I enjoy spending quiet time with my granddaughter, who is three and very energetic. Since she does not take naps, she has an hour of quiet time after lunch, which is spent on activities such as reading, coloring, or playing learning games on her iPad. Recently, we read some books that are helping her learn her ABCs.
The emphasis of these books was associating the sound of the first letter of a familiar object with the most common sound for that letter: the letter “A” with an apple, the letter “B” with a balloon, the letter “C” with a cat, etc. After quiet time was over, we went outside to play, and I continued the learning process by pointing out objects and having Cecelia name them and try to identify which letter of the alphabet they started with. The process of learning her sounds will continue and eventually evolve to reading, writing, and so on.
Learning the ABCs of banking regulations is also a process, not only for those who are new to the industry, but also for those of us who have been in this business for a long time. Take Regulation Z (the Truth in Lending Act), for example. It has changed and grown tremendously over the last few years. This particular regulation has become increasingly challenging with the implementation of the Integrated Disclosure rules that went into effect in October 2015.
Bankers need time, just like Cecelia needs time, to learn their ABCs and how they impact their particular job responsibilities. Online training is a very popular method used by most financial institutions to meet this learning objective (quiet time, if you will), but employees also have to learn the financial institution’s policies and practices as they relate to the regulations.
Wipfli has created a Compliance Training Service that is designed for in-house training that can help financial institutions succeed in training their employees in today’s ever-changing environment. Click here for details on how we might assist you in teaching your employees the ABCs of regulatory compliance.