Memorizing the reg is fine.
Learning the principles of compliance is much better.
Critical Components of Compliance Training.
Training has two critical components. First: make sure that updates and changes to the regulation are communicated and put in force. Second: make sure that your program is finding and fixing weaknesses. We have found that training is a very good way to learn the difference between what you think the staff is doing and what is actually happening in front of the customer.
Effective training involves the entire bank, from the directors all the way down. Good training programs accommodate the unique demands a particular job description places on bank employees and their managers. The good news is there are a variety of available tools that can be combined to lower costs and improve effectiveness. Some are online. Some are “applications” that can be purchased and developed off-site.
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Teach your institution to “think compliance".
Good training means your bank will learn to “think compliance” by learning principles, not just facts — facts can always be looked up online. Principles are harder. Let’s talk it over.
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