In the post-2008 world, compliance training is more important than ever for financial services. Whether you are a retail bank, the investment arm of an insurance firm, or a returns-focused asset management house, there are more regulations than ever–and they keep on coming. It can be overwhelming for L&D teams to stay current with these updates, so consider encouraging employees to attend external conferences and training sessions to supplement your internal providings.
There are many organizations that specialize in training on complex topics like the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Dodd-Frank and European Market Infrastructure Regulations (EMIR), Foreign Account Tax Compliance Act (FATCA), and operational risk. Most of them offer a variety of courses, too, ranging from in-class seminars to short webinars your learners can listen to from their desks.
When considering which courses to encourage for employees in your firm, keep in mind three important factors:
Read the course summary carefully to make sure that it will cover the topic at the range or depth appropriate for your learners. If possible, read previous attendee’s reviews to get a sense of whether it is a fast-paced course or if the instructor goes into detail. Also consider whether accreditation is important to your firm: many courses will offer Continuing Professional Education (CPE) credits or other accreditation by larger, independent organizations.
Research the instructor(s) to find out what expertise they have, how long they have been in the industry, and how they stay up-to-date on the regulations. Again, if you can get your hands on past testimonials, you can get a sense for what kind of facilitator they will be (even if those testimonials are all positive).
Finally, consider what kind of modality is best for your organization. Can you afford to fly your learners into a central location for instructor-led training (ILT) or are you working with busy professionals who only have time for lunch sessions? This has both to do with your audience and your budget.
To get you started, here is a comprehensive roundup of external offerings that specialize in financial services regulations and compliance training:
- American Bankers Association
- Association of Certified Financial Crime Specialists
- Banker’s Academy
- Center for Financial Training
- Compliance Alliance
- Compliance Online
- Credit Union National Association
- Eureka Financial
- Financial Technologies Forum
- Fitch Learning
- Incisive Training
- Independent Community Bankers of America
- International Association of Risk and Compliance Professionals
- Managed Funds Association
- National Futures Association
- Thomson Reuters
Hopefully this list will help you save time and source your firm the highest-quality compliance training.
How do you stay on top of regulatory updates in the financial services?