How to comply with the requirements of the Central Bank regarding mandatory banking training? Elearning methods
In the banking sector, compliance with regulatory requirements is a critical aspect of every financial institution’s operations. The country’s Central Bank sets standards and requirements for mandatory training of bank employees. This includes regular refresher training, assessment of knowledge and skills, and compliance of professional competencies with current regulations.
Compliance with these requirements is not only a matter of legal responsibility. It is also a prerequisite for ensuring high quality customer service, effective risk management and preserving the bank’s reputation.
The use of modern learning management systems (LMS) can greatly facilitate the organization of mandatory training. This is because LMS allows you to automate training programs, provide regular assessments, track progress, and centralize training materials.
In this article, we will talk in detail about the benefits of using LMS for training in the banking sector, share effective methods, as well as the experience of our colleagues from JSC TASCOMBANK.
Benefits of using LMS in the banking sector
- Flexibility and accessibility.
LMS allows bank employees to access training materials anytime and from anywhere. This makes training accessible to everyone, regardless of their schedule or location.
- Progress monitoring.
LMS allows tracking the learning progress of each employee in real time. This is necessary to quickly identify problematic issues and respond to them in a timely manner.
- Standardization of training programs.
With the help of an LMS, a bank can standardize training programs for all its employees, ensuring the same level of knowledge and skills.
- Individualization of training.
An LMS allows creating personalized training courses that meet the needs, knowledge level, and learning pace of an individual employee. This ensures the effectiveness of training, as each employee receives the knowledge they need.
- Increasing engagement.
The LMS offers a wide range of interactive elements: simulations, quizzes, awards, discussion forums, and other features that make learning more interesting and engaging.
How an LMS can help you meet the requirements of the Central Bank: examples of use
1. Creating training programs and courses
In the LMS, you can develop specialized courses and programs on various banking topics that are important for compliance with the Central Bank’s requirements. For example:
Anti-corruption activities.
Such courses may include modules covering anti-corruption laws and regulations, interactive case studies and simulations to illustrate situations that bank employees may face, etc.
Financial monitoring.
Such courses can include topics on detecting suspicious transactions, reporting procedures and countermeasures, video lectures with experts, and interactive tasks to deepen understanding of the material.
Professional ethics.
Courses may include materials on ethical standards in banking, codes of conduct, presentations and infographics to explain ethical norms and rules, etс.
Risk management.
Courses that include training modules on managing different types of risks (credit, market, operational, etc.), methods of risk identification and analysis, simulation games and tests for practical application of risk management knowledge.
«And of course, you can use a variety of training formats in your LMS: videos, presentations, audio, infographics, tests, etc. This helps to create effective training, promotes better assimilation and understanding of information, as well as employee engagement».
2. Conducting an assessment
One of the key requirements of the Central Bank is to conduct regular assessments of the knowledge and skills of bank employees. LMS has the necessary tools to organize such assessments in compliance with all regulatory requirements.
For example, after successfully passing the tests in LMS Collaborator, employees can receive certificates that will confirm their qualifications and compliance with the requirements of the Central Bank.
The system automatically checks the answers and provides the results to employees upon completion of the test. In other words, in addition to assessing knowledge, tests also help to consolidate the material learned. Since employees have the opportunity to repeat and comprehend the information again when viewing their results.
Provide access to training for all employees, regardless of their location. Track training progress and assess employee knowledge with LMS Collaborator. Leave your application to try it.
3. Tracking the progress of employee training
The LMS automatically collects and analyzes employee data, which allows you to track their results and progress. It also helps to identify weaknesses in knowledge and skills and adjust training plans in time. In addition, the LMS stores data on employee training, which facilitates the preparation of reports for regulatory authorities.
For example, LMS Collaborator tools allow you to automatically track detailed training analytics and generate various types of reports. Based on their analysis, you can develop a strategic plan aimed at ensuring compliance with the requirements of the Central Bank and the availability of the necessary skills and knowledge among your staff. This may include: updating existing training programs, introducing new courses or trainings, and other professional development activities.
4. Creating a Knowledge Base
One of the advantages of using an LMS in the banking sector is the ability to create a centralized corporate Knowledge Base. This allows you to organize and store all the necessary training and reference materials in one place, providing free access to them for all bank employees.
For example, in the Collaborator LMS, all learning content is automatically added to the Knowledge Base. For easy search and use, all content can be organized into separate categories. Employees can quickly find the information they need and familiarize themselves with it, which increases the efficiency and effectiveness of their work.
Using LMS in banking training. Experience of JSC TASCOMBANK
JSC TASCOMBANK organized a 4-stage adaptation process for all new employees through LMS Collaborator. Newcomers get acquainted with the work procedure, learn the bank’s structure, internal rules, traditions, and corporate values. Depending on the business line and position, employees are assigned a newcomer adaptation program. All newcomers also take courses:
– WELCOME course – “Welcome to JSC TASCOMBANK”
– Course “Labor protection”
– Course “Compliance”
– Course “Financial Monitoring”.
Nataliia Chebusheva – Head of the Learning Center of JSC TASCOMBANK
«PEOPLE are the main asset of TASCOMBANK, the key to its success and stability! We encourage the initiative of our employees and provide opportunities for their continuous growth.
Today, the training portal TASCOMBANK Academy (LMS Collaborator) is a platform for adaptation, further professional training, development and certification of personnel. The knowledge base, surveys, testing, forums, and all this is available 24/7».
In addition, each employee of the company undergoes mandatory general banking training, which includes 7 to 10 training programs on various topics. In addition, in accordance with current business needs, employees may be assigned additional training: courses on company processes, standards, products or software. Also, the company conducts professional network testing twice a year on all topics that employees must know for continuous work.
General banking training of TASCOMBANK employees
Conclusion
Using an LMS is an effective way to meet the Central Bank’s training requirements for bank staff. LMS allows you to optimize the learning process, increase its quality and efficiency, as well as ensure compliance of employees’ knowledge and skills with current regulatory norms.
LMS can help fulfill the requirements of the Central Bank in the following aspects:
- Creation of training programs and courses.
- Conducting an assessment.
- Tracking the progress of employee training.
- Knowledge Base creation.
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