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How an LMS for finance eases compliance training


How an LMS for finance eases compliance training

DECEMBER 21, 2018

With constantly changing regulations and stringent oversight from a long list of federal agencies, it's no secret the financial sector faces extreme compliance challenges. And as agencies like the Federal Trade Commission, the Securities and Exchange Commission and the U.S. Treasury Department continue to raise the bar with new financial compliance requirements, HR professionals in the industry are left with a complex workload—ensuring that employee training and onboarding cover the many regulatory bases.

But replacing outdated technology with a modern LMS for finance can make the challenge that HR teams face more manageable. By more effectively educating employees about regulations and compliance processes, modern HR tools can help businesses stay ahead of new compliance requirements and heavy regulation.

Here's how an LMS can deliver targeted compliance training that enables companies in the financial industry to be proactive about ensuring compliance, while easing burdens for HR managers and engaging employees:

1) Make compliance a competitive advantage

An LMS for finance helps HR leaders better assess employees' abilities, identify knowledge gaps and provide remediation when needed. But learning platforms can also drive home the importance of compliance rules from day one. Adding finacial compliance training content to the onboarding process ensures new hires receive the right compliance resources and tools early in their employment and helps employees understand the importance of compliance at your institution. Employees will feel good knowing that in such a highly regulated industry like finance, compliance is top of mind and part of your culture.

2) Manage the risk of disruption

Turnover brings a unique compliance challenge, especially when high-level employees depart. To be ready when seasoned employees leave and new ones arrive, HR leaders must develop succession plans that prioritize compliance training. With no plan in place, turnover in these positions can be a compliance minefield. A departing employee may have knowledge and decision-making abilities that are simply not replaceable through recruitment. New employees who aren't trained in compliance procedures can easily slip up, putting the company at risk.

With a comprehensive learning platform, HR leaders can identify skills gaps among new hires, using LMS compliance training materials tested on workers who are already versed in company culture. On the employee side, engagement will increase as benchmarks are established and clear development paths are laid out.

3) Reduce cost and complexity

With a LMS for finance, HR leaders can deliver all learning—regardless of its source—through a single platform that offers real-time updates and gathers data to help personalize the employee experience. These capabilities encourage seamless delivery of professional development to employees. For compliance, the LMS system integrates agency rules and procedures with easy-to-use reporting tools. With fewer platforms to manage, financial organizations can spend less money and time on maintenance and troubleshooting.

4) Create a company-wide knowledge base

Your workforce contains a wealth of knowledge on everything from customers to compliance. An LMS for finance can help HR leaders share this knowledge with more workers. For example, compliance training materials that help employees avoid getting fooled by phishing emails can be distributed company-wide, lessening the chance that workers might place valuable corporate data at risk. As part of its learning component, modern HR software includes tools for building a company-wide knowledge base, as well as easy ways for employees to access information in the same way they tap into learning resources.

Want a comprehensive HR solution made for finance? Cornerstone for Finance is an all-in-one solution incorporating talent management; learning, assessments, and certifications; and compliance reporting.

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