Home» Blog»

Navigating uncharted waters: The expanding role of training departments in tackling complex risk and compliance challenges

Navigating uncharted waters: The expanding role of training departments in tackling complex risk and compliance challenges

Over three decades in the learning and training field, I’ve witnessed a remarkable transformation. The winds of change are reshaping the way we view compliance training, guiding us toward a new frontier. In a world of relentless change, where disruption has become the new norm, it’s not just the employee retention rates or competency scheme that keeps business leaders awake at night. Organizations are navigating uncharted waters, facing a growing sea of complex risks and compliance challenges that threaten their very survival. And in this turbulent landscape, one department is emerging as the beacon of hope: Training. However, to do that,  training departments need to reinvent their approach, thinking beyond the traditional HR sphere. Compliance training is no longer just about meeting regulations; it’s about shaping the organizational culture, fostering a proactive mindset, and becoming the vanguard of defense against an ever-evolving sea of complex risks. In this blog, we’ll explore how training departments can utilize AI-powered compliance training to navigate organizations through these challenging waters, breaking away from the traditional HR mold, and becoming the frontline of defense against uncertainty and compliance chaos.

The Evolving Face of Compliance Training

In a post-2020 world, where remote work, ever-evolving regulations, and increased scrutiny are the new normal, compliance training has undergone a radical transformation. The U.S. Department of Justice (DOJ) highlighted this shift, noting that companies have begun investing in shorter, more targeted training sessions to enable employees to promptly identify and raise issues to appropriate compliance, internal audit, or other risk management functions. This tactical solution has proven invaluable, but it merely scratches the surface of where compliance training, augmented by AI, is truly headed.

Three key takeaways illuminate the path to the future:

1. Culture: The First Line of Defense

In the wake of business crises, we’ve learned that failures in an organization’s culture often lay the foundation for catastrophe. Understanding the pulse of your company’s culture and fostering ethical behavior through compliance training isn’t just about ticking boxes; it’s about safeguarding the future. Culture must become the first line of defense against risk, and it’s the training department, backed by AI, that holds the key to instilling this change.

Just-in-Time Training, Fueled by AI: In a world of ever-shifting compliance landscapes, traditional annual or biannual training isn’t enough. Employees need information exactly when they require it, at time that it matters for them the most. The just-in-time training model, supercharged by AI, delivers targeted, personalized training precisely when and where an employee needs it. AI’s predictive insights anticipate an employee’s training needs, ensuring that compliance training is not just reactive but proactive, safeguarding against compliance breaches.

2. Laser-Focused Training on High-Risk Individuals

Not all employees pose the same level of risk when it comes to compliance. AI-powered compliance training programs, must adopt a laser-focused approach. By identifying high-risk individuals and providing them with in-depth training, organizations can create a stronger defense against compliance breaches. These high-risk individuals often include employees who work in roles closely tied to legal, regulatory, or ethical minefields. AI-based data analytics helps pinpoint and monitor high-risk employees, while providing tailored training solutions.

3. The New Compliance Ecosystem: ESG, Sanctions, Privacy, Cybersecurity, Ethics, and Anti-Money Laundering

Today’s compliance landscape extends far beyond the basics. It encompasses critical issues such as Environmental, Social, and Governance (ESG) standards, sanctions compliance, data privacy, cybersecurity, ethical behavior, and anti-money laundering. These complex and ever-changing facets of compliance require laser-focused training. Compliance and training departments, complemented by AI-powered analytics and insights, must work in synergy, offering targeted education that keeps pace with regulations while addressing the unique needs of their organization. In our blog “Compliance and training teams unite” we discuss how such cooperation between these 2 departmetns can be achieved.

The Role of Learning Management Systems (LMS) Powered by AI

As organizations embrace the changing face of compliance training, Learning Management Systems (LMS) supercharged by AI become central players in the process. LMS platforms like Ekko AI (a custom version of Totara) offer AI-driven analytics, automated course recommendations, and predictive compliance insights that serve as a hub for just-in-time training, focused on high-risk employees. These AI-enabled systems are agile, responding to regulatory changes in real-time, and facilitating quick, targeted, and relevant training.

Looking Forward: The New Guardians of Compliance

In the journey toward compliance success in this ever-changing landscape, it’s the collaboration between compliance officers, risk managers, and training and learning managers that will set the course. Top management must champion the integration of compliance and training, recognizing that this is the future of corporate responsibility and ethical governance, a future enriched by AI.

The horizon of compliance training, now illuminated by AI, is evolving. By understanding the crucial role culture plays in compliance, adopting just-in-time training powered by AI, and focusing on high-risk individuals, organizations can weather the complexity of ESG, sanctions, privacy, cybersecurity, ethics, and anti-money laundering challenges. Learning Management Systems like Ekko AI, designed for the new face of compliance training and enriched by AI, are facilitating this transformation. Compliance professionals, emboldened by AI, are no longer just ensuring adherence to the rules; they are the new guardians of compliance in a shifting world.

Navigate these uncharted waters with a collaborative spirit between compliance, risk, and training departments. The future of compliance has never looked more promising, and it’s a horizon we’ll all sail toward together.

Learn more about Ekko AI’s Compliance Management Solutions

Stay tuned for more updates and insights on the future of compliance and policy management, enhanced by AI.

Hertzel Kuriel
2024-06-16T10:50:43+00:00

© LearningZone, 2022 Privacy Policy Cookies Policy