compliance jigsaw

Comparing Compliance Training Solutions

Your organization is responsible for ensuring that your employees have sufficient knowledge to comply with industry standards. Choosing the right training partner can make this process easier, less risky, and more effective.

Few firms can afford to keep dedicated full-time instructional design employees on staff. Even the largest banks and insurance companies often hire additional instructional designers on contract to address their compliance training needs. Many firms turn to corporate training vendors. The range of services offered by vendors reflects the diversity of organizations that they serve. There is no one-size-fits-all solution that works for every financial firm and regulator.

Before you choose which program you need, it can be helpful to understand the range of solutions available. This can make the research process less overwhelming and narrow down your choices to those that are most likely to meet your needs.

Option A: Custom Solutions

Custom solutions are the most flexible choice because they’re designed from scratch specifically for your organization. Like most tailored products, custom compliance training solutions can carry a hefty price tag. They’re also time-consuming to create since they require extensive consultation between vendor and client to capture needs and refine solutions.

A custom solution could include branded content, a learning management system built just for you, and real-world scenarios that match the ones your team might face. While this sounds like an ideal situation, it may be more complicated than most organizations really need.

Because of their complexity, truly custom solutions are rare. The prestige that comes from having a custom solution may not be worth the costs in time and resources they require. They are most likely to be useful for large organizations and regulators who train thousands of professionals each year.

Summary of Custom Solutions

Cost: High

Customization: Maximum

Pre-launch time investment: High

Best for organizations with: 

  • Unique needs
  • Large budgets
  • Plenty of time
  • High trainee volume

Option B: Premade Solutions

Some vendors offer prebuilt compliance training solutions. These tools may meet compliance standards but don’t necessarily meet the individual needs of your organization and employees. The system may offer more bells and whistles than you really need while not also leaving gaps that require yet another solution to fill them. This cobbled-together training toolbox ends up forcing contortions that may not be in the best interest of your organization.

Summary of Premade Solutions

Cost: Low to Medium

Customization: Low

Pre-launch time investment: Low

Best for organizations with: 

  • Small budgets
  • Simple needs
  • No time to wait

Option C: Hybrid Solutions

For the vast majority of organizations, a hybrid solution offers an excellent blend of flexibility and cost-effectiveness. The key is to find a vendor active in your industry. They should be able to leverage their experience with businesses in your industry while still catering to your firm’s unique needs. Oliver’s CreditTracker solution is a good example of a hybrid solution. It contains industry-specific continuing education rules but can be tailored to the unique compliance processes of individual firms. They don’t carry the time investment and price tag of truly custom programs, but can still mold to the unique needs of your organization.

Every financial organization and regulator is unique, with a specific blend of needs, employees, and regulations to meet. A tailored solution meets those needs while offering a valuable opportunity to improve continuously. Both custom and premade solutions can lock you into a program, either because it costs so much to develop or because the vendor refuses to adjust it. However, you can fine-tune tailored solutions over time. As your employees undergo training, your organization learns what works best for them and can modify the program accordingly. New resources, tools, and learning modules can be introduced as needed without overhauling the entire learning plan.

Summary of Hybrid Solutions

Cost: Medium

Customization: Medium

Pre-launch client time investment: Medium

Best for organizations with: 

  • Medium to large budgets
  • Some unique needs
  • Commitment to continuous improvement

A tailored solution for your organization

Oliver has prepared more than 250,000 learners for career advancement and regulatory compliance in Canadian financial services. Our tailored solutions include initial license training, continuing education, financial services regulation training, and preparation for financial designation exams. Our experts have worked in the financial industry since 1983, adding to our expertise year after year. Let us help you create the tailored financial insurance compliance training solutions your organization deserves.

Leave a Reply

Recent Posts:

Have questions?