Training is a key pillar of compliance. However, many businesses struggle to engage with this element in meaningful ways. At Neopay Global, we’ve identified several areas where misunderstandings commonly arise. Here’s a guide to address these areas and offer practical solutions to make training more effective, engaging, and impactful.
Making training engaging and meaningful
Let’s be honest—sitting through three hours of compliance training can feel overwhelming. But compliance training doesn’t have to be monotonous. A key strategy is to include practical examples that show how regulations impact day-to-day activities. For instance, demonstrating how an onboarding analyst verifies documentation brings theory to life, helping attendees see the relevance of what they’re learning.
To foster engagement, consider incorporating interactive elements, such as quizzes or activities. These not only break up long sessions but also provide opportunities for participants to actively apply their knowledge, ensuring better retention.
Moving beyond ‘box-ticking’ assessments
While assessments are an essential part of training, they should not become a formality. To ensure that they reflect real understanding, include open-ended questions alongside the typical multiple-choice formats. Open questions encourage participants to reflect on and articulate their grasp of key topics, allowing a deeper assessment of how well they understood the material. Multiple-choice questions, on the other hand, provide a quicker check of specific knowledge.
The value of face-to-face training
Some topics, like Financial Crime, are just too complex to be effectively communicated through online presentations. This is an area where face-to-face training is invaluable. In-person sessions allow for in-depth discussions, direct Q&A, and the real-time clarification of any grey areas, ensuring participants stay focused and engaged.
Building a well-rounded training program
A successful compliance training program should be multi-dimensional. Here are a few components to consider:
- Face-to-Face (F2F) sessions led by your MLRO or external specialists like Neopay.
- Regular briefings on regulatory, industry, and business updates.
- A Knowledge Hub where employees can access key resources.
- Daily quizzes (e.g., a question delivered by email).
- Online training modules for targeted areas.
- Participation in industry forums like FCA, PSR, PA, and PIF events, where your team can stay abreast of professional developments.
Improving the effectiveness of your compliance training can have a significant impact on your overall compliance, reducing risk and potential breaches. By focussing on improving training engagement, firms can see a meaningful transition in the approach of their teams alongside the effectiveness of their controls.
About Neopay Global
Neopay Global offers practical compliance solutions tailored to your needs
All of our consultants are experts in payments, prepaid and e-money regulation in their region. They will work with you, ensuring you remain in control, providing the right level of support to ensure you achieve the right outcome based on the priorities of your business.
We offer a range of services to help businesses get started, remain compliant and board clients swiftly and efficiently. Contact us to learn more about how we can support your business.
