Banking entities mostly have their branches spread across the length & breadth of the country, with employees dispersed to the remotest of areas. Regulatory authorities are notorious in the sense that they always bring in a new statute, regulation, or a guideline, which banks need to comply with in a limited timeframe.
A new regulatory change generally makes a banking firm feel burdened by the spine-twisting load of training the entire organizational workforce spread country-wide. And if it doesn’t have a system in place to fuel the said process, then that’s a heavier burden.
Compliance Training in the BFSI Sector is Unnerving!
Conducting compliance training on an organizational level is a highly sophisticated task, involving complex processes, and a need to keep a stringent eye on the successful implementation. A minor change in a regulatory policy needs to be conveyed across the nationwide staff, alongside an apt training for the same. A regular LMS simply cannot handle the complexity involved. There has to be a tailor-made solution in place.
You Either Have a Tailored Solution, or You Fail
Having a dedicated BFSI LMS with you, the burden of imparting compliance training lessens considerably because of the availability of advanced automation features. The built-in features help the system to auto assign training to batches, track progress, notify completion status, and oversee the entire certification management process.
Compliance Breaches can Cost Heavily
Breaches in regulatory compliance come with a heavy price. You can even lose the license to run the entity, or the federal authorities penalize you by charging a heavy fine. Within a matter of days or a few weeks, the banking entity can be forced to shut down its operations.