Compliance and security: How a learning platform can help financial institutions

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Compliance in financial institutions is crucial due to the complex regulatory environment, laws and standards. Not to mention the looming consequences of non-compliance for organizations. Nobody wants their money to be at risk, and no organization wants the legalities and PR crisis that follows a security breach. So how does a learning platform internally offer security externally for stakeholders?  In this blog, I will outline how leveraging a configurable learning management platform can help your organization can remain secure and compliant.  

An easy to navigate learning platform makes learning intuitive.

If you're wondering, "why learning?" Well, education on policies and procedures is what protects organizations and their stakeholders. Preparing your workforce means giving each employee the tools to succeed. Each employee within the organization needs to have autonomy over their learning and their career path. The right learning platform will make it easy for learners to find their dashboard and understand what courses are upcoming or overdue. Managers and learners can work together to create a clear pathway of upward mobility using a learning platform. This can include additional training in operational risk, ethical conduct, customer protection and mediation, etc.  

Upskilling can benefit both the employee and the organization. Developing your entire workforce is invaluable and educated. You'll want to avoid having a team that is reliant on one or two individuals who “know how everything works.” It’s critical to spread the knowledge and allow those invaluable employees to teach others or reinforce learnings. The best way to know how your team is doing is through accurate reporting.  

A learning platform tracks and manages employee performance in one place.

Accurate and real time reporting allows leaders to drill down into the data and understand how every team, branch and location of a financial institution is performing. Segmented reporting can help managers understand which employees may be at risk of noncompliance. Managers can quickly locate employees who are behind on their training and get them up to date. Analyzing reporting can also help with process improvement. For example, if a branch struggles with data privacy or data breaches, it can be assigned additional data privacy protocol training. Reports can be built to display performance across courses or specific training topics that may be high-risk, whcih brings me to the next point - delivering training.

A learning platform delivers training to all employees easily.

It’s critical that every individual within the organization remain up-to-date on laws and practices that pertain to the industry. In an ever-evolving society where scammers and hackers are constantly leveling-up their skills, it’s imperative that your workforce is following suit. Your workforce needs to be prepared and educated on how to navigate threatening scenarios with caution. A seamless learning platform will deliver training in a clear way. Micro-learning sessions or scenario-based training is a great way to evaluate the competency of your workforce.

Financial services course material can include:

  • Anti-money laundering (AML) regulations
  • Know Your Customer (KYC) requirements
  • Consumer protection regulations (e.g., Truth in Lending Act, Fair Credit Reporting Act)
  • Data protection and privacy laws (e.g., GDPR, CCPA)

Whether a financial institution is large or small, it holds a critical amount of data and needs to remain secure.

Ensuring your employees are properly trained and have the resources needed to be successful can help your organization mitigate threats to security. It starts with enabling a prepared and productive workforce, learn more about Leansoft here.  

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