RegTech is the name of one the latest trends to use innovative technology to disrupt a sector. It’s not just the name though that is new even if the combination of regulation and technology is not. In this article we will look at another of our seven RegTech categories, Training, where computer based training has been used for many years. However, even older is the problem of training and with regard to Compliance and Regulatory topics in particular that it is often considered boring and dull. Training is a key aspect in a good compliance regime though: It should help protect a firm from harm in the form of enforcement action and make sure that the staff has and maintains the required knowledge and expertise to perform their roles. It’s also high on the agenda for financial regulators, so now incumbents and newcomers try to spice things up by using new methods and technologies to get better results.
Here are 5 top RegTechs for Training:
Unicorn Training Group
Offices: Offices in London and Bournemouth, UK
Founded: 1988
Description: Unicorn has been around since 1988, so they have some experience what works and what doesn’t, which must have helped them win several awards over the years. They have recently launched a new version of their Compliance & Regulatory solution ComplianceServe, which gives access to a comprehensive library of eLearning content powered by SkillsServe, Unicorn’s award-winning online learning management system, ranked the no. 1 LMS in Financial Services. Among others, they also count the BBA among there trusted partners
http://www.unicorntraining.com/complianceserve/
E3 Compliance Training
Offices: Based in Wirksworth/UK
Founded: 2015
Description: E3 Compliance Training was founded with the ambitious target of creating a seriously fun compliance training solution. This they hope to achieve through gamification, i.e. the use of game techniques to make compliance training engaging. We tested a version of their AML solutions, which was indeed more fun than usually someone expects.
http://e3ct.com/
GRC Solutions
Offices: Headquartered in Sydney/Australia, with offices in other Australian cities as well as Singapore and New York
Founded: 1999
Description: Already a leader in the compliance training industry in Australia and Asia, GRC Solutions is now making its first steps in the US market with a new adaptive e-learning technology aimed squarely at the banking sector. Different to other solutions, it personalises training to the individual, pre-assessing proficiency in the training topics. It identifies learner’s knowledge gaps so that it can tailor the training towards areas for improvement.
http://grcsolutions.com.au/
myComplianceIQ
Offices: n/a
Founded: 2015
Description: What works better than peer pressure? Right, and that’s why the online tool myComplianceIQ enables individuals and organisations to benchmark their understanding of key compliance disciplines and directly compare the results against their peer group. So far you can try to break into the Hall of Fame of their AML and Anti-Bribery and Corruption tests. A module on Sanctions is coming soon. By the way, apparently, 30% of the respondents of its AML module didn’t recognise the Egmont Group as the forum for Financial Intelligence Units, though it is not said whether they picked answer b) The most active distributor of illegal drugs in the European Union or confused it with the Beethoven piece.
http://www.mycomplianceiq.com/
BearingPoint
Offices: Headquartered in Amsterdam with operations in 21 countries
Founded: 2002
Description: The management and technology consultancy Bearing Point provides a wide array of services and is probably best known in the financial services industry for its reporting or GRC products, but to our knowledge they weren’t among the more household names in compliance training. However, a couple of years ago their brave compliance officer came up with the idea to work real life experiences into a TV series based on fictional company Aggrieva. All a bit like The Office. You can check it out on YouTube and whether you actually think it’s funny or not, you have to give them credit for coming up with a rather unique idea, which was a big success at BearingPoint. Now, we don’t know whether they are actually in the market for producing similar training modules for their clients but now that you’ve got the inspiration, maybe you can do it yourself…
http://www.bearingpoint.com/
To be fair, Training is not yet a category full of innovative ways to bring new ideas to a sometimes difficult subject. However, we don’t believe that needs to be the case as highlighted by some of the RegTechs that are already trying and we’re keen to hear about it if you know of a company that should have been up there. Just drop us a line at info@planetcompliance.com