Written by Luke Cheng
Since the collapse of Lehman Brothers in 2008, the awareness of compliance has risen. Hence, the whole financial sector committed a huge amount of resources in compliance to ensure corporations abide by the law and the need for compliance thrived thereafter. After 12 years, the financial sector has restored its tranquillity – but how can we ensure that the financial practitioners’ guards are still up as ever?
When workers have worked long enough in the industry, they start to get fatigued by the rules and regulations and start to lose their awareness towards compliance. While it is normal for a company to conduct compliance training from time to time, corporations cannot ensure that employees will put those trainings in mind and improve their awareness towards compliance in general. Therefore, it is of utmost importance that we promote compliance awareness in the workplace through relearning strategy.
Relearning strategy is a strategy mentioned by two psychologists Rawson, Katherine A and Sciartelli, Sharon M in 2013. They coined their strategy as “Successive Relearning” by incorporating meaningful practice, retrieval practice and spaced practice together.
Successful relearning involves 4 parts. The first one is Retrieval to present a key term for participants and let them explain that key term. Then, it comes to Monitoring, where participants present their concepts and responses. The correct concept is then broken down into different ideas – and participants have to assess whether their responses have included such ideas. The third part is Feedback, where a full definition of the concept appears. Lastly, for Restudy, participants need to restudy the concept for 5 times to make memory retrieval effective.
To apply relearning strategy into corporate compliance training, we need to take employees’ busy working schedule into account. Therefore, compliance training should utilize micro-learning and grab employees’ attention so that trainings can be broken down into pieces to avoid information overload. Making use of mobile learning is also advantageous due to its ubiquitous nature. In this way, the self-paced compliance training can be conducted at ease with their mobile phone.
Other than applying relearning strategy in terms of training styles, we should also apply relearning strategy in terms of content. While regulations are ever-changing in the financial industry, it requires effort to keep up with the rules. When compliance training keeps on impacting them with the latest information, the relearning strategy invokes employees to be aware of the need to update themselves with the latest rule.
At the same time, delivering training is just part of the continual process of the promotion of compliance awareness. Evaluating employees’ results can help them take note of what they lack and improve in the upcoming trainings.
With more than a decade passed, it should be recognised that companies can no longer rely on only the compliance department to keep close tabs on all compliance matters. It is of every employee’s duty to exercise internal control to be vigilant while handling day-to-day job responsibilities.