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UK Financial Services Institutions Act to Prevent Compliance Failures Using Mobile Learning - A major bank’s £6.3m fine in April 2006, after misconduct in its handling of share trades in two firms, has prompted one of the UK’s major financial services institutions to use mobile learning to ensure its staff's compliance with industry rules
UK Financial Services Institutions Act to Prevent Compliance Failures Using Mobile Learning

 

NewswireToday - /newswire/ - St Albans, Herts, United Kingdom, 2008/06/11 - A major bank’s £6.3m fine in April 2006, after misconduct in its handling of share trades in two firms, has prompted one of the UK’s major financial services institutions to use mobile learning to ensure its staff's compliance with industry rules.

   
 
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Deutsche Bank’s £6.3m fine in April 2006, following misconduct in its handling of share trades in two firms, has prompted one of the UK’s major financial services institutions to use a novel approach – via mobile performance support delivered to its staff’s PDAs and BlackBerrys - to provide ‘nuggets’ of regulatory and compliance-based information as well as key learning points related to data protection.

The mobile delivery system that is making this possible is supplied by leading learning and mobile content management technology provider, Giunti Labs. The content is being authored and developed for deployment by Eukleia Training Limited, a specialist provider of compliance training services for the financial services sector; while the learners’ test results - returned by Giunti Labs’s mobile learning platform - are being sent and monitored by the institution’s learning and talent management system, provided by partner Cornerstone OnDemand.

Angus Turpin, managing director of Giunti Labs UK, explained that three key issues have prompted this approach:
• Many organisations in the financial services sector – notably retail banks - reserve all of their network capacity, during working hours, for business operations. This leaves no capacity on the network for the vital e-learning programmes that are needed to keep staff up-to-date with regulatory and compliance issues.
• In order to prevent unauthorised access to confidential information, Financial Services Authority (FSA) regulations along with bank regulations, prohibit staff from using Bluetooth or other wireless networks with their laptops. Consequently, many staff in the financial services sector rely on BlackBerrys in order to send and receive email.
• Since so much of their working life is spent doing their jobs under intense pressure, staff in the financial services sector rarely have time to spend even 40 minutes of ‘downtime’ working through an e-learning programme.

“Consequently the opportunity for, and ability to, carry out e-learning in working hours, using the organisation’s network, is severely limited,” Turpin said.

“The answer – at least to three divisions within this major UK financial services institution – is to develop compliance and data protection related learning materials, with accompanying tests; then make those available to staff via a number of mobile learning options.

“While staff don’t have the time to spend on a 40 minute e-learning course, they can easily find time to take the course in, say, ten minute chunks via their mobile. A further advantage of this system – which, of course, takes up none of their employer’s network bandwidth – is that any changes in regulations will involve altering only one module rather than an entire course.

“Mobile and traditional e-learning are complementary formats,” he continued. “There is a very real need to deliver the core, basic facts to time-pressured professionals and a mobile device is an ideal way to achieve this – even if it doesn’t completely replace the need for more in-depth learning.”

The mobile learning materials can include video – if the user’s mobile device supports video – and conclude with a series of multiple choice questions. The user’s answers are recorded and uploaded in real time to the Giunti Labs’ server, for eventual transfer to the financial services institution’s talent management system.

“The test answers can be marked in real time,” said Turpin, “but most of our clients update the users’ results every 12 or 24 hours.

“These test results are an indication that staff have received training and that there is an implied level of understanding which is a part of the training and competence requirement. The FSA views this positively.”

Turpin revealed that a number of other financial services institutions, including banks based in Germany and France, are also in discussions with Giunti Labs about adopting a similar arrangement to ensure their staff’s compliance with the sector’s legal requirements.

“We believe that this mobile learning approach will benefit other industries too,” said Turpin. “Any industry in which employers have a number of remote workers who need to have access to key information, such as health and safety information or product updates, could use this performance support system to excellent effect.”

About Giunti Labs
Giunti is unique in the international publishing industry.
In 1497, Giunti publishers and typographers in Florence, together with others in Venice, began modern book manufacturing. Over the years Giunti has built a 'historical catalogue' of huge dimensions and brands such as Giunti Labs. Giunti Labs, which has its global headquarters in Italy and offices in London (UK), Frankfurt (Germany), Lund (Sweden), Boston (US), as well as Sydney and Perth (Australia), provides a wide range of solutions, in response to any content, learning and knowledge management need, covering:
• Content production
• Technological solutions for content, learning & knowledge management
• Delivery solutions for mobile & wireless
• Consulting and professional services
In 2008, Giunti Labs acquired the HarvestRoad Hive digital repository system, which manages any form of content used in online learning, corporate training and knowledge management initiatives. HarvestRoad Hive can interface with practically any ERP, Learning or Course Management System and is already integrated with several commonly used course management systems, authoring and content assembly tools.

Further information from:
Angus Turpin, Giunti Labs, +44 (0)20 8819 2653, a.turpin[.]giuntilabs.com.
Minna Leikas, Giunti Labs, +39 3474435167, m.leikas[.]giuntilabs.com.

 
 
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UK Financial Services Institutions Act to Prevent Compliance Failures Using Mobile Learning

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