INDUSTRY // Fin. tech

Figures in the report show that 40 % of L & D( learning & development) and compliance professionals believe that their budget will remain static and another 6 % think it will decline – yet just 10 % are using Artificial Intelligence( AI) in staff awareness and training.

The findings were published by compliance skills training provider, Skillcast, in The Cost of Compliance( and Missed Opportunity) report.

It comes as the FCA sets out its plans to use technology to improve its processes and become a‘ smarter regulator’.

Vivek Dodd, CEO and Co-founder of Skillcast, said:“ The high-profile cyberattacks we’ ve seen in retail recently underline why firms need to build resilience by training their staff.

“ Yet L & D and compliance teams are increasingly expected to do more with less – despite greater scrutiny from the regulator and volatile world. Many firms need to rethink how they deliver compulsory training but that doesn’ t mean cutting corners and inviting in risk.

“ The first step is to reframe compliance, not as a cost-burden but as an asset that’ s worth investing in. As well as the obvious financial benefits, like avoidance of fines, it also gives consumers and investors’ confidence and creates a healthy workplace where employees can make ethical decisions and innovate responsibly.

“ The next step is to use technology where you can to improve your compliance training processes. It’ s not surprising that AI adoption is low, given that financial services is highlyregulated and there are still many unknowns and risks associated with the technology.

“ But new trustworthy AI tools are starting to change that by enabling employees to find the answers they need, from official sources, in a secure and confidential online space.”

Ed Chedzoy, Head of Mandatory Learning and People Capability at Standard Chartered and one of the report’ s contributors, said:“ There’ s still a tendency to overtrain people and give them all the information upfront. However, most of us only retain around 10 %- 15 % of what we learn in a single session, so from a pure cost perspective, trying to cram too much into a course isn’ t going to deliver a good return.

“ This is why we want to set off the lightbulbs in people’ s heads. We encourage them to stop and think, to ask questions and then seek out the most relevant information from trusted sources. This kind of active learning helps to create a better culture of everyone doing the right thing.”

The report also includes insights from three leading compliance experts, Katharine Leaman, CEO of Leaman Crellin and Advisory Board Member at Skillcast; Scott Morris, Senior Adviser at StoneTurn and Skillcast Advisory Board Member; and David Kenmir, Chair of Skillcast’ s Advisory Board and INED( formerly Managing Director at the FSA and Risk and Regulatory Partner at PwC). p

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