5

Compliance

Trainingthings

that work!

So here’s the thing. If you work in a large organisation, you are going to be deluged with training.

It can come in the form of online courses that involve clicking through a series of slides or in the form of a brief multiple choice (or multiple guess) test.

However, there will always be people who, by virtue of their roles, need more specialised skills and training to support them.

With regulators around the world increasingly expecting to see evidence of an effective and risk based approach to training and awareness, what is the best AML and compliance training?

1.A risked based training and awareness strategy that is endorsed by senior management.

(i.e. get a plan approved at a board meeting).

What are the higher risks or more complex roles in your organisation?

What specific training and skills do these roles require?

How will you evidence this?

2.

Customised training

It is not appropriate to provide account opening or client on boarding staff with generic training focussing purely on the law and regulation.

In the current regulatory climate they need meaningful case studies and examples relevant to their roles. 

The key is to develop critical thought and application of the law and regulation to real life scenarios.

And don’t forget senior management. Tailor a briefing session for them with the key issues in terms of the commercial benefits of AML and compliance and in particular the impact on share price!

3.

A tiered approach to training

Offer clear progression for staff. From basic awareness courses to intermediate qualifications through to advanced and masterclass level sessions for senior compliance and AML practitioners. 

Taking an overall view of the “learning journey” will motivate your staff in terms of career progression and demonstrate a real commitment to their personal development from their employer. 

Remember regulators expect firms to demonstrate the competency of their AML and compliance staff as well.

4.

Certification

How credible is your training?

Is there independent certification on the learning outcomes?

Has the learning been evidenced through examination?

Can you satisfy your senior management, auditors and regulators that it is effective?

5

Give it the wow factor!

Keep training engaging for staff. Use interesting and “sexy” case studies.

Use different media, face to face sessions, newsletters, desk drops and put the issues in context for staff in terms of how it relates to them and their jobs. 

Don’t forget to motivate and energise your people as to why AML, ABC and compliance really matters.

Find out more about ICA

professional qualifications and training in AML, governance, risk and compliance

and financial crime prevention at www.int-comp.com