Way back in the pre-pandemic era, I proposed a solution to fix our senseless compliance training – or to be more accurate, its management – yet it remains broken.
The central premise of my argument was that it’s inefficient to repeat the same mandatory training when you change jobs within the same regulatory framework, so a centralised system to recognise your prior learning could save your new employer and the broader economy some serious coin.
My proposed solution was based on open badges, and these days I’d imagine that blockchain could power it.
At the time, I pitched my solution to a number of Australia’s financial regulators… but in vain. Either I received no reply, or they countered by saying that it’s not the role of the regulator to train a company’s employees.
Sigh. I had taken pains to clarify that that’s not the idea. Instead, the regulator would accredit the training to authorise the issuing of their badge.
Nevermind. Perhaps the private sector can fill the void of governmental inaction. From the get-go I should have ignored the regulatory route in favour of a corporate alliance model along the lines of Oneworld in the airline industry.
Under this paradigm, I see an opportunity for a group of like-minded companies – such as banks – to formally agree among themselves to recognise each other’s training on particular topics. If an employee completes such training at Alliance Member A, it will be recognised by Alliance Member B; thus he or she won’t need to repeat it under the employ of Alliance Member B until the usual expiration date.
Of course there will be peculiarities relating to Alliance Member B that the new recruit will need to be made aware of, but the point is the bulk of the content has already been covered.
I also see an opportunity for a trusted third party – perhaps a top-tier consulting firm, university or professional association – to independently accredit the training and manage the digital infrastructure on behalf of the alliance members.
And finally, while compliance sparked my initial idea, it needn’t be restricted to mandatory training. Any universal subject matter could be included in the agreement.
E-Learning Provocateur 
Hi Ryan,
Have you spoken to anyone at KPMG?
They’re very big in learning services for financial institutions.
Drop me an email if you’d like an introduction.
Mark
No I haven’t, Mark. Thanks for the offer.
This SO needs to happen Ryan – thanks for re-raising it. And not only in banks but any highly regulated and safety critical sector (health, transport, education, construction, technology, agriculture etc pretty much all industries). Lots of potential for tech (& dare I say AI & other emerging techs) to help solve this. But more than the tech itself it requires massive cooperation between big corps, industry, government AND consumers (as digital identity vs privacy and cyber security/safety) is very much part of the equation. Not to mention national and international standards. But yes…maybe if we start with the reasonably low hanging fruit of professional credentials in compliance training in banking we can actually make some inroads…🤔🙏
Love it, Tanya. Indeed, cooperation is the key.
If there’s anyone to figure this out, it’ll be you Ryan. Good luck as it must be changed! 😊
Thanks Helen!
Keen to be engaged if you are setting up a working group to explore the opportunity
The author of this blog post takes us on a journey through a well-thought-out proposal for solving a persistent issue in compliance training management. With a clear and articulate narrative, the post highlights the inefficiencies of the current system and suggests a creative solution.
The proposal of using open badges and even blockchain technology adds a modern and innovative touch to the concept, emphasizing the need for adaptation in this ever-evolving landscape. The author’s experience in reaching out to financial regulators and their willingness to consider alternative paths show dedication and resilience.
The post culminates with an intriguing vision of a corporate alliance model, akin to Oneworld in the airline industry, to streamline training recognition among like-minded companies. This forward-thinking approach holds promise for reducing redundancy in employee training and enhancing overall efficiency.
In the end, the post not only addresses compliance issues but also opens the door to broader possibilities, making it an engaging and thought-provoking read.
Best eLearning Company in India