If Compliance Training is the hero saving your organization from legal penalties, then Risk Assessment is the silent sidekick without which your hero would fail. Employing ineffective risk assessing strategies would be similar to sending a fireman to the rescue of a drowning victim and hoping for the job to be done. But, generally employees in your organization who are internal auditors or who are a part of your corporate compliance committee might find this process of risk assessment dry and boring. Let us look at how e-learning elements such as scenarios and gamification can help assess the various compliance risks
Compliance risk related data
Collecting, assessing and evaluating the risk assessment related information through various sources such as surveys, independent feedbacks, etc. helps take note of the interrelationships and interdependencies between the risks and helps determine the relevant risk mitigation and control activities.
For instance, let us take the example of surveys. Designing and implementing compliance surveys, polls, or quizzes can help you better assess your employees’ knowledge.
But as we all know, employees do not find surveys interesting and click through them just for the sake of it. The efforts put into assessing your employees’ knowledge would be futile if this is the case. Scenario-based learning can help create interactive and engaging mini scenarios which your employees can go through quickly. Instead of answering questions related to the boring rules and legal jargon, they can actually show what knowledge they have regarding the compliance rules by observing a scenario and answering the question at the end of it.
Scenarios which are a part of e-learning can also be used in assessing your employees’ knowledge regarding the various compliancerules and regulations of your organization.
Once a finalized set of risks is evaluated, they can be ranked based on various factors such as the likelihood, impact, and risk factors. Once the ranking is done, the necessary resources can be allocated to mitigatethe risks based on their priority. For example, there is no use allocating huge budget to a low ranked risk. This process of ranking helps ensure the allocation of relevant and required resources for each type of compliance risk.
But is it easy to make your employees memorize the rankings and names of the various compliance risks? No. Why not use gamification for this purpose? A puzzle like game with the ranks and names of the risks canbe given to your employees. Employees can match the risk with its priority helping them learn the rankings in a fun way. Gamification also helps your employees retain the information longer. Incentives such as leaderboards, badges, and prizes can be given on successfully completing the levels of a gamified course.
Risk evaluation and review
Discussing the results with the corporate compliance committee or any set of senior executives and asking them to review, can help test the reasonableness of the designated risk likelihood, impact, mitigation factors, and more. This final step doesn’t involve reevaluating each risk but acts as a second opinion about the authenticity of the already generated results. Various digital resources such as eBooks and SlideShares can be used to save this final generated information. These resources can be accessed while creating compliance training courses for reference. These digital resources can always be easily updated whenever the hierarchy and priority of the generated list of risks changes or whenever there is any change in the compliance policies of your organization.
The results from the risk assessment procedure can not only be a valuable input while designing your current compliance training program but also help reeducate your staff on the regulations and issues identified in this process.