Skillcast has been delivering learning and technology for more than 20 years, and we wanted to build on this by investigating the future of compliance. To add to the conversation, we believe that this future is shaped by the three main pillars of innovation, data-led regulation and value for money.
Our benchmarking survey aims to investigate these themes to help shape, guide and inform our learning content as well as our technology and product initiatives.
Future of compliance survey highlights
Our benchmarking survey asked 12 questions across key themes of innovation, data-led regulation, and cost management, aiming to provide insight into how these areas impact the future of compliance. Here are some highlights from our respondents:
- 65% don't use AI tools to support control measures
- Email is the most common method to communicate regulatory updates
- 71% use Excel spreadsheets to collate important compliance data
- Technology systems in compliance processes are mainly used for staff training
With technological advancements and change persisting at an unyielding pace, the focus lies in comprehending how organisations navigate innovation and effectively handle change. This can be achieved by utilising various learning methodologies and other approaches.
The innovation section of the survey highlights continuous learning as a key method of enhancing the training experience for staff. This is an indicator of the increased need for timely and flexible learning solutions, such as learning at the point of need.
2. Data-led regulation
Looking at the data-led regulation section of our survey, it is evident that there is a greater demand for better-quality data. This is indicative of change around reporting capabilities, with responses suggesting that improved data quality leads to improved monitoring and controls as well as better board reporting.
The survey suggests widespread use of Excel spreadsheets as a tool to collate compliance data, which can be useful but does hold significant challenges to governance, risk and compliance (GRC).
3. Value for money
The survey considers cost perception, compliance expenditure as well as the impact of colleagues on cost management. This section of the survey indicates that the cost of compliance is often justified as a part of doing business that avoids fines.
As valuable as it is to consider the negative consequences, it's important to consider that this can have an adverse impact on culture. Prioritising company risks and consequences can lead to adverse behaviour from staff, such as not speaking up against the company if the need arises.
Tools for the future of compliance
We shared the results of this survey at our annual compliance summit, where each of the three themes of innovation, data-led regulation and value were discussed further.
Our survey highlighted two key issues facing companies. A need for timely and flexible learning solutions as well as a solution that consolidates data and automates processes.
We believe the future of compliance is in custom-designed integrated tools for record keeping. This is why we have designed an integrated solution, Skillcast Premium, which allows all records to be held in one place, addressing our clients' needs and guarding against red flags.
Policies establish the values, behaviours, and ethics that define your culture and set a recognisable benchmark for you to hold your workforce accountable. This is an integral part of an innovative approach to compliance, using
Our Compliance Bites library offers an innovative approach to learning by giving staff the opportunity to engage with a topic as and when it is needed. This improves knowledge retention and allows for a faster response to emerging compliance issues.
Using email or paper-based declarations processes is slow, inefficient and creates unnecessary duplication. Not to mention, making sure that they are completed on time is an ongoing headache.
If you are setting a strategy for innovative staff learning without capturing unbiased employee feedback, your compliance programme is effectively flying blind. It is important to assess the level of staff engagement and the effectiveness of compliance programme
Maintaining registers is a key aspect of compliance. Having the ability to track and approve register entries in a timely and consistent manner saves resources and improves efficiency.
Looking for more compliance insights?
We also have 100+ free compliance training aids, including assessments, best practice guides, checklists, desk aids, eBooks, games, posters, training presentations and even e-learning modules!
Finally, the SkillcastConnect community provides a unique opportunity to network with other compliance professionals in a vendor-free environment, priority access to our free online learning portal and other exclusive benefits.