Today’s hyper-regulated world underscores the heightened importance of ensuring your organization’s compliance with various laws and regulations. As per the findings in Navex Global’s 2023 Definitive Risk & Compliance Benchmark Report, 83% of professionals in the risk and compliance sector emphasized the high significance of maintaining organizational compliance with pertinent laws, policies, and regulations. They considered this factor essential in shaping their decision-making processes.
This imperative calls for effective employee training on compliance norms and updates. However, developing and delivering impactful compliance training programs can be complex and time-consuming. This is where managed learning services (MLS) plays a crucial role. MLS is a strategic outsourcing approach where an external provider manages all or part of an organization’s learning and development (L&D) function.
In the context of compliance training, MLS providers offer a comprehensive suite of services, including:
- Curriculum Development: Creating engaging and effective training programs aligned with your specific compliance requirements.
- Content Creation: Developing high-quality learning materials, such as eLearning modules, videos, and simulations.
- Delivery and Administration: Hosting and managing the training program, including learner enrollment, progress tracking, and reporting.
- Expert Guidance: Providing ongoing support and advice on best practices for compliance training.
Understanding the Compliance Challenge
Compliance training involves imparting knowledge and skills to employees to ensure adherence to legal regulations, industry standards, and internal policies. The challenge lies in keeping up with ever-changing laws and standards, customizing training content, and ensuring that employees comprehend and apply the acquired knowledge in their roles.
Key Challenges in Compliance Training
- Dynamic Regulatory Environment: Laws and regulations are subject to frequent changes, making it challenging for organizations to stay current and modify training programs accordingly.
- Diverse Workforce: Organizations often have a diverse workforce with varying educational backgrounds and levels of expertise, necessitating customized training programs to address different learning needs.
- Documentation and Reporting: Compliance training requires meticulous documentation and reporting to prove that employees have completed the necessary training, adding an administrative burden to the process.
- Engagement and Retention: Traditional training methods may not be the most engaging, leading to lower retention rates and, consequently, a higher risk of non-compliance.
The Role of Managed Learning Services Providers in Compliance Training
As per the market research conducted by TMR, the market is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.4% from 2022 to 2031. It is anticipated that a valuation of US$ 624.1 billion will be achieved by the end of the forecast period in 2031.
Managed learning services providers offer a holistic approach to addressing compliance training challenges. Harnessing the power of technology, instructional design expertise, and a well-planned approach, MLS providers craft learning experiences that are both effortless and high-performing.
- Customized Content Development: MLS providers tailor training content to an organization’s specific needs, ensuring that it aligns with industry regulations and internal policies. This customization enhances engagement and relevance for diverse employee groups.
- Continuous Monitoring and Updates: MLS providers stay abreast of regulatory changes, updating training content in real-time. Keeping employees informed safeguards against unintentional missteps, leading to a strong compliance culture.
- Learning Experience Platforms (LXPs): Utilizing LXPs, MLS providers offer a modern and user-friendly interface for employees to access training materials. Multimedia elements like videos and animations, interactive modules like quizzes and simulations, and gamification features like points and badges are all common tools these platforms use to boost user engagement.
- Analytics and Reporting: Managed learning service providers have platforms with robust analytics tools, allowing organizations to track employee progress, completion rates, and comprehension. This data forms the backbone of compliance efforts, providing irrefutable evidence of regulation adherence.
- Multi-Modal Delivery: MLS providers recognize that individuals learn differently. As such, these services offer a variety of learning modalities, such as eLearning modules, instructor-led training, and virtual classrooms, catering to diverse learning preferences.
How to Choose an MLS Provider for Compliance Training
When choosing an MLS provider for compliance training, it is important to consider the following factors:
- Industry Expertise: Does the provider have experience working with organizations in your industry?
- Compliance Regulations: Does the provider understand the specific compliance regulations that your organization must adhere to?
- Technology: Does the provider have a strong technology platform to support your training needs?
- Scalability: Can providers scale their services to meet your organization’s needs?
- Cost: What are the provider’s fees?
Additional Tips for Implementing a Successful Compliance Training Program with MLS Providers
- Clearly define your training objectives. What specific skills and knowledge do you hope your employees will gain from this training?
- Involve your employees in the training process. Get their feedback on the content and delivery format.
- Make sure the training is accessible to all employees. This encompasses individuals with disabilities and those who communicate in various languages.
- Monitor key performance indicators (KPIs) related to your training program’s goals. This will help you understand if it’s truly hitting the mark.
By following these tips, learning leaders can ensure that their compliance training program is effective and helps the organization achieve its compliance goals.
Compliance training is essential for any organization that wants to avoid non-compliance risks. However, developing and managing effective compliance training programs can be complex. As organizations prioritize the well-being of their workforce and the integrity of their operations, partnering with managed learning services providers becomes a strategic imperative for sustained success.
Managed learning services providers can help leaders overcome these challenges and properly train yourtheir employees on the latest compliance regulations. By leveraging technology, customization, and strategic planning, MLS providers empower businesses to stay compliant in an ever-changing regulatory landscape.