Foresight is 2020: Looking Ahead to 2020’s Compliance Training Trends

2020-Compliance-Trends

 

It’s a new year and a new decade full of potential for growth and opportunity. In the spirit of looking ahead, we’ve identified the top compliance training trends to look out for in 2020. Getting the jump on these now will help keep your compliance training relevant and effective and will demonstrate the value in training beyond just meeting requirements to your employees.

As we get into the swing of things in 2020, keep these trends top of mind.

Cybersecurity will be a top priority

High-profile instances of cybercrime in 2019 mean organizations will act more proactively in 2020 to thwart online threats. Consider last year’s rash of Apple gift card scams, where fraudsters compelled victims to make false emergency payments over the phone by purchasing Apple App Store and iTunes gift cards – some for thousands of dollars. Victims would share the card numbers to “complete” the payment, allowing the thief to make off with the cash. As a result, Target, grocery stores, and other marketplaces began warning customers to be wary of the scam.

The lesson is this: Cybercriminals are crafty, and normal people often don’t realize a con until it’s too late. Organizations can’t count on their employees to identify scams until they’ve trained them to do so. To protect corporate, client, and personal data, teams need to both leverage technology, like antivirus software and encryption, and also receive training to make them more capable of spotting suspicious activity before it becomes a threat.

Companies will get more data-compliant

It’s been two years since the EU put the General Data Protection Regulation (GDPR) into effect, and data rights continue to be an important consumer issue. Moreover, with the California Consumer Privacy Act (CCPA) in effect as of the new year, businesses can expect to see more and more pressure to be transparent in how they collect and use consumer data.

If your firm collects personal information from users or consumers, now’s the time to start standardizing your privacy policy and code of conduct to account for changing regulation and consumer expectations around data privacy. Obviously, if you’re expected to abide by GDPR or CCPA, it’s important to get and stay compliant. However, if your company is not required to comply with any set regulations just yet, you may still want to preemptively train your employees so they are ready to comply with the additional data privacy regulations we’ll likely see in the coming years.

AI training will jump more hurdles

It seems like AI is poised to transform every industry, and compliance training is no exception. Intelligent systems are already being used to enhance non-compliance detection and, in the future, could make it easier to personalize training at scale, allowing for tailored curriculums made for specific employees, organizations, or laws. That potential considered, there are still several hurdles to clear before embracing—and expecting employees to embrace—AI.

According to Oracle’s AI At Work study, only 6% of HR professionals and 24% of all employees use AI in their day-to-day work. Yet the study also found that 93% of people would trust orders from a robot, leading researchers to question the gap between the strong consensus on the potential of AI and the low rate of AI adoption.

Research says fear of change may be behind that discrepancy. An estimated 90% of HR leaders said they are worried that they won’t be able to adapt to AI in the workforce or support their employees in making the same shift. Even so, many of these same HR leaders (79%) agree that failing to adopt AI creates a missed opportunity to improve productivity, close skill gaps, and retain employees. This leaves HR professionals and employees alike torn between two bad options: falling behind without AI or struggling to keep up without proper training. To effectively embrace AI, your company will have to invest in robust and effective training programs that ensure the success of your company’s AI adoption.

As your company searches for the right AI training program, stay cognizant of the concerns around AI. Your employees may have worries about encoded discrimination, the extent of machine listening that in-office AI may involve, or even just being “automated out.” Address these concerns honestly and with clear, accessible information, and your employees will feel more confident in your company’s ability to lead them through the transition.

The crypto compliance conversation will continue

As cryptocurrency grows in prevalence, regulation of the emerging currency will continue to develop.  Right now, regulation of the crypto market is, compared to conventional markets, slim. For many, if not most cryptocurrencies, that’s by design. This poses a unique challenge for HR and compliance professionals who want to clarify policy and outline best practices for employees.

Determining compliance for cryptocurrency transactions is especially complicated for companies that conduct international business. Two countries may have vastly different approaches to cryptocurrency, whether it’s an outright ban (such as in Morocco and Vietnam) or more formalized support and regulation (such as in Spain and Luxemburg). Even so, most countries agree that the rise of cryptocurrency calls for stronger protection against fraud and money laundering.

As you select a cryptocurrency training program, consider including anti-money laundering (AML), anti-fraud, and cybersecurity training to provide your employees with a comprehensive understanding of cryptocurrency compliance. Setting your own standards for your employees may be an effective approach until standardized rules and laws are passed. However, you can communicate to your employees that they should be prepared for rules to change and that your company will offer updated training if changes do occur.

Employees will get even more culture-minded

Modern job seekers expect organizations to stand for something and have a set of values. According to Glassdoor, the Best Places To Work in 2020 are companies that “stand out for promoting transparency with employees… and providing work driven by impact and purpose.” From adopting more eco-friendly policies to implementing socially responsible investment choices, companies are eager to prove that they do business with a set of values in mind.

Employers who want to attract and retain talent in 2020 will have to understand and define what their internal culture is, especially as an even more cause-driven Gen Z enters the job market. Compliance training presents a unique opportunity to show potential and existing employees that your company values ethical behavior. Effective training that is specific to your company and engaging to your employees can help bolster an image of conscientiousness, awareness and transparency, as well as offer a consistent set of values to all members of your ranks.

Social Media will continue to blur the line between employees personal and professional lives  

Whether in the office or online, employee behavior reflects the organization. That gets complicated with social media in the mix. Ultimately, a personal Facebook or Twitter is not exclusive from an employee’s professional identity, and therefore not exempt from professional standards. However, standards can’t be enforced by an employer unless employees are made aware that they are being held to a standard at all – else you seriously risk damaging trust.

Quality online compliance training will be increasingly important, and should be frank, non-accusatory and should educate employees on appropriate online behavior with examples of positive- and negative-impacting content. Also, proper compliance training can instruct employees on the importance of checking sources before posting and can clarify company policy on what kind of social media content would warrant disciplinary action.

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