We hosted our annual compliance summit at the Chartered Accountants' Hall at One Moorgate Place in the City of London, focusing on the future of compliance.
Over 100 industry leaders, compliance professionals, and technology experts gathered in person, with more than 300 attending our live stream, to reimagine the future of compliance in an increasingly digital world.
Our annual summit explored the pillars we believe shape this future: innovation, data-led compliance, culture and value for money.
After a networking breakfast, the summit kicked off with insights into innovative practices, where we unpacked the challenges ahead, innovative solutions and the results of our recent benchmarking survey.
As the regulatory landscape undergoes constant change, compliance training must adapt to address emerging challenges. Innovation in compliance involves leveraging technological advancements.
Our keynote presentation saw CMS law pattern, Charles Kerrigan unpack the integration of innovation through digital platforms as well as AI and human capabilities.
Organisations are increasingly leveraging digital platforms to unify operations and enhance decision-making. These platforms offer "infinite skill" by providing a comprehensive view of inputs and outputs. Embracing digital platforms and AI means we have the potential for better efficiency and decision-making.
However, an understanding of AI's abilities and the regulations around this is vital. The effectiveness of AI depends on human capabilities. Generative AI, which gained traction in 2022, allows machines to self-train, creating unpredictability in outcomes. Understanding what goes into and comes out of AI systems is critical for informed decision-making.
The Act also distinguishes between AI providers, who create systems, and deployers, who fine-tune them, acknowledging the compliance challenges that arise when customer data is used for system adjustments. Additionally, it mandates that organisations appoint individuals with AI literacy to oversee tools and ensure responsible implementation.
Regulators emphasise the importance of human oversight, expressing caution toward autonomous AI to mitigate reputational and regulatory risks.
Our panal-discussion, moderated by Leaman Crellin CEO, Katharine Leaman, addressed the key concepts of data-led compliance and how to build a data-led compliance function. NatWest Markets' Andreea Dewsbury and Chief Compliance Officer at Haleon, Elizabeth Wilks-Wood explored the importance of data, regulator expectations and data challenges.
Building insights involves analysing patterns in employee behaviour or communication, such as interview transcripts, to identify suspicious language or trends.
By aggregating and connecting multiple data sets, organisations can uncover correlations that enhance risk management. Testing and refining data analysis approaches is crucial, allowing successful methods to shape long-term strategies while improving less effective ones through pilot initiatives.
A data-led compliance function integrates risk prioritisation, data harmonisation, and advanced analytics to proactively manage compliance risks.
By leveraging insights from data, organisations can build a comprehensive view of behaviour, identify control weaknesses, and align with regulator expectations while fostering a culture of continuous improvement.
As organisations increasingly embrace AI in compliance training, AI tutors are transforming traditional learning methods by delivering tailored, interactive, and data-driven experiences that align with the evolving needs of learners and businesses.
We unpacked the benefits of considering AI in your training programme and how Skillcast can help. AI tutors in compliance learning offer a personalised and flexible alternative to traditional one-size-fits-all courses.
By enabling learners to prompt the AI, the system identifies knowledge gaps and provides targeted guidance, enhancing relevance and effectiveness.
Organisations can embed policies, country-specific guidelines, and external references into the AI, ensuring controlled and customised responses. You can also control the 'temperature settings' of the responses. AI tutors also allow for varying response styles, from strictly factual (cool) to incorporating external insights (warm).
An AI Tutor:
A strong culture of compliance is vital for fostering trust, mitigating risks, and safeguarding an organisation’s reputation. It ensures that ethical practices are upheld, reduces the likelihood of misconduct, and reinforces accountability at all levels.
In our keynote presentation on building a culture of compliance, Skillcast advisory board member, Scott Morris, shed light on how this is not only a regulatory necessity but a critical factor in maintaining long-term success and credibility.
Building a culture of compliance hinges on trust, which is essential for fostering any organisational culture. Trust influences public perception, with shifts in confidence away from financial, food, and tech industries toward luxury brands due to various scandals.
Research shows that individuals consider three key factors when assessing compliance:
Head of mandatory learning and people capability at Standard Chartered, Ed Chedoy, explored a compliance culture through the lens of innovative learning.
Keeping regulators satisfied through innovative learning requires addressing the modern challenges of attention spans, distractions, and diverse learning preferences.
It is a fact that human attention spans are shrinking, with focus often lasting only 20–45 seconds. This is further impacted by factors such as stress, lack of sleep, poor diet, and heavy smartphone use. These factors highlight the need for short, engaging, and focused training sessions, emphasising essential messages.
Innovative techniques, such as the Pomodoro method for focused work and using concise materials like post-it notes for key takeaways, enhance retention.
Pre-assessments help validate knowledge retention, while ensuring accessibility, language options, and consideration of neurodiversity accommodates varied learning needs. Shorter, impactful training not only improves compliance but also saves significant time and costs compared to traditional e-learning.
Ultimately, regulatory training must balance innovation and clarity to deliver memorable, engaging experiences, as regulators value compliance programmes that effectively communicate and reinforce critical messages.
Our second session of the day closed with a panel discussion on reinforcing compliance culture in organisations, moderated by Skillcast Advisory Board Chair David Kenmir. Afin Bank CEO, Jason Oakley and ICG Compliance Director Joanna Palmer unpacked this topic by addressing key questions.
Key elements of a successful cultural change programme include a clear purpose, senior leadership commitment, and a deep understanding of the existing culture. Change often stems from significant external events and is frequently resisted, so it is essential to approach it with authenticity and focus on behaviours.
Aligning policies, procedures, monitoring programmes, and expectations is crucial, as is creating an environment where employees feel supported, heard, and not overwhelmed by legislative demands.
Mandatory training plays a key role but should be delivered in a way that motivates and engages employees rather than feeling enforced. Emphasising the purpose of the change and its context helps teams understand the "why" behind it.
Our panel commented by stating that time needs to be carved out. Getting the best out of an entire team is worth more than the efforts of a single manager. In challenging environments, fostering engagement and collaboration becomes even more critical to sustaining the desired culture.
Effective stakeholder engagement is critical to the success of any initiative. Involving stakeholders early ensures risks are identified and mitigated while their contributions and feedback enhance outcomes.
Clear communication is essential, but it should be collaborative rather than dictatorial. Third-party investors may overlook board dynamics or regulatory considerations, emphasising the importance of fostering a culture rooted in ethical behaviour and doing the right thing.
Stakeholder engagement on this topic has significantly increased, with stakeholders exerting more influence, particularly on reputation. Regulators are emphasising ESG agendas, driving organisations to address cultural issues and manage risks such as sexual harassment.
Employee engagement has also emerged as a critical focus, highlighting the need for staff to feel pride in their organisation as part of fostering a positive and accountable workplace culture.
Focus on how your actions affect your colleagues, as this is a great way to ensure you're doing the right thing in your business. Always put yourself in the shoes of those who would be affected by misconduct, and consider how you'd feel if this were directed at you.
Compliance isn't always about clear-cut answers; it's about navigating the grey areas with pragmatism and responsiveness.
A robust compliance culture not only protects against legal and ethical breaches but also strengthens operational resilience and provides a competitive edge in the marketplace.
Product Manager in learning technology at Tesco, Andrew Mussett, provided a comprehensive overview of the company's history of e-learning and how it has helped to enhance a compliance culture.
AI-driven tools, such as an AI Tutor, will enhance the user experience by directing employees to the right training and simplifying navigation.
Content that is tailored to meet WHCE standards, catering to the needs of a diverse workforce, including older generations.
A centralised dashboard provides up-to-date completion data with minimal effort, enabling efficient tracking and reporting.
Bespoke learning experiences, such as the click-and-learn platform tailored for Tesco, add value by addressing specific organisational needs.
A robust e-learning system supports a strong compliance culture by prioritising accessibility, empowering managers, leveraging data for improvement, and embracing AI-driven innovations. These efforts ensure that training is effective, inclusive, and aligned with organisational goals.
Our advisory board members, David Kenmir, Katharine Leaman and Scott Morris, unpacked the results of our annual benchmarking survey, which revealed industry insights and year-on-year trends.
As technological advancements and change continue at an unrelenting pace, the emphasis is on understanding how organisations navigate innovation and manage change effectively. This involves leveraging diverse learning methodologies and complementary strategies.
The responses to the data-led compliance section of our survey highlight a growing demand for higher-quality data in compliance practices. Organisations are increasingly recognising the importance of accurate, integrated, and accessible data to drive compliance efficiency and effectiveness.
However, challenges remain, including reliance on outdated tools, disconnected systems, and manual processes, which hinder progress. The discussion outlined some of the key trends and challenges.
The survey responses shed light on key aspects of compliance, including cost perception, cost justification, and common obstacles.Effective compliance can serve as a business enabler, driving growth and building trust.
While this section of the survey reveals evidence of clear and consistent leadership messaging, they also highlight areas where organisations may be falling short. Missed opportunities to reinforce culture and ethics emphasis the need for a more proactive and integrated approach to fostering a strong compliance culture.
We are making compliance simpler for both learners and leaders by adopting strategies that enhance accessibility and effectiveness.
Shorter courses provide a focused and time-efficient learning experience, while simplified content ensures clarity and ease of understanding. Leveraging AI fosters an inquisitive culture, encouraging proactive engagement with compliance topics.
Additionally, tools like the Compliance Passport offer a clear and comprehensive view of obligations.
Smooth onboarding ensures that new team members quickly understand compliance requirements, minimising disruption and accelerating integration.
Clear manager dashboards provide a comprehensive view of all compliance activities, enabling leaders to monitor progress, identify gaps, and maintain control effortlessly. Actionable data further empowers leaders to make informed decisions, addressing risks proactively and ensuring compliance.
We offer various options to meet you where your organisation where it is at:
- Access to E-learning content
- Basic reporting capabilities (content and data only)
- AI-powered tool: Aida for personalised learning experiences
- Diagnostic assignments for tailored compliance insights
- Fast-track learning options for accelerated progress
- Microlearning modules for shorter, focused training
- Includes all Enhanced Learning features, including the latest version of Aida
- Access to advanced compliance tools such as Declarations, Compliance surveys, Registers for ease of management.