GDPR (or the General Data Protection Regulation) is a hot topic at the moment as many organisations begin to prepare for the changes, which will be coming into force next year. The GDPR looks to provide better protection to data subjects (you and I) in a fast-paced digital world where data is king.
The new regulation will supersede the current Data Protection Act and builds on the existing legislation. The way in which organisations use data has changed so much over recent years, and the new approach will modernise the way data is handled and bring this into the 21st Century.
We’ve rounded up some of the key facts about the GDPR which you may need to consider before beginning to implement any changes.
Unicorn’s Top 10 GDPR Facts:
- The new regulation was introduced in 2016, however organisations have until 25th May 2018 to be compliant
- GDPR will look to change the way organisations collect, store, process and protect personal information for their clients, employees and customers
- Leaving the EU will have no impact on whether or not the GDPR regulations come into force, special considerations need to be made for companies trading internationally
- The GDPR applies to all companies across the globe who process personal data of EU citizens
- DPA consent isn’t enough. As stated in article 4 of the GDPR “…any freely given, specific, informed and unambiguous indication of his or her wishes by which the data subject, either by a statement or by a clear affirmative action, signifies agreement to personal data relating to them being processed”. This means customers will need to opt into an agreement voluntarily with an organisation, which has been clearly explained and states how data will be handled, there must not be an automatic enrolment where customers have to opt out
- Accountability is key, organisations will need to understand any risks they create for data subjects and mitigate those risks. There will need to be a better approach to governance and compliance with robust processes in place
- Organisations will need to have a dedicated Data Protection Officer if they fall into the following categories: a public authority, carry out large scale tracking or carry out large scale processing of special categories of data or data relating to criminal convictions and offences
- Mandatory privacy impact assessments (PIAs) will be introduced, meaning data controllers will need to conduct PIAs where the risk of privacy breaches is high to minimise any risks to data subjects
- Data breaches will need to be notified to the local data protection authority within 72 hours of it being discovered, organisations will therefore need to ensure their technology and employees are able to detect these breaches effectively
- The way in which data can be held by organisations is changing. GDPR means companies can only keep data for as long as it remains absolutely necessary and can only use the data for the original purpose it was collected. If companies wish to use it for a different purpose they will need to obtain permission from the data subject. Data subjects also have the right to be forgotten, which means they can ask to have all of their data deleted, which must be adhered to
Is your organisation preparing for the GDPR? The Information Commissioners Office (ICO) have prepared a helpful 12 step checklist to help you prepare now, which is available here. We are also here to help you and your employees through this change with our new learning pathway which will be added to our Governance, Risk and Compliance eLearning library in August 2017, further information available here.
And before you know it, here we are again! We’ve been coming to Learning Technologies for long enough to have true veteran status but we’ve never had a show quite like this!
This year, we’re delighted to have used LT as an opportunity to launch our latest concept – the Learning Ecosphere.
As you may have seen if you’ve come across our press releases or recent blogs, the Learning Ecosphere is a concept that reimagines the dichotomy of traditional, ‘enterprise focused’ learning, and new, device-based ‘learner focused’ methods. Rather than seeing the two as mutually exclusive, or indeed in conflict, the Learning Ecosphere can help businesses reconcile the new possibilities presented by modern technology with existing LMS and classroom based methods.
We knew the Ecosphere concept would be hard to miss at the show – after all, we have a 3metre version of it across the side of our stand! But the appetite for a service provider who genuinely understands both sides of the coin (or as we’ve put it, both sides of the ecosphere!) is possibly more profound than even we anticipated. By the end of day 1 we were very nearly out of hard copies of our free whitepaper, and had welcomed nearly 500 people to play our latest app, QuizCom. Naturally, the fact that we had two enthusiastic quiz hosts dressed head-to-toe in orange – as well as fluffy Unicorns as prizes – might have had something to do with the sheer number of players, but we’re not complaining!
In fact, one of the highlights of the day was definitely awarding the Unicorn prizes to our top scoring players!
Keep an eye out as we live blog from Day 2 of the Learning Technologies conference, as well as lift the lid on all this year’s core learning trends. Follow us on Twitter for more event insight: @unicorntraining
With 52,000 more firms due to come under the Senior Managers Regime by 2018, in the new T-C News magazine Simon Mercer, Unicorn ComplianceServe Product Manager, asks ‘What’s your training strategy for compliance?’
“Do not put it under the jurisdiction of Compliance or HR”, Simon argues. “It has to be championed by a Senior Manager and driven from the top down.”
Find out why by downloading the January 2017 edition of T-C News for free from the website at www.t-cnews.co.uk
Simon Mercer, Unicorn ComplianceServe Product Manager, and Julia Kirkland, Partner at FSTP, presented a recap on what’s happened so far, looked ahead to what are going to be the hot regulatory topics over the next 12-18 months and answered the biggest question of all, how on Earth are we going to do all this?? Julia even sang a little bit. It was beautiful.
Anyway here are the top five takeaways on compliance training and where we go next…
The Senior Managers Regime and accountability will remain firmly on agenda – last week the FCA fed back on the first tranche of it accountability regulation, which took effect in March, stating that many firms have misunderstood the guidance. In a nutshell, the screw is going to keep turning. With 55,000 more firms due to come under SMR by 2018, Julia’s key message to anyone still grappling with the challenges of SMR was do not put it in compliance or HR! It has to be championed by a Senior Manager and driven from the top down. The good news is the FCA is suggesting there won’t be a ‘big bang’ on the next tranche of SMR and Certification implementation, but as we’ve seen from the first phase a year’s gap is nothing in these terms. Which brings us neatly to…
How are you bench marking people ahead of the Certification Regime? – firms who have already had to adhere to SMR regulation only have until next February – that’s five months – to put a robust certification process in place. In a quick show of hands amongst the delegates in the room, only one firm who had moved over SMR had already got their certification regime running. Under certification you are asking people who weren’t previously approved persons to take on more responsibility, knowledge etc, so how are you benchmarking these people? What competencies and/or qualifications are you using as a baseline? What are the KPIs and the core competencies required for a role? How are you going to issue that individual with a certificate? And remember the Senior Manager has the ultimate responsibility for saying they’ve signed that person off. It’s a big deal.
What’s hot in 2017 and what’s relevant to you – Julia outlined how she and her FSTP colleagues had trawled through the FCA’s annual risk documentation and picked out what they believe to be the 12 biggest areas of interest over the next 12 months. She did threaten to rap at this juncture also…regardless this is the list.
- Conduct risk
- MiFID II
- Transaction reporting
- Certification Regime
- Business strategy and stress testing
BUT (and note the capital letters), even though some will be more relevant to certain businesses than others, the majority are interdependent on each other. They cannot be taken in isolation.
Modernising your learning approach – in the past we have dealt primarily with compliance departments, but this is changing. Within the L&D community learning is being modernised to move from push to pull learning and getting to point where learners have access to resources and tools to pull as well as utilise what’s pushed to them. This includes introducing more elements of microlearning, in bite-sized chunks that is much more informal and on demand in line with the 70: 20: 10 approach to learning. Unicorn’s eCreator authoring tool, built into ComplianceServe, has got a really significant role to play in this. In fact, by Christmas all existing ComplianceServe content will have been re-developed in eCreator, with the smaller chunks of micro learning, to follow. The benefit? By downloading the SkillsServe app learning can take place offline to sync when back online.
There is a brand new generic T&C system now built in to ComplianceServe – we’ve been building and integrating custom T&C systems and functions for clients for a long time but now there’s a generic version for smaller organisations to make use of. This includes:
- T&C Guidance – regulation is only going way way, there will be an ever greater need to evidence competency. Guidance is all about what does T&C mean for an organisation, how do you create a T&C scheme in the first place, what things need do you need to set up a T&C system in ComplianceServe
- Pre-defined forms and workflows
- Offline forms – there is too much to do online for some things. Can be completed, scanned and attached as part of site.
- Pre-built pathways – for e.g. monthly one-to-ones, quarterly action plan and final sign off, can be assigned to both regulated and non-regulated staff (couple of forms different)
Unicorn smashed through the £6m sales mark for the first time ever in the last financial year (2015-16), a new record in any 12-month period and £1m up on our previous financial year best. These are our top 10 highlights of our record-breaking year (in no particular order)…
You’ve probably heard of Craig Weiss? He’s widely considered to be the most influential person in eLearning in the world. Every year Craig produces his Global Top 50 LMSs Report and for the second year running, in January 2016, our learning and performance platform, SkillsServe, was recognised as the world’s best in our field.
…in addition to the number of other Unicorns who did amazing stuff supported by our Fundraising Team. This included Dean, Tai, Katrina and Simon all completing multiple distance and endurance running challenges raising money for The MS Society, Macmillan Cancer Support, Macmillan Caring Locally and The Samaritans, while Sam and Xiomara pounded the capital’s streets in the wee hours in their quest for The Big Issue Foundation.
3 Million+ course activities were completed on SkillsServe
Off the shelf courses, user-generated content and eCreator courses, CPD recording, Training and Competency (T&C), on-the-go learning and Apps, you name it and SkillsServe has probably helped the financial services industry achieve it.
You know Craig Weiss’ LMS report we just mentioned? As well as maintaining top spot for financial services, SkillsServe also moved up a place overall from fifth in 2015 to fourth this year. In the report Craig said: “New User Interface, expansive features. I love that they have a CPD mobile app. Regulatory is strong which is a must since their target vertical is Financial Services. An overall, top tier performer.”
5 the number of key areas Unicorn was assessed to receive Service Excellence accreditation from the National Skills Academy for Financial Services
This means Unicorn has demonstrated its dedication to high-quality, professional customer service and commitment to consistent improvement in service and staff training. With Helpdesk now 11 strong, 4,000 more calls were dealt with last year compared to 2014. This is reflected in an SLA of over 95% between March 2015 and March 2016. Already in 2016 Helpdesk have dealt with more calls month-on-month than 2015. What does this mean? Quicker and more effective issue resolution for our clients and happy customers ☺
It was looking good at the end of the calendar year, when we reported sales exceeded £5.6m ($8.5m), but we are delighted to report continuing strong organic growth in our core business streams, culminating in sales crashing through the £6m for the first time.
We first received ISO certification in 2011, but 2015 saw Unicorn transition to the new ISO27001:2013 standard from the previous ISO27001:2005 benchmark. The new standard reflects the changing demands of IS security in the face of challenges that didn’t exist in 2005. To maintain ISO27001 certification requires monthly security audits and an annual British Standards Institution (BSI) assessment.
8 where Unicorn Training CEO and founder, Peter Phillips, is ranked in the Top 10 of the UK’s most influential people in corporate eLearning
Now in its seventh year, the 2016 annual lists of the ‘Top 10’ most influential people in the corporate eLearning sector – in the World, North America, Europe, the UK and Asia-Pacific – saw Peter break into the top 10 for the first time ever as one of four debutants in the UK rankings.
…according to a University of Colorado Denver Business School study (2010). This is a snippet from our 2016 White Paper ‘The Future of Game-based Learning’ (produced with our games partners, Amuzo). Games are still BIG news in learning and, in its first year, this partnership has helped clients, existing and prospective, really understand games aren’t just fun they’re effective and it’s mobile technology shaping this.
10 (+1) the number of our commercial, trade and professional industry partners
These relationships are invaluable in underlining Unicorn’s long-standing position as the solutions provider trusted by the financial services industry. As regulation tightens, having our partners’ expertise in helping inform the direction of the learning and supporting the development of appropriate learning tools, makes Unicorn the only credible choice. A great example is the work we’re doing with FSTP and the BBA to develop ComplianceServe in response to the FCA’s Accountability Regime for banks, building societies, credit unions and designated investment firms.
The objective is to continue to help firms bring about genuine cultural and behavioural change and more effectively meet their regulatory obligations.
The FCA’s new accountability regime for banks, building societies, credit unions and designated investment firms, which came into force last month, again brought into focus that the need for effective training and robust processes for evidencing competence has never been greater.
This is why ComplianceServe has been enhanced and given a new look and feel, to help firms embed the knowledge and understanding of why this regulation matters and drive the behavioural changes that will lead to better outcomes for customers.
At a glance
- ComplianceServe’s fresh new appearance reflects the latest thinking in user experience.
- It is easier and quicker for employees to find the right learning and create personalised training plans.
- ComplianceServe’s new integrated CPD system automatically tracks completed online learning against a generic scheme based on FCA guidelines. It also allows the recording and tracking of other CPD activities such as face-to-face training, attending conferences or accredited body events, research and reading.
- Over the past six months, with the support of industry partners including FSTP and the British Bankers’ Association (BBA), 11 new eLearning pathways have been added to the ComplianceServe library to help firms respond to regulation.
- The new ComplianceServe also provides on-demand refresher training, using highly visual PDF summaries, to overcome the infamous ‘forgetting curve’.
Simon Mercer, ComplianceServe Product Manager, explains: “The new regulation has not only challenged firms to improve their compliance training practices but also provide robust evidence of their employees’ competency at whatever level they work. Staff must really understand what the regulation means and how to apply it and firms must be able to prove they can.
“The key is delivering personalised, ‘snackable’ chunks of learning on demand from their device of choice, while highlighting the potentially serious consequences of non-compliance for employee and employer. It lets them ‘fail’ in a safe environment where they can learn from the experience.”
The 11 new eLearning pathways immerse learners in realistic scenarios relevant to their job roles, with the opportunity to make decisions and see the consequences in a way that shapes new behaviours. The eLearning features various bite-size learning activities, including teaser videos, case studies and quick summaries, which all contribute to elevated engagement levels, knowledge retention and cultural change.
Simon adds: “We know new knowledge is rapidly lost if it’s not applied quickly following a training intervention and where there is no regular reinforcing activity. Instead of the once a year ‘sheep dip’ approach, ComplianceServe allows firms to push short bites of learning, tests and refreshers to learners on a regular basis to ensure understanding improves over time, behaviours change and culture shifts.”
New ComplianceServe learning pathways include:
• The new Regulatory Framework in Banking
• Conduct Rules
• Senior Managers Regime
• Foreign Tax Compliance Act 2010 (FATCA)
• The basics of CASS (Client Assets Sourcebook)
• Consumer Credit – Handling Arrears
• The Certification Regime
• Three Lines of Defence
• Vulnerable Customers
• Transaction Reporting
In 2016 Unicorn’s learning and performance platform, SkillsServe was ranked the world’s top LMS for the financial sector for the second successive year, and fourth overall across all sectors, in the Top 50 LMSs Report 2016*. For more information about ComplianceServe visit www.unicorntraining.com/complianceserve
* This report is compiled annually by Craig Weiss, named as the most influential person in the world for eLearning for the past two years.
SMR and the Certification Regime have been here almost a month now, but if you think they don’t affect you think again…
For those who believe they are not currently affected by the SMR – don’t get too smug and comfortable.
That was the stark warning issued by financial services training specialists and our partners, FSTP, earlier this month as they reflected on the arrival of the new Senior Managers Regime (SMR) for Banks, Building Societies, Credit unions and Designated Investment Firms and SIMR for Solvency II Insurance firms in their ‘Executive Matters’ eNewsletter.
FSTP expanded on how the regulators are now all about individual responsibility and accountability and everybody across Financial Services needs to prepare. Conduct risk remains top of the regulators’ agenda and dovetails neatly into the new dawn of individual accountability.
The message? It’s on the way to you too, and it looks like it will hit earlier than you think.
You know the drill by now. This new regime is designed to encourage individuals to take greater responsibility for their actions, and for firms to take full responsibility for the fitness and propriety of their staff, underpinned by a new set of Conduct Rules which set out the required standards of behaviour.
It’s never been more important to have the correct systems, training and controls in place to ensure every relevant member of staff conforms to the requirements. Staff must be competent to undertake their roles and understand their individual responsibilities.
As FSTP have stressed, even if you don’t think it impacts you now, it won’t be long before it does.
This is why Unicorn has been busy developing a number of new eLearning titles in partnership with FSTP, which have been added to our ComplianceServe library. And you can check out four short introductory videos, also included with each of the new eLearning titles, to get a flavour of what you need to think about.
Meanwhile, if you want to know more about how ComplianceServe can help you meet your regulatory needs? Click here to visit the ComplianceServe mini-site.
Now here’s those vids…
Introduction To The New Banking Regime
The Certification Regime
Senior Managers Regime
Helping staff stay on top of their regulatory and ethical responsibilities around such emotive issues as vulnerable customers and financial promotions must remain a priority for the financial services training industry.
The BCCA is a leading trade association for the UK’s alternative lender market, and they have teamed up with Unicorn to offer online compliance training to their members for the first time, through Unicorn’s ComplianceServe training solution.
Last month BCCA CEO, Jason Wassell, revealed their relationships with vulnerable customers are part of “nearly every discussion” he has had with the Financial Conduct Authority (FCA).
This followed the FCA’s challenge to firms to review their approach to consumer vulnerability, with some customers being confronted by a “computer says no” response when they seek assistance and support from firms.
Meanwhile, financial promotions for consumer credit are amongst the issues also under scrutiny from the regulators, with both a high-profile media and political focus on the advertisement of high cost, short- term credit products.
Simon will be on the Unicorn stand at the BCCA conference, speaking to delegates about their approaches to staff learning and development on these and other credit industry topics. He insists when staff lack the knowledge, empathy and ethics to deal with such issues effectively, the consequences go way beyond being purely financial.
“It only takes one bad news story to destroy a firm’s reputation; one customer who has been treated unfairly, one ad that is viewed as exploitative, appearing on the news or held to task by the consumer advice media.
“The regulator will make its own judgments on penalties and sanctions for companies found in breach of its standards, but realistically it can be public condemnation and PR impact that can prove more damaging long-term.
“Having a training approach where such issues are included as part of a firm’s wider ethical business culture, and not treated in isolation as a ‘tick box’ exercise to appease the regulators, can go a long way to avoiding such reputational damage.”
Earlier this year, Unicorn Training joined forces with FSTP to introduce the enhanced, sector-specific compliance learning solution, ComplianceServe, which includes integrated T&C guidance and CPD management.
As two of the UK’s most prominent financial services training providers, this partnership brings a more targeted, streamlined approach to compliance, to help regulated firms embed the genuine cultural and behavioural change needed to deliver better outcomes for customers.
FSTP was recently named ‘Business Partnership of the Year 2015’ by the Debt Resolution Forum (DRF) and Debt Managers Standards Association (DEMSA), while in January Unicorn’s learning and performance platform, SkillsServe, was ranked top LMS for financial services, and fifth overall, in the global Top 50 LMS Report 2015.
Unicorn has been creating L&D and compliance solutions for the UK’s ever-changing financial services sector for over 25 years. FSTP provides first class training and consultancy services across all sectors of the financial services industry.
The new Accountability Framework in banking is one of the hottest topics in the FCA regulated world – with less than 6 months until the deadline Unicorn Product Manager, Simon Mercer, explains how Unicorn’s union with FSTP is helping firms rise to the challenge.
When the FCA launched its 2015-16 Business Plan in March, all eyes inevitably looked straight at the deadlines.
‘Senior Manager’s Regime’, ‘MiFID II’, ‘Mortgage Credit Directive’, ‘Certification Regime’, ‘Code of Conduct’ etc are all major changes to the regulatory framework, with even greater consequences and sanctions for non-compliance.
But, as usual, the deadlines are tight, for example, the new accountability framework for individuals in banks, building societies and credit unions comes into force on 7 March 2016 – now less than six months away.
Earlier this year we joined forces with leading financial services consulting and training specialists, FSTP, to bring a more targeted and streamlined approach to compliance for FCA regulated firms.
Now, with FSTP’s help, we’re adding new eLearning titles to our comprehensive compliance training solution, ComplianceServe, to help organisations embed the cultural and behavioural changes demanded within the new framework.
When it comes to the Accountability Framework there are four supporting courses…
- An Introduction to the New Banking Regime
- An Introduction to the New Senior Managers Regime
- The Certification Regime
- The New Code of Conduct
These titles are designed to meet the demand for ‘snackable’ chunks of learning that can be digested little and often, for a more pervasive learning experience that supports the goal of continuous learning.
Learners have to understand and, most importantly, value the possible implications of their actions in terms of how it affects their promotion prospects, earning power, professional reputation and personal pride. This is why compliance should be treated as part of, not in isolation to, an individual’s whole career development plan.
The by-product of this is the benefit it brings to your business, both commercially, and with regards to regulatory compliance when the FCA calls.
All of these new titles are being added to the ComplianceServe library at no additional cost, and like all our compliance titles, we’ll continue to update them in line with ongoing changes in the regulations.
Utilising FSTP’s capabilities in instructor-led training, we’re also able to provide our clients with a truly blended approach – combining our eLearning modules with face-to face-workshops – for the more complex and risk laden roles i.e. Senior Manager and Senior Responsibility function holders.
Want to know more?
Leading financial services consulting and training specialists, FSTP, has joined forces with online learning and performance developers, Unicorn Training, to introduce an enhanced sector-specific compliance learning solution that includes integrated T&C guidance and CPD management.
As two of the UK’s most prominent financial services training providers the new strategic partnership brings a more targeted, streamlined approach to compliance for FCA regulated firms.
Firms and their employees will be able to access industry-leading online compliance training specific to their sector, which is constantly evolving in line with regulatory change and emerging industry challenges.
The partnership builds on the early success of Unicorn’s flagship online regulatory training solution, ComplianceServe, launched last summer to help firms manage their compliance needs through one secure portal that combines a library of high-quality learning assets with advanced content, development and management tools.
In December 2014 FSTP won the Thomson Reuters 2014 Best Compliance Consultancy Firm Award, voted for by FSTP clients. In January 2015 Unicorn’s learning and performance platform, SkillsServe, was ranked as the top LMS for the financial services sector in the Top 50 LMSs Report 2015*.
Mark Jones, Unicorn Commercial Director, said: “With FSTP we are enriching existing content and developing new titles within the ComplianceServe library, including creating sector-specific case studies and scenarios. With integrated T&C and CPD tracking, ComplianceServe will be the market’s broadest, most comprehensive compliance training solution.
“Compliance goes far beyond just training, it’s embedding genuine wider behavioural change. ComplianceServe has been well received and with FSTP’s expertise and experience in consultancy and face-to-face training we will be able to deliver a truly blended and tailored learning experience.
“FSTP are hugely respected within financial services. We have worked with FSTP in a few different ways previously and this is a formalisation of that relationship to bring real compliance benefits for those working in heavily regulated environments where time is precious.”
Philippa Grocott, Partner at FSTP, added: “We recognise the importance of delivering blended learning solutions that deliver at the right level to the right audience, with engaging content which can be accessed at the right time.
“Unicorn is well known throughout the financial services industry for its quality online learning solutions. It makes perfect sense for two award-winning firms to combine capabilities to deliver ComplianceServe, an essential requirement for any financial services firm that wants to stay ahead of the regulatory focus.”
Unicorn has been creating learning and development and compliance solutions for the UK’s ever-changing FS sector for over 25 years. *As well as being ranked top financial services LMS, SkillsServe was also 5th overall in the Top 50 LMSs Report, compiled by global eLearning analyst Craig Weiss.
FSTP provides first class training and consultancy services across all sectors of the financial services industry.