Effective Financial Crime Compliance (FCC) Training

One of the most common questions that we are asked by our clients is, “What is the most effective way to train our staff knowing that for some, financial crime compliance (“FCC”) training is perceived to be a boring subject?”

Our response is always that the aims of an effective design and delivery process must always be to “Engage, Inform and Inspire” the delegates, and to ensure that there is a clear focus on providing an appropriate level of blended support and meaningful role-based information before, during and after each engagement, to enable attendees to learn new skills and knowledge, that is memorable and can be used after the session.

Therefore, our primary focus is to support our clients to ensure that the FCC learning and education that is commissioned is outcomes-focused, tailored to the needs of the individuals and business, and that it’s not just a tick box exercise.

Some suggested learning aims and objectives include:

Engage

• During the design process, content must be provided to support delegates to discuss, analyse and research critical learning. Experiential learning is without doubt the best way to encourage active and memorable learning.
• Use a proven trainer who is noted for their facilitation skills, rather than their ability to lecture or provide instructive delivery. There is a place for these styles of delivery and presentation, but not in a classroom or on a webinar that is set to achieve active thinking and sharing of ideas.
• The use of an experienced FCC facilitator will ensure that delegates are provided with an environment that is immediately recognised as ‘safe’ and ‘supportive’ and that the sharing of personal real-life examples, case studies and relevant stories is possible, thereby contributing to an active and memorable experience.

Inform

• Caring is good! A good session is always likely to be preceded by plenty of preparation and the inclusion of up to date information that is relevant to the learning outcomes. This ensures that content is tailored and role-specific. This typically requires more time, planning and care!
• More ‘why’ less ‘tell’. A designer who cares about the learning experience is more likely to provide meaningful content, in a form and manner that encourages delegates to think more about the ‘Why’ and the ‘How’, than just the plain facts.
• Keep it simple. It is crucial to communicate the risks, legal and regulatory obligations and how to manage and mitigate FCC risks in a simple and easy to comprehend manner. Avoid the vanity of overly and unnecessarily complicated and academic narrative if the message can be provided in simple terms.
•  ‘Know your audience!’ A seasoned facilitator will immediately take steps to assess and understand the levels of competency and comfort in a group, and tailor their delivery accordingly. Delegates whose role is to perform an important, yet repetitive function, will not necessarily need to understand the formulae used to support a risk assessment, but they will need to be able to identify risks in their day-to-work to make a greater contribution and feel that sense of achievement when they do identify crimes.

Inspire

• Share a clear vision and outcome. An effective training session should be structured and delivered to inspire delegates to aspire to achieve more than simple compliance with laws and regulations. Delegates who understand why they are being asked to meet certain laws and regulations are more likely to embrace that change if they understand what the final result looks like.
• FCC is more than just a job! The role of FCC risk professionals is important in the fight against crime and when delegates understand just how they can make a greater contribution to influence and reduce the impact on society of crime and terrorism, then this will promote pride and even greater effort.
• Watch them grow! Through the use of well-structured experiential learning and content, that includes a clear focus on how to enhance and upskill personal practical performance, delegates must be supported to feel more confident and competent during and after the session. There is nothing more satisfying than helping a delegate to achieve their potential, and to achieve their potential.
• Make a difference. Delegates should be challenged to enhance their personal performance, and to make a clear and immediate difference to their effectiveness. Success is not attending an FCC workshop, but is judged on what happens after the event. Delegates should be challenged to confirm what changes they will apply to become even more successful and effective.

Two final points to achieving success.

1. Our recommendation is for regulated and non-regulated financial institutions to deliver risk-based learning on at least an annual basis that is mapped to the firms FCC risk assessment and register. Face to face learning on FCC should to be provided to higher risk role staff more frequently.

2. The precise form and content of FCC learning should be reviewed and updated regularly to ensure that the learner can grow to expect that each learning engagement is going to be reliable, informative, engaging and inspiring.

Our team of FCC experts at Great Chatwell Academy of Learning use blended learning solutions to engage and have a proven track record in inspiring those that we work with to grow their professional development at all levels within the FCC function and community.

We care deeply about our role and responsibility in supporting individuals to grow their knowledge and skills, and in aiding firms to become more effective and efficient in fighting crime and disrupting the financing of terrorism.
To learn more on how we could assist you, contact us here.