using e-learning to manage compliance and operational risk
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Solutions for Finance Professionalswww.inmarkets.com
Using e-learning to manage compliance and operational risks
Solutions for Finance Professionalswww.inmarkets.com
Anthony MillerManaging Director, Inmarkets Ltd
Solutions for Finance Professionalswww.inmarkets.com
About Inmarkets
Stockbrokers
FinancialAdvisors
FinancialServices
RetailBanks
PrivateBanks
HedgeFunds
InsuranceCompanies
InvestmentBanks
Inmarkets
Solutions for Finance Professionalswww.inmarkets.com
Today’s Presentation
The need for effective policy communication E-learning as an effective and cost-efficient
communication channel Delivering an e-learning program Case study Using e-learning in small-to-medium sized
organisations Current hot topics for e-learning in financial services
Solutions for Finance Professionalswww.inmarkets.com
Operational Risk Compliance Risk
Legal RiskReputation Risk
Failure to manage these risks can lead to:
• Reputational damage• Regulatory action• Financial losses
Solutions for Finance Professionalswww.inmarkets.com
Managing Operational and Compliance Risks Identify the risks faced by the organisation Design systems, policies and controls to
mitigate these risks Communicate these policies to staff Monitor compliance with the policies Review and update policies to reflect changes
in regulations, the nature of the organisation’s business activities and the wider economic environment
Solutions for Finance Professionalswww.inmarkets.com
Policy Communication Policies are only effective if employees are aware of
them and understand how to apply them to their work
Do you have visibility and control over the policy communication process?
Policy(intended behaviour)
Actual Employee Behaviour
?
Solutions for Finance Professionalswww.inmarkets.com
Why use e-learning?
Email with policy document attached
Fast Low-cost Consistent Low impact Low
measurability
Classroom training sessions
Slow High-cost Inconsistent High impact Some
measurability
E-learning
High measurability
Solutions for Finance Professionalswww.inmarkets.com
Delivering an e-learning program
Define learning objectives Develop content Deploy content on an LMS and define the audience Track learner progress Produce management reports
Production Review UpdatesStatementOf Work
RequirementDefinition
Go Live:Communication PlanMI RequirementsMaintenance Plan
Solutions for Finance Professionalswww.inmarkets.com
Instructional design: Engage-Inform-Influence
What is the learning About? Why is it important to the organisation and the individual learner.
Interactive scenarios and case studies
Concise, jargon free description of the subject. Illustrated explanation of subject.
Solutions for Finance Professionalswww.inmarkets.com
Assessment
Structured randomisation All responses tracked Diagnostic reporting
MI provided at the question level for each user, groups of users and the entire population
Can identify areas for remedial action – additional training
Solutions for Finance Professionalswww.inmarkets.com
Solution:• E-Learning content was designed to
engage employees, inform them about the policies and influence their behaviour
• The use of interactive scenarios ensures that completion means a sufficient level of understanding has been achieved and the knowledge can be applied in real-life situations
Case Study: Policy Communication
Challenge:• Requirement to ensure all staff have
awareness and understanding of key compliance issues, and transfer more extensive knowledge to employees in certain job roles
• Manage the operational, reputation and legal risks associated with a failure to comply with regulations
Solutions for Finance Professionalswww.inmarkets.com
Case Study: Policy CommunicationImplementation:• Content is delivered and tracked using Inmarkets eLDP• Training records are automatically transferred to the client HR system• Compliance managers access high-level reports• Line managers access self-service reporting, so responsibility for compliance can be cascaded
throughout the business• Integration with other IT systems prevents “delinquents” from continuing their day-to-day work if
they have not completed their mandatory learning requirements within the timescales specified by the compliance department
Solutions for Finance Professionalswww.inmarkets.com
Results:• All new joiners complete mandatory training within 30 days of joining the bank• When new policies are rolled out, 95% plus completion rates are achieved within 30 days• The system is now leveraged by other groups such as financial control, operational risk
management, IT and HR to communicate policies across the firm, ranging from diversity and equality in the work place to IT security.
Solutions for Finance Professionalswww.inmarkets.com
How can e-learning be used in smaller organisations?
Reduce development costs by leveraging existing off-the-shelf content
Reduce technology costs by using a web-based SaaS solution
Inmarkets offer a suite of over 30 compliance modules for UK financial services organisations
Each module can be licensed, delivered and tracked at a cost of £20 per employee (or less).
Solutions for Finance Professionalswww.inmarkets.com
Current hot topics
Treating customers fairly Fighting financial crime – AML and fraud prevention Information security Data protection MiFID Basel II FSA COB, MCOB, ICOB
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