We are nearing the end of 2022 and many financial institutions are starting to plan for 2023. You might be asking yourself, “How do I know if my compliance training program is ready for 2023?”
What is a Compliance Training Program, and Why Does it Matter?
Compliance training is employee training required by legislation, regulation or policy. It educates your employees on the laws or regulations applicable to mortgage lenders, banks and credit unions. These laws are predominantly in place to maintain the safety of your financial institution for both your employees and your customers. Compliance training is mandatory, therefore tracking completion is important. Having an effective 2023 compliance program at your financial institution can help mitigate risk, maintain your institution’s reputation and improve/maintain customer satisfaction.
5 Tips for Planning Your 2023 Compliance Training Program
There are several areas to acknowledge when evaluating a compliance training program. You’ll need to identify both risks and strengths. Keep reading for a complete guide to planning your financial institution’s 2023 compliance training programs.
New Laws and Regulations
As legislation has changed over the last year, it’s critical you ensure your training programs are updated accordingly. It can be overwhelming to maintain and update your own compliance training course. This is where having a trusted compliance training provider is so important. Saphron Watson, VP of Human Resources at Security First Bank shares, “If regulations change, who is going to re-record all the training? Having a partner who ensures the content is accurate takes that off our plate. That is the most important thing. It’s stressless for us.”
Where are You Most at Risk?
When planning your 2023 compliance training program, you can start with topics that correlate to the areas where you are most at risk. Knowing which topics to train on starts with identifying your risks. Being compliance savvy means you are in tune with changes in your institution, knowing trends instantly, keeping up to date with industry expert guidance and routinely conducting an internal training needs and risk assessment.
The key to success in identifying risks is to communicate with your departments and business lines to get feedback. By collaborating with your department heads, you can focus your time and efforts on the areas that need the most help.
Prioritize Risks for a Focused 2023 Compliance Training Program
Once you’ve identified your institution’s risks, you’ll need to analyze and prioritize them, as not all risks are created equal. Compliance professionals should also consider the likelihood and frequency of each risk, and the impact it has on the organization in time, dollars and reputation. Then financial institutions can weigh these risks against the overall objectives of your training plan.
Identify Areas of Improvement
Now that you’ve got a game plan on where to focus, you can dive deeper to understand better what change or improvement is needed for your 2022 compliance training program. Things to consider are the method of training, the training audience (who receives the training), effectiveness and if the training is tested. Sometimes the change doesn’t have to be the training content, it could be when the training is provided or which departments are required to take the training.
Engage Your Learners
There’s a misconception that all compliance training is boring. To ensure your 2022 compliance training program is successful, look for compliance training that is designed with the learner experience in mind. Quality compliance training courses provide real-life scenarios, are interactive and are relevant. If you’re interested, check out OnCourse Learning’s E3 course format or the Unplugged series.
In closing, having an effective 2023 compliance training program can be a key differentiator in your institution’s success. Starting the planning process sooner than later will help ensure you have the time need to make changes and improvements.