According to a recent international survey conducted by Longitude Research, the race for compliance brought about by new and rapid regulatory changes is distracting senior financial executives from their core activities and causing stress levels to rise. It appears that the pressure of the global regulatory reform won’t be lifting anytime soon, with more changes in the pipeline.
Financial institutions all over the world, including South Africa, have to align themselves with these compliance standards if they want to be taken seriously by international trading partners and counterparts alike. Many have had to increase spend on consultants and compliance staffing; all of this is affecting the bottom line, executives’ performance and general employee productivity. Financial institutions could greatly benefit from implementing e-learning across their workforce. The practice is relatively new in South Africa, but has already been used with tremendous success by many corporates, as well as a number of banks.
In recent years, looking critically at the learning outcomes of training and adapting those outcomes accordingly, has become extremely vital. Organisations no longer require an endless accumulation of general knowledge, but the focus is now rather on skills that help them to save money, decrease downtime and increase effectiveness. Ever-changing compliance regulations means that organisations need to invest continuously in on-going training and find ways to cut costs within a tough economic climate without sacrificing on quality. Immersive, well-designed e-learning courses are able to provide quality training at a fraction of the cost and they are often available off the shelf.
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