High- and Low-Tech Innovations for Fund Managers to Overcome Compliance Training’s Drawbacks

The challenge for any organization’s compliance team is to create meaningful, cost-effective and durable training while simultaneously satisfying legal and regulatory requirements, especially in highly regulated industries such as asset management. Training can be a repetitive drag for those compelled to take it: a mandatory but possibly dreaded, boring entry on an employee’s or vendor’s work agenda. Transforming compliance and ethics learning requires imagination, shorter training sessions, testing-out options, creation of ongoing narratives and leverage of various communication tools into an effective and efficient program, observed Gary Collins, managing director at BNP Paribas, speaking on a panel of fellow compliance officers at the 2017 Compliance & Ethics Institute, sponsored by the Society of Corporate Compliance and Ethics. Joining Collins, who moderated the session, were Melinda Miller, vice president and manager of regulatory compliance at HSBC, and Cassandra Knight, the former head of company compliance at Morgan Stanley, now at PayPal. This article explores their key insights. See “How Investment Managers Can Prevent and Manage Claims of Harassment in the Age of #MeToo” (Dec. 14, 2017); “NFA Conference Addresses Examination Process, Training and Compliance Best Practices for Swap Dealers and Major Swap Participants (Part One of Two)” (Jun. 4, 2015); and “How Can Hedge Fund Managers Structure, Implement and Enforce Information Barriers to Mitigate Insider Trading Risk Without Impairing Securities Trading? (Part Four of Four)” (Feb. 6, 2014).

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