When it comes to finance, learning about regulations and then keeping up to date with them is a full-time job all by itself. These regulations are created to protect consumers and ensure fair practices, so making sure you know the ins and outs of the old and the new stuff is important for maintaining compliance and preventing costly errors.
Luckily, there are a few simple and effective ways for firms to make sure that their team are not only aware of new regulations, but also know how to implement them. After all, knowing about them but not understanding what they mean isn’t really helpful!
Regular training sessions
We won’t be blowing any minds with this one, but one of the most effective ways to keep employees informed about regulatory changes is through regular training sessions. The handy thing about these is that you can do them in-person or virtually if you’re a remote team with employees dotted here, there, and everywhere! It’s important to make these sessions engaging (we know, training can be a bit on the dull side), so here are some tips for making sure these sessions are effective:
Interactive learning: Keep things lively by incorporating quizzes, case studies, and group discussions. These activities might seem a bit silly, but they really spice up the learning experience and help the information stick.
Real-world applications: Use real-world scenarios and examples to show how new regulations will impact daily tasks. This helps everyone understand what the changes mean in a practical sense.
Frequent updates: Stay up to date with regular training sessions, like quarterly or bi-annually. Regulatory changes can happen quickly, so it’s important you jump on it when it’s out.
Create a culture of compliance
Want to make sure your team takes regulatory changes seriously? Creating a culture of compliance is the answer. But how do you actually do that? Here are some ideas to get you started:
Walk the walk: Leaders need to set the example by showing they’re serious about compliance. They should join in on training sessions and talk about how important it is to follow the regulations. When the team sees the boss taking compliance seriously, they’re more likely to do the same.
Keep the conversation open: Encourage everyone to speak up about any questions or concerns they have regarding compliance. Make it easy for people to have open and honest conversations about these issues, so they know it’s okay to ask questions.
Security tips you shouldn’t ignore
Keeping up with the latest regulations is important, but it’s also important for financial services firms to focus on security to protect sensitive information and stay compliant with these regulations. Here’s a rundown of some key security measures you should definitely consider – tick list at the ready, please!
Get that firewall up
Think of a firewall as the bouncer for your company’s network. It’s there to stop unwanted guests (like hackers and unwanted software) from crashing your systems. Make sure your firewall is strong, up-to-date, and properly set up so it can do its job right.
If you’re not sure how to go about this, we strongly recommend speaking with an IT company who have specific experience helping financial firms; yes, this is a shameless plug because that’s us! IT companies who are familiar with financial firms can give you industry specific advice as well as make sure kitted out with all the right tech.
Train your team
Your employees are your first line of defence against security threats. Regular training sessions can help them spot potential dangers and respond correctly. Here’s what you should cover:
Passwords: Teach everyone the importance of using strong, unique passwords and changing them regularly. Password managers are great tools for keeping track of them all; no “password1234” or sticky notes stuck to monitors either please!
Device safety: Remind your team to keep their devices secure, especially if they’re working remotely. This means updating their operating systems and software and using antivirus programs.
Handling data: Show them how to deal with sensitive information, like encrypting files, using secure file-sharing tools, and disposing of data properly.
Stay alert to phishing
Phishing attacks are a big deal and are constantly evolving, so your team needs to stay sharp. Here’s how to help them stay ahead:
Run simulations: Conduct mock phishing attacks to see how well your employees can spot fake emails. This will highlight areas that might need more training.
Spotting scams: Teach them the red flags of phishing, like strange email addresses, unexpected attachments, and urgent requests for sensitive info.
Report it: Encourage everyone to report any suspected phishing attempts ASAP. Have a clear process for what to do when they spot something fishy.
Use external resources
Besides your internal efforts, tapping into external resources can keep you informed and up to date with the latest regulations and security practices:
Join industry groups: Get involved with industry associations and take advantage of their events, webinars, and forums for valuable insights into regulatory trends and best practices.
Stay updated with agencies: Follow updates from regulatory agencies by subscribing to their newsletters or alerts to get the latest information straight from the source.
Consult the experts: If you don’t have specialised in-house knowledge, you might want to consider hiring consultants or advisors who know the ins and outs of regulatory compliance. They can offer expert advice and help you navigate tricky regulatory waters.
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