Over 100 industry leaders, compliance professionals, and technology experts gathered to discuss and reimagine the future of compliance in an increasingly digital world. Our annual summit explored the three pillars that we believe shape this future: innovation, data-led compliance and value for money.
Future of Compliance Summit Agenda
After a networking breakfast, the summit kicked off with a session focused on innovation and learning, where we unpacked the challenges ahead, innovative solutions and the results of our recent benchmarking survey.
Session 1: Innovation & Learning
As the regulatory landscape undergoes constant change, compliance training must adapt to address emerging challenges. Innovation in compliance involves leveraging technological advancements.
Future of Compliance
Skillcast has journeyed with our clients to develop better solutions to help them manage risks. 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.
Our annual benchmarking survey indicates that continuous learning is a key method in enhancing the training experience, which highlights an increased need for more timely and flexible learning solutions. We are developing approaches to improve the learning experience, which include:
- Compliance Bites
- Adaptive Learning
- Question of the Day
- Learning at the point of need
Dr Martens' success story
Simon Truckle, Director of Learning Solutions at Skillcast, was joined by Hannah Dix, Global Compliance Manager, Dr Martens, to explore how Skillcast has been a game-changer for compliance training at Dr Martens.
- The driver behind the transformation in Dr Martens' learning approach
- Dr. Martens' approach to learning aligns with their values
- The measures implemented by Dr Martens and Skillcast
- Real-life illustrations of content and methodology employed
Dr Martens boasts a diverse array of roles, spanning from design to finance, not only within the head office but also across retail stores, distribution centres, and factories. It is crucial to tailor the compliance training programme to individual needs, acknowledging varied backgrounds and existing knowledge.
- Compliance training that reflects company values and aligns with the brand
- Optimal use of employee's time by personalising the curriculum
- Seamless integration of compliance training into Dr Martens' culture
- Implementation of a compliance narrative throughout the year
- A learning approach that engages staff and ensures knowledge gaps are identified
Session 2: Data-led Compliance
Organisations can harness the power of data analytics to monitor, analyse, and interpret vast amounts of information related to their operations and data processing activities. This enables them to identify potential compliance risks, monitor key performance indicators, and promptly address any deviations from regulatory standards.
By adopting a data-led compliance strategy, organisations can gain a comprehensive understanding of their data ecosystem, assess the effectiveness of existing compliance measures, and implement data-driven improvements.
Aligning firms to leverage data
Skillcast's Director of Regulatory Compliance, Lucien Carter, was joined by Darter's CEO, George Carter, to discuss an alternative approach to driving compliance success through data.
The seminar unpacked the three steps to data-led compliance success:
- Embedding Change
- Quantify the risk of the position a business is in before taking action
- Treat data as a product - it has value for customers and the business
- A start-up mindset ensures every action executed adds some value to a company
- Identify lighthouse projects that shine value and encourage enthusiasm among stakeholders
- To embed change, there's a need for early adopters and executive buy-in
- Education on how to get the most of data is vital
Exploring data-led regulation
We were joined by Linklaters' specialist financial services regulatory counsel, Sara Cody, to discuss the value and impact of data-led regulation. With regulators such as the FCA aiming to be more data-led, firms are expected to not only use data but employ specialised systems to ensure data management, the reduction of regulatory risk and good outcomes for customers.
- The importance of data-led regulation
- The FCA's data strategy and the implications for firms
- Data-led regulation in action
- Upskill staff on how to use data - consider working groups to socialise learning
- Ensure that tools are accessible so everyone can get and use insights
- Have a strategy in place to use data in your organisation
- Take action to resolve the problem once data indicates a problem
- Reduce the noise but not the intelligence - use AI to identify patterns that could reduce risk
Session 3: Value for Money
Balancing compliance with cost efficiency is a tightrope walk for any organisation. While adhering to regulations is crucial for avoiding penalties and building trust, the associated expenses can quickly turn into a burden. Effective cost management in compliance starts with prioritisation.
Compliance & cost-effective organisational culture
- Ring-fencing a compliance culture
- Shareholder vs stakeholder theory
- The purpose of regulations and regulators
- Drivers of the cost of compliance
- Challenges to reducing the cost of compliance
- The three lines of defence model
- Compliance culture is owned by everyone at a company
- Messaging is more powerful if comes from a direct line manager, i.e. someone relevant to an individual
- Shareholder theory is not compatible with compliance and financial crime risk
- Consider messaging around compliance - if it is putting the company first, this could impact actions against the company, such as whistleblowing
- Financial crime risk is owned by the business - can't separate the decision-making from accountability
- The second line of defence needs to be embedded in the business so that compliance and business objectives align
- To change culture, training needs to be relevant to the individual
SkillcastConnect community brings together compliance professionals for unique group networking free of vendors. Join today for priority access to unique insights from best-selling authors, leading academics, training gurus and industry insiders in a friendly, supportive environment.
- Networking Events
- Expert-led Webinars
- CCO Roundtables
- Compliance Workshops
- 100+ free video-based learning courses
If you are interested in joining our community, you can find out more on our dedicated SkillcastConnect page.