Learning management for financial services firms

Banks. Insurance firms. Asset management companies. Organizations operating in the sea of financial services face more regulations than perhaps any other industry, constantly having to navigate the rule-based, compliance-driven, ever-changing waters in which they operate. Particularly in today’s global environment, these institutions must be able to comply with new rules, prove compliance and train employees to comply – and all the while, maintain a competitive edge. Not always an easy task. But with proper learning management, it can be done.

Putting yourself in the shoes of a financial services learning officer, charged with training and certification, how would you succeed given such an immense responsibility? What would be on your list of main concerns? Your list would, most likely, look something like this:

  • Access to training data to track employee compliance for frequent audits
  • Rapid delivery of training on Standard Operating Procedures to meet changing regulations
  • Training to ensure compliance with local, state (if you’re in the U.S.), and global regulations such as anti-money laundering, Sarbanes-Oxley, anti-bribery and anti-corruption
  • Alignment of certifications and training of new employees gained through mergers and acquisitions
  • Reduced talent management administration costs to improve bottom-line results

Getting started with an LMS

In 2015, a well-known U.K.-based global financial services firm embarked upon a project to replace its Learning Management System (LMS), to accomplish goals similar to those mentioned above.

The firm helps organizations by increasing users’ competence, credibility and confidence, optimizing performance and enabling excellence. It selected NetDimensions to provide a flexible and multi-language LMS, which could be customized based on global corporate requirements.

More than just meeting compliance requirements

The financial sector requires advanced tools for maintaining, managing and tracking employee skills and competencies. NetDimensions Talent Suite includes all the required functionality “out of the box,” to meet complex requirements of the finance sector with global objectives. With NetDimensions, the firm could achieve regulatory compliance and proactively manage the people side of compliance.

NetDimensions Talent Suite allows learning directors to schedule and implement compulsory training programs to ensure that all employees adhere to the regulatory procedures specific to their job role, area of specialization and location. Automatic tracking and notifications help staff to understand their training plans and management to monitor and remind employees to take training on time and within a given grace period.

At the same time, built-in compliance reporting provides management with a unified view of compliance-related risk across the whole workforce.

Data migration: one of the toughest tasks

There were several technical requirements including the need to migrate records from their legacy system to their new NetDimensions system. The organization opted to complete the data migrations by themselves, using the data loaders, with close consultation and guidance from the NetDimensions team. We assisted with the following steps:

  • Supporting the client with initial testing on a few sample users to understand the syntax and format of the data loader
  • Allowing the client to format their data following our SOP
  • Loading it in smaller batches as the company migrated user groups from their legacy systems

The data import tool allowed them to load CSV files of data and work at their own pace since they did not move all their users simultaneously. NetDimensions now provides a mentoring-program service to provide clients with continued guidance in optimizing and recognizing the value of the system. This approach contributed to meeting successful objectives and the timely launch of the system.

It's important to be aware of data migration when looking at learning management for financial organizations
Setting up scenarios for a wide variety of users

Within the organization’s firm, there are multiple user groups and business structures to consider. Some users log into the LMS directly, others sign in via SSO, some use self-registration and still others need to sign in via a custom SSO mechanism that was added later.

Despite the complexity, one key to the success of this implementation was our client’s willingness to release without all of the integrations and functions in place. They defined a standard set of roles and use cases for launch and went forward. Once the site was up and active, they continued to grow the site adding more user groups, new use cases, additional translations, innovative simulations, contents and analytics for advanced intelligent reporting.

Through the implementation, the client was able to meet its strategic goals to grow and improve service to its global user base, while providing users with unparalleled content and an excellent learning experience. The outcome – resulting in professional recognition as well as a prestigious award presentation – was transformative. Results include a high focus on customer engagement plus clear achievement of business-, implementation- and learning goals.

A one dollar bill, which shows the significance of learning management for financial organizations

Is your financial services organization struggling to train workers to navigate through increasingly rule-based, compliance-driven waters? Let NetDimensions chart a course for you. For more information, contact us today.

If you found this interesting, you might also want to read our insight, ‘How to switch from a legacy system to a new LMS’.

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