New survey raises red flags with financial and insurance compliance training

Elucidat, an award-winning e-learning authoring platform for big employers, today released the results of a survey looking at what finance & insurance employees really think about their compliance training.

The findings showed a lack of engagement being problematic, with 15% of respondents admitting to clicking through mandatory compliance training without reading/listening, while 34% saying they only skim-read the content or tune in or out to audio. Half of respondents (49%) skip reading or listening to their mandatory compliance training in detail.

Another consistent theme pulled from the findings is the significance of respecting employees’ time during compliance training. 70% of respondents shared their compliance training runs 30 minutes or longer, with the most common word used to describe it being “boring”.

The personalisation of compliance training down to the employee-level was also an issue. While 77% of people did say their mandatory compliance training is specific to their organization, that number dropped to 45% when asked if it’s specific to their department or role. And following compliance training, nearly half of people (44%) don’t feel equipped to protect themselves or their company.

“This survey should be an eye-opener for L&D teams in the finance and insurance sectors, particularly when it comes to how engaged employees are when it comes to compliance training,” said Simon Greany, founder and chief product officer at Elucidat.

“Ultimately, a failure to engage employees in mandatory compliance training puts an entire organization at risk, particularly with regulators who seek training that’s targeted and effective. A more people-centered approach to elearning ensures that your training lands in a way that is targeted and more relevant and impactful. L&D that focuses on delivering more engaging experiences, while using less employee time is far more successful. Short, bitesize elearning modules that are personalized to be relevant to people’s roles and context is a great starting point.”

Elucidat conducted its survey from October 27th – November 5th, 2020. The responses were collected from 400 people over the age of 18 working in finance and insurance organizations that have over 1,000 employees in the United States.