Regulatory Compliance – Training & Questionnaire Solutions

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  • #292313

    1. What vendors does your firm currently utilize for regulatory-required compliance training (e.g. for broker/dealer, investment advisors, etc.)? Does this vendor allow you to host content on your own Learning Management System?

    2. What vendors or internal solutions does your firm utilize for regulatory-required Annual Compliance Meeting and Annual Compliance Questionnaire needs (e.g. SharePoint, etc.)? Do you have any issues/concerns with these current solutions?

    #294145

    1. At the corporate level we purchase content from our trade association (the Consumer Data Industry Association or CDIA). We also develop our own content internally.  Yes, the vendor does allow us to host content on our LMS.

    2. Our current LMS is Cornerstone. We deploy on-line training as well as policy attestations through the LMS. We also can send out attestations through our HRIS which is Workday.

    #294146

    1.What vendors does your firm currently utilize for regulatory-required compliance training (e.g. for broker/dealer, investment advisors, etc.)?

    Response: Compliance training is most often developed by a consulting firm with specialized expertise, supported by the acquiring company’s compliance team. 

    1a.  Does this vendor allow you to host content on your own Learning Management System?

    Response: If your firm acquires compliance training by working with a consulting firm, the best and most common source, ensure your agreement is either “work for hire” or a “perpetual world-wide license” for internal use. This avoids any restrictions on distribution and management of compliance training. LMS systems work well for internal and third party compliance training and tracking.

    2.What vendors or internal solutions does your firm utilize for regulatory-required Annual Compliance Meeting and Annual Compliance Questionnaire needs (e.g. SharePoint, etc.)? Do you have any issues/concerns with these current solutions?

    Response: It depends on the industry you’re in (some solutions target specific industries) and whether your company selects a “point solution”, purpose built or deploys a module of a “GRC” software solution (governance, risk and compliance). Sharepoint is not a good solution because training can’t be made available externally via a web-based portal and compliance record-keeping soon gets out of control due to volume and tracking needs. Some widely used solutions are Hiperos, MetricStream, Archer, VendorPoint, etc. but there are many out there. Set your requirements, then do a search.

    Linda

    Linda Tuck Chapman | President | Onatla

    416.452.4635 | 917.831.2923

    [email protected]

     

    #294147

    We are currently investigating all these options with Ontala, a consultant in this space.

    #294148

    We developed contingent workforce policy compliance training for Farmers employees and safety training for contingent workers.  Both are hosted on our CornerStone On Demand (CSOD) e-learning platform.

    #294151

    1. We don’t use a vendor.

    2. We use an internal SharePoint site for regulatory training.

    #294152

    1. The majority of the compliance training material is developed and designed internally via compliance and regulatory subject matter experts.  The SME’s work with the internal Learning and Development teams to create the content which is then hosted on the Learning Management System.  There are two vendors that we purchase off the shelf training in the form of e-Learning solutions: Eukleia and Skillsoft.  We purchase off the shelf training and host those solutions via our Learning Management System

    2.  Our Annual Compliance Meeting and the Questionnaire is an internal solution which was to develop both into e-Learning packages and deploy both solutions  via our internal Learning Management System.  The meeting was in the form of an VILT (Virtual Instructor Lead Training) which employees could register for and attend virtually and get credit for attendance.  The meeting was also recorded and could be attended after the fact for anyone who could not attend the day of.  The questionnaire was also hosted and deployed on the LMS in the form of an attestation.  Both solutions allowed for registration and tracking mechanisms of completion via the LMS.

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