Compliance training and the Australian Standard on Compliance Programs

Australian Standard AS/ISO 19600:2015 Compliance Management Systems – Guidelines provides a framework for compliance management. The Standard is reproduced from and mirrors the international standard ISO 19600, Compliance management systems – Guidelines.

In relation to financial services compliance management, the Australian Standard was referenced by ASIC for both credit businesses and financial services businesses*.

An important section in the Standard outlines how appropriate training is a vital component of every compliance program. As such, every business should ensure that the competence and training needs of its staff are identified and addressed.

Training and AS/ISO 19600:2015

According to AS/ISO 19600:2015, the objective of a training program “is to ensure that all employees are competent to fulfil their job role in a manner that is consistent with the organisation’s compliance culture and its commitment to compliance”. AS/ISO 19600:2015 also notes that: “Properly designed and executed training can provide an effective way for employees to communicate previously unidentified compliance risks.”

In line with these objectives, education and training of employees should be:
• tailored to the obligations and compliance risks related to the roles and responsibilities of the employee
• based on an assessment of gaps in employee knowledge and competence
• ongoing from the time of induction
• aligned to the corporate training system and be incorporated into annual training plans
• practical and readily understood by employees
• relevant to the day-to-day work of employees and illustrative of the industry, organisation and sector concerned
• sufficiently flexible to account for a range of techniques to accommodate the different needs of organisations and employees
• assessed for effectiveness
• updated as required
• recorded and retained

GRC Solutions e-Learning and Australian Compliance Standard AS/ISO 19600:2015

GRC Solutions e-learning is built with each of these factors from the Standard in mind. It aims to support clients to meet their training requirements in the most effective way possible. GRC Solutions’ Salt Adaptive training is particularly appropriate for the second item – ‘gaps’ – because it offers the facility of not requiring employees to sit components of the training where they can show they already have the requisite knowledge.

For an overview of the Compliance Management Training e-learning products GRC Solutions offers, look here.

Australian Retail Banking Compliance Training

As well as our more general compliance training products, GRC Solutions offers a suite of e-learning products targeted to cover the key compliance training needs of customer-facing staff in retail banking businesses. Much of this training is relevant to other financial services businesses.

We also offer facilitated workshops for AFSL and ACL Responsible Managers, and a library of compliance manuals. Look here.

For a more detailed discussion of this suite of learning solutions, contact us today. 

*See ASIC RG 205.54-55 Credit licensing: General conduct obligations, and ASIC RG 104.43 AFS Licensing: Meeting the general obligations