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Core Training Principles

Decent Essays

The 3 core principles of Compliance include Advisory, Training & Monitoring. Compliance is everyone's responsibility. Each employee is expected to be aware of the regulatory requirements and what they must do to achieve compliance in the context of their roles. This can be achieved through effective training. MAS regulations on Internal Controls released in March 2013 2 states that " An institution should ensure that its staff are equipped with knowledge of new products as well as changes in legislation and regulations, and adequately trained to enhance their efficiency and effectiveness. It should identify skill gaps and assess training needs regularly. Training records should be maintained. Training should be regular and appropriately …show more content…

• Ensures training is consistent in content and delivery. C. Regulatory updates: • Via email, newsletters on recent regulatory updates and impacts. D. Face-to-face / Classroom: • Allows efficient discussion and knowledge sharing with a large audience within a short period. It can be done at various levels viz: all staff, by business units, within individual teams. • Slides, Case studies can be used for presentation. E. Other visual aids: • Videos on industry breaches and impacts, fines from the regulators. • Best practises videos from the industry. • Views of industry experts. Training can be delivered by either the members of the compliance team or by line managers. Compliance training is generally a large investment in terms of time & money. As a result, the training plan deserves proper planning in terms of content, audience and timing is essential. Topics to be covered in the training plan would broadly include: • Code of conduct, standards, policy & procedures. • Components of the regulatory framework. viz: the regulators and the regulations. • Internal systems and controls. • Compliance risks viz: regulatory sanctions, potential financial & reputational

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