Companies were struggling to keep pace with government guidelines, with special focus on data protection and privacy, codes of conduct, anti-bribery, and anti-corruption.
However, changes in technology have also evolved the way companies conduct their day-to-day operations. Digitization and artificial intelligence in the compliance field have made things easier to some extent, but they have also increased the importance of training.
With the RBI taking extra vigilance and imposing penalties on companies for regulatory non-compliance, lenders have started assessing where their problems lie and how they can improve.
Also read: RBI has imposed surcharge on five cooperative banks.Click here for details
How was 2023?
Compliance training gained momentum in 2023 as some sought guidance from experts.
When asked what 2023 will be like for companies implementing compliance training, Anthony Alex, CEO of compliance learning solutions company Rainmaker, said this year will see companies adopt a “culture of compliance.” He said the way compliance training is approached within employee outreach mandates, such as workshops, has changed.
“The ease with which organizations have adopted both remote and hybrid models has increased the flexibility of training methodologies. This adaptability has not only enhanced accessibility, but also enabled the ability to adapt training needs within the workforce. “It emphasized the recognition of its evolving nature,” he said.
Rishi Agrawal, CEO of TeamLease RegTech, said 2023 saw organizations increase their focus on compliance, and to ensure that employees are aware of their roles, responsibilities and desired behavior regarding compliance. He emphasized that continuous training is key.
But Bulbul Ray Nathan, CPO at Connect and Heal, says that in 2023, companies will invest in bite-sized, on-the-go learning modules with audio and video content to promote long-term memory and improve modern-day learning. He explained in detail that it met the preferences of the learners. Nathan said this adaptability improves workplace safety, minimizes risk and ultimately maximizes productivity for businesses and employees.
Also read: How regulations squeezed investment in Gift City
Experts’ outlook for 2024:
Especially in compliance and regulatory departments, learning lessons from mistakes is paramount.
Regarding the question of what 2024 will look like, Antony Alex of Rainmaker says that when it comes to a dynamic landscape where organizations will increasingly adopt cutting-edge technologies such as AI and potentially explore the integration of virtual reality (VR), I’m predicting it.
He said 2024 promises technological advances that will enable forward-thinking companies to leverage innovation to remain competitive and resilient in an ever-changing business environment.
Connect & Heal’s Nathan predicts that 2024 will see a shift to more personalized and interactive learning in the workplace.
However, according to Rishi Agarwal of TeamLease RegTech, technology will continue to transform compliance into a cashless, presenceless and paperless environment, driving the Indian economy inexorably towards the $30 trillion target by 2047. Sho. He further announced his API-based digital filing in 2024.
Separately, Agarwal expects companies to further digitize and streamline internal operations by digitizing compliance functions and processes.
Mr. Agarwal said that in 2024, digital platforms will further assist companies in conducting online training wherever possible, increasing the efficiency and effectiveness of programs, which will help companies respond to a dynamic regulatory environment. He added that it would be.
Unlock a world of benefits! From insightful newsletters to real-time inventory tracking, breaking news and personalized newsfeeds, it’s all here, just a click away. Log in here!
Get all the company news and updates with Live Mint. Download the Mint News app for daily market updates and live business news.
Show more Show less
Published: December 24, 2023, 7:34 PM IST