Jody Houton

Regulators are receiving regular training. Are you?

The U.K.’s Financial Conduct Authority (FCA) has sent 4,430 of its employees on compulsory cyber and information security courses over the past two financial years to help combat the growing threat of financial crime, such as money laundering and fraud.

The FCA revealed that as well as the Cyber and Information Security eLearning course, which is compulsory for all staff to complete, 217 participants were also enrolled into locally organized security courses for more advanced training.

The additional training courses included Cyber Security training with a Counter Threat Unit; Software and Cyber Security development programs; and additional courses titled The Cyber Security Degree: the Next Step in Cyber, and The First Byte.

Investing in the latest cyber skills training is essential, especially for an organization tasked with investigating financial crime, money laundering, and upholding regulatory standards.

Wayne Johnson, CEO, Encompass Corporation

“For banks, financial services firms, and start-up FinTech companies, a failure to follow strict anti-money laundering and Know Your Customer rules could lead to severe financial penalties, so getting compliance right from the outset is a must,” added Mr Johnson.

In a rapidly changing sector like financial services, firms that invest in agile compliance solutions that can quickly adapt to the changes in company requirements, field technology, or regulations, gain a competitive advantage over those who are still using just legacy solutions. Having technology to assist your organization in remaining compliant frees up both time and resources that can be used to train your compliance staff, and keep up with the latest developments.

A modern compliance solution, such as Behavox Compliance, enables organizations to quickly and accurately identify areas of concern, and then tailor training programs around specific infractions. For example, by identifying real-world examples of compliance or conduct breaches, organizations can provide more specific training on what is and isn’t acceptable in the workplace, so that they avoid a visit from the regulators.