Training in banking is critical to any business in the industry, and effective compliance training methods should be prioritised in 2024. With rules, laws and regulations continually evolving in the industry, it can be easy for employees to fall behind if not trained properly, which can lead to detrimental decision making on a local or global scale that will ultimately harm the bank’s progression.
Business leaders can structure experiential learning activities and workshops that enable an entire workforce to possess a deeper understanding of relevant banking regulations to avoid any potentially costly errors.
Why introduce compliance training?
Leaders at banking companies need to be aware of how regulations and laws affect their business and introduce effective training to ensure that all employees across the hierarchy have access to relevant information. According to a study conducted by the Brandon Hall Group, only one-third of companies consider their compliance training efforts to be effective. By failing to prepare adequately for regulatory changes in the industry, banking businesses may leave themselves open to mistakes in 2024.
Compliance in graduate training programmes
Although new employees may have knowledge of the general laws and regulations that apply to banking businesses globally, it is still imperative that they are trained adequately on the specific operations and processes of the company at which they’ll work. Each business is different, and neglecting the opportunity to provide new hires with the key information they’ll need to succeed may have adverse long term effects.
Utilising graduate training programmes to ensure that new hires are educated on the compliance rules set out by the company will lay the foundations for successful long term careers. Regulatory aspects of things like inside dealing, market manipulation and failures in information barriers can be included in experiential learning activities to increase graduate engagement.
Experiential learning
Merely providing employees with waves of regulatory information regarding the bank and its processes is unlikely to maximise learning retention in the workplace. Experiential learning workshops are designed to increase engagement and retention. By asking participants to assess banking compliance failures and make vital decisions related to the bank in a risk-free environment, employees can replicate these experiences back in the workplace to be able to improve.
Although maintaining an effective compliance training programme may seem like second nature to banks, it can be easy to fall behind regulatory developments in the industry, meaning that employees could be operating against the rules unknowingly. Therefore, making an effort to adopt practical, experiential learning methods in 2024 can save businesses a significant amount of time and money.