Your team grows tenfold and expands across the country – how do you ensure they all can and will comply with Australia’s demanding financial services laws and regulations
We won three platinums and a diamond at LearnXLIve! 2023
See what else we won here
PLATINUM FOR BEST COMPLIANCE TRAINING
Allied Credit approached GRC Solutions with a very tricky problem
An established non-bank asset finance business, specialising in vehicle and leisure finance, Allied Credit was planning a very significant growth phase, driven by numerous factors including a re-imagination of their business model and the implementation of ground-breaking IT.
Overall, within a couple of years, their staff numbers grew from around 40 to around 300 and their network of partner firms (dealerships, importers, brokers) expanded across Australia – and is still expanding. Currently there are about 1800 individuals associated with Allied Credit in this capacity.
How do you ensure that all these people are prepared to comply with Australia’s strict, detailed, and at times, complicated, financial services laws and regulations?
The solution won us a Platinum Award at the 2023 LearnXLive awards
eLearning was the answer
(This is a summary of the project – you can download the whole case study below.)
Allied Credit are members of AFIA, the Australian Financial Industry Association, and GRC Solutions partners with AFIA to make our compliance eLearning available to AFIA members. We offered Allied Credit one of our bundled learning packages, curated to meet the needs of AFIA members.
Every business is different, and we negotiated a package that more closely addressed Allied Credit’s immediate needs – some replacement items, some additional training.
Salt Compliance LMS
Our Salt Compliance LMS, built in house, from the ground up for compliance training, is an outstanding tool for this sort of project. We added a subscription to the Allied Credit bundle of products.
Salt Compliance LMS is built to allow clients to apply their own branding, colours, logo etc to the user experience, giving learners the confidence that their own business is fully in charge of their training.
It is also easily configured to allow learners to log in from different domains, a facility crucial for our clients who need to train not only staff but also contractors and volunteers. Allied Credit has some 1800 ‘business managers’ around Australia, embedded in or on the staff of clients such as car dealerships. Allied Credit mandates that these introducers successfully undergo a certain package of financial services compliance training modules, and the Salt Compliance LMS allows the business to easily and accurately keep track of this project.
Tailored eLearning Courses
Different staff within Allied Credit, and different external trainees, needed to be exposed to different subsets of the coursework. Salt Adaptive’s native modularisation fitted allied Credit’s needs perfectly.
Our team of learning experts worked with Allied Credit’s risk and compliance and L&D teams to create a matrix of subjects applicable to learners in the different categories.
A feature of Salt Adaptive that has proven very satisfactory to Allied Credit’s staff and management is Salt Adaptive’s capacity to recognise prior learning by means of a pre-test quiz. Learners are then only subjected to training on areas where they are unable to demonstrate mastery. Experienced learners are empowered to pass through the training quickly, avoiding areas they know well, and being challenged in areas where they have work to do.
This improves the palatability – and as a result, the effectiveness – of Allied Credit’s compliance training. And remember, the effectiveness of the training is a matter of considerable importance to this client.
It also potentially saves businesses a lot of expense in terms of hours out of the business.
- Deep data analytics
Combined with the Salt Compliance LMS, Salt Adaptive courseware gave Allied Credit the capacity to analyse the way learners – including remote learners like the ‘business managers’ – go about their training. How may times did learners have to review a given section of the training? Did some learners pass through the training at a rate that indicate ‘tick and flicking’?
- Technical support
Allied Credit recognised that getting this huge project up and running would entail a massive effort. So they relied on the technical support offered by GRC Solutions’ Client Services Team. Salt Compliance LMS administrator functions and UI are best in class, so the learning curve is not steep. Added to this, Client Services’ support during the set-up phase and later with the task of allocating multiple modules to multiple sets of learners allowed Allied Credit L&D staff to handle the task and meet their deadlines.
- Ancillary Support
As part of this huge project, Allied Credit needed to develop and roll out a suite of company policies to guide and support their managerial staff.
Salt learning technology is particularly suited to the tasks of rolling out, managing, and reporting on the adoption of business policies, and Allied Credit managers constantly avail themselves of this capacity.
Dylan Evans, Allied Credit’s Head of Risk and Compliance, retail operations, summed up the whole project when he wrote to us, saying
Within a very short period of time our organisation had to scale up in terms of resources, from approximately 40 to close to 300, which resulted in us having a mix of experienced individuals from the industry, as well as a lot of new to industry individuals.
Given this mix within our business, the option for the adaptive learning was a great feature to cater for those more experienced individuals. Enabling them to apply their knowledge and experience immediately.
For those new to the industry, the training offered by GRC Solutions was clear and concise, but also current, which has been a big focus for us, given the ever-changing regulatory environment, coupled with consumer expectations.
The content within the courses they offer bring out current themes and topics, that go beyond what is generally required by law, such as how to identify, manage and support vulnerable customers.
These types of themes are evident throughout various courses from how we go by lending money, through to how we collect overdue amounts, which goes beyond the simple ‘checkbox’ forms of training.