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All Aboard the Compliance Train

By Cindy LeBlanc, CRCM 6 Feb 2019

Training is an integral part of a robust compliance management program. Obtaining senior management support, a healthy budget and staff participation helps lay the track needed to move forward on the compliance train. Knowing who, what, why, when and how provides the steam to run that training engine.


Although we are taking a very brief tour of the various ways training affects your compliance program in this article, we will discuss the topic in detail at the Temenos Educational Conference in April.


Who - Everyone! In a financial institution, compliance is everyone's responsibility. However, the trainer must determine the regulations that apply to various job responsibilities to ensure training programs are job specific.


What - Consider the regulatory requirements for each particular procedure. Staff must understand the regulatory requirements that relate to their individual job responsibilities. Training plays a vital role in this situation to mitigate risk in everyday transactions. Training also provides confidence to staff members as they work toward excellent customer service.


Why do we train? Regulatory requirements, expectations or best practices? "Because I said so" is not a legitimate reason in this environment. Although only a few compliance regulations actually require training, some regulations specifically address training. Examiner expectations and industry best practices are other considerations. It all boils down to keeping your compliance program robust and mitigating risk through knowledge and understanding, which are achieved through an effective compliance training program.


When - Frequency and repetition of training is considered when audit or exam findings require corrective action. An institution may be required to implement training as part of the corrective action for those examination findings. Support your commitment to compliance by documenting training efforts as a part of your corrective action. The training and corresponding documentation will assist you in determining if other action needs to be taken for the specific area of weakness.


How - Many training tracks are available for you to consider. The direction you take will depend upon the subject matter, budget and resources. You may choose to provide the training yourself, or you may need to hire an outside consultant to provide the training. Another option to consider is a computer-based program with testing built in. Have fun with the training, engage the attendees and be energetic about the content. Remember that the more involved your participants are, the more they may retain.


At the end of the day, you want to ensure your staff is confident in their knowledge of the regulations that are relevant to their positions. Whatever track you choose to take, do not derail your compliance management program with a weak training platform. Spending time and resources on this valuable commodity is critical to ensuring you have increased your staff's depth of knowledge.

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