Having helped many of Australia’s leading companies in a range of industries to increase their compliance capabilities with technology – we see first hand the rapid changes undergoing the compliance industry.

Training Compliance Trends to Look Out For in 2015

If you’re responsible for managing compliance in your business in 2015, here’s the top training compliance trends we think you should watch out for this year:

Increases in regulatory demands

Two significant drivers are behind the ever-increasing regulatory environment your business is likely facing:

  1. Continued global trade will dictate increased regulatory compliance. And if you do business in emerging markets, you may see a raise in the level of their compliance reporting requirements

  2. The instability of global financial markets are impacting capital market compliance needs. Access to debt will require less risk, thus more controls to be met through adherence to additional regulations

In order to meet these needs, you need to be thinking about building speed and flexibility into your compliance program in order to respond to changes effectively and mitigate risk.

The rise of data analysis and predictive analysis

Big data will continue to be a focal point this year as more businesses leverage cloud computing and a Learning Records Store (LRS) as a centralized repository for training and compliance data. With increased availability of compliance data, the question many businesses will be asking is: how do I make sense of it? This is where you’ll need to build your team’s analytical capabilities (you might even hire a data scientist!) to answer some of the following:

  • Where is the risk in my business?

     Having helped many of Australia’s leading companies in a range of industries to increase their compliance capabilities with technology – we see first hand the rapid changes undergoing the compliance industry.

    If you’re responsible for managing compliance in your business in 2015, here’s the top training compliance trends we think you should watch out for this year:

    Increases in regulatory demands

    Two significant drivers are behind the ever-increasing regulatory environment your business is likely facing:

    1. Continued global trade will dictate increased regulatory compliance. And if you do business in emerging markets, you may see a raise in the level of their compliance reporting requirements

    2. The instability of global financial markets are impacting capital market compliance needs. Access to debt will require less risk, thus more controls to be met through adherence to additional regulations

    In order to meet these needs, you need to be thinking about building speed and flexibility into your compliance program in order to respond to changes effectively and mitigate risk.

     Having helped many of Australia’s leading companies in a range of industries to increase their compliance capabilities with technology – we see first hand the rapid changes undergoing the compliance industry.

    If you’re responsible for managing compliance in your business in 2015, here’s the top training compliance trends we think you should watch out for this year:

    Increases in regulatory demands

    Two significant drivers are behind the ever-increasing regulatory environment your business is likely facing:

    1. Continued global trade will dictate increased regulatory compliance. And if you do business in emerging markets, you may see a raise in the level of their compliance reporting requirements

    2. The instability of global financial markets are impacting capital market compliance needs. Access to debt will require less risk, thus more controls to be met through adherence to additional regulations

    In order to meet these needs, you need to be thinking about building speed and flexibility into your compliance program in order to respond to changes effectively and mitigate risk.

  • Where are the skills gaps that are exposing us to risk?

  • What further training is needed to mitigate these risks?

In addition, leading companies will begin to experiment with predictive modeling. This will attempt project the future compliance and risk mitigation needs by analysing historical datasets and building models to conduct ‘what-if’ scenarios.

If successful, it will let businesses project future risk scenarios based on various inputs (such as regulation changes, talent shortages, etc.), and understand the training, personnel and strategic planning requirements needed to adequately prepare themselves.

Greater reliance on observational assessments

With the proliferation of mobile technology, more businesses will be tracking their employees’ performance out in the field.

The days of paper-based checklists will be traded-in, in favour of more elegant mobile technology solutions. This will bring significant cost advantages while letting businesses assess practical skills and confirm that employees are following the policies and procedures needed to maintain compliance.

Continued expansion of the LMS

Is 2015 the year the Learning Management System gets traded in? While we know the LMS needs to evolve, we can’t tell you exactly how it will play out. But we have spotted two trends that could play a role in its evolution:

  1. The LRS: The Learning Records Store will gain traction as a way to extend the capability of the LMS. Tracking employee performance on-the-job and storing results in the LRS, businesses will be able to connect data from their LMS. This will provide a clear link to compare training results to on-the-job compliance. It will also show how the LMS content is performing in building key on-the-job skills that lower compliance risk.

  1. Social learning: businesses will embrace social learning by putting into place the technology to support it organisation wide. Organisation social networks, information sharing platforms, technology-enabled mentoring systems, gamification will be experimented with to help employees learn more effectively.

Are you interested in seeing how mobile technology can help you manage compliance more effectively in 2015? Our free guide features a real-life business case example proving how mobile technology will lower your risk while saving your business time and money:

Bullet-proof Compliance: Building a Business Case for Mobile Technology Enabled Compliance Risk Management.

 

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