders happy.

5. Reinforce The Importance Of Continuous Learning

We understand that compliance learning may be a hard sell internally and might not be the easiest way to motivate your workforce. However, there’s a bigger-picture narrative here. By focusing on the importance of continuous learning generally in your organisation, then the mandatory training won’t get the negative press it often does. All learning is essential and important to better individual performance and improve organisational outcomes.

Quick Wins For The Long-Term Win

It may feel like an impossible task to make mandatory training interesting for your workforce. And in reality, the campaign to persuade your workforce otherwise may be more of a long-term slow-burn game. Often with culture and long-term change, it can take time and it’s important to start out with some quick wins to keep momentum and create an initial positive buzz.

Ultimately though, this is about being as engaging and “fresh” as possible with learning that is both essential and important.

So, How Can We Be Inventive And “Fresh” With This Type Of Learning?

• Focus on a year-round compliance culture so that repeat training is a habit and not a chore (lean into the notion that people want to be compliant).
• Listen to what your learners need and specifically what feels “memorable” and engaging for them (always ask for examples).
• Remember that in certain instances, the training can be summarised and more about “highlights” when it’s repeat learning. Focus on efficiency here.

Final Thoughts…

Compliance training in the Financial Services sector can be a huge challenge for L&D teams, especially with their many other priorities. We believe mandatory compliance training can be engaging and effective when approached with the right eLearning strategies. It doesn’t have to be a tedious, obligatory task.

Originally published at kineo.com.