Financial Crime World

Regulatory Compliance Training for Financial Professionals in Pitcairn

Creating a Culture of Compliance

Pitcairn, a small island nation with a unique financial landscape, is no exception to the growing need for regulatory compliance training. As Michael Volkov, CEO and Founder of Volkov Law Group, notes, “Creating — and maintaining — a culture of compliance, where concerns are voiced, countenanced and addressed, engenders employee trust and creates an atmosphere that largely prevents both ethical and legal infractions.”

Who is Responsible for Regulatory Compliance Training?

While there is no single person responsible for regulatory compliance training, multiple employees at various levels work together to deliver engaging training that meets the right requirements. These individuals include:

  • The Board of Directors: Defines which rules and regulations the company should adhere to
  • Chief Compliance Officer (CCO): Oversees the design and deployment of compliance activities
  • Compliance Officers/Specialists: Create and distribute training materials
  • Management: Models compliance for employees and encourages them to take regulatory compliance training seriously

Key Topics in Regulatory Compliance Training

Well-designed regulatory compliance training should cover key risk areas related to local, state, and federal regulations and requirements. Topics typically include:

  • Industry standards
  • Privacy regulations (e.g., HIPAA)
  • Anti-bribery and corruption
  • Workplace harassment
  • Discrimination
  • Ethics

Compliance and Regulatory Training Requirements

The Department of Justice’s Evaluation of Corporate Compliance Programs, updated in March 2023, provides guidance on the features of well-designed regulatory compliance training programs. Other types of compliance and regulatory training required for companies include:

  • Industry regulations (e.g., SOX Act, SEC)
  • Laws (e.g., state, country, municipality-specific laws)
  • Company policies (e.g., codes of conduct)

Four Key Components of Effective Regulatory Compliance Training

According to Volkov, regulatory compliance training should include:

  1. Materiality: Topics that are deeply relevant to the business
  2. Planning: Carefully designing and executing training
  3. Availability: Training should be available often and in multiple formats (e.g., microlearning)
  4. Implementation: Rolling out programs gradually, offering individual modules or training on key topics first

Building Effective and Engaging Regulatory Compliance Training Courses

Building an effective regulatory compliance training course requires a thorough understanding of the organization’s risk landscape and relevant laws and regulations. Consider:

  • Assessing your risk: Educating employees about regulatory risk starts with understanding what those risks are
  • Identifying relevant laws and regulations: Next, assess the laws and regulations that are in play in your industry and area
  • Developing a training schedule: Determine how often employees need training and at what intervals
  • Designing content: Comprehensive training libraries can be a great resource, but it’s essential to supplement that with content unique to your business
  • Tracking completion: How will you determine if employees genuinely engage with training?

By embracing regulatory compliance training, financial professionals in Pitcairn can avoid costly missteps and maintain trust with their employees and stakeholders.