IMPLEMENTING COMPLIANCE AND REGULATION TRAINING
| Pages | 215-219 |
| Published date | 01 March 1994 |
| Date | 01 March 1994 |
| DOI | https://doi.org/10.1108/eb024809 |
| Author | IAIN MCLEOD |
| Subject Matter | Accounting & finance |
IMPLEMENTING COMPLIANCE AND REGULATION
TRAINING
Received
(in
revised
form): 5th May, 1994
IAIN
MCLEOD
IAIN MCLEOD
IS
A DIRECTOR OF TRAINING MEDIA CROUP,
THE PRODUCER OF BUSINESS TRAINING
PACKAGES WHICH HAS SPECIALISED IN
DEVELOPING A RANGE OF VIDEO-BASED AND
COMPUTER-BASED TRAINING MATERIALS FOR
REGULATION AND COMPLIANCE TRAINING. HIS
RESEARCH HAS PROVIDED AN INSIGHT INTO
THE CHALLENGES THAT MANY COMPANIES
FACE IN DEVELOPING PRACTICAL AND
EFFECTIVE COMPLIANCE TRAINING SCHEMES.
HE
HAS WORKED IN THE TRAINING INDUSTRY
FOR
12 YEARS HAVING PREVIOUSLY BEEN
WITH THE BBC AND THE RANK
ORGANISATION.
ABSTRACT
The
paper
outlines some examples
of
how
firms are responding to the
challenge
of
presenting regulation and
compliance
as
positive
and
worthwhile business
issues.
The new training requirements
being imposed on the most regu-
lated financial services firms1 should
not be a surprise given the political
pressure that has been growing in
the last few years. If the industry is
going to clean up its act then train-
ing has to be a key ingredient.
The regulators would appear,
however, to have underestimated the
resistance that would develop in
many quarters of an industry which
does not have a tremendous track
record for staff training and deve-
lopment.
Many companies are facing an
uphill struggle to implement sen-
sible and effective responses to the
training and competence require-
ments of the regulators. No sooner
have they responded to one set of
mandated training requirements
when another looms over the hori-
zon. The new money laundering
regulations2 being just the latest
example.
There would appear to be a two-
fold challenge to introducing suc-
cessful regulation and compliance
training - the first is attitude and the
second is the practicalities.
The introduction of the Financial
Services Act (FSA) and the ongoing
215
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