February 20, 2019
With all regulations, controls, inspections and audits, it is no longer enough to provide training; it is also required to demonstrate that all (relevant) staff have done all required training modules.
If you sit with all of 20 staff in one building, your compliance officer can provide the training and have every participant sign an attendance log. But more often than not, considerably more employees in more than one office location need to be trained.
An LMS combined with relevant e-learning modules can then cater for the training needs and demonstrate who has done which training, on which date and with what result. An ideal tool for many FIs (and other organizations) to provide information to their regulators and increasingly to business partners like correspondent banks, customers and suppliers.
A LM System is just the platform to host e-learning modules and have staff do the training modules required.
It becomes a Learning Management Solution if there’s proper content provided and if there are processes and procedures around the system to ensure all training requirements are met.
The administration of the whole learning cycle can be done in-house or can be provided as a service so it becomes a Learning Management Service.
The thing is: you need to take training seriously. An LMS can help you do that good, cheap and fast. We have helped many customers to get their learning under control and as a result supported them to demonstrate to regulators, business partnersn and correspondent banks their control over the knowledge and awareness in AML/CFT.
But aside from this pressing regulatory need, an LMS will allow you to manage your entire professional learning and development program for your staff, making it an important component of your overall strategic HR programme.
If you want to know how or need help, don’t hesitate to contact us.