Corporate Compliance Training Materials - Buyer's Journey
The consumer journey of buyers of corporate compliance training materials involves evaluation of current compliance program, researching the topics of concern, attending compliance-related events, identifying products of interest, and consulting product reviews. Companies that compliance executives purchase products from include Second City Works, Corpedia, Zenput and IntraStage.
How they find what they are interested in
1. Evaluate existing compliance program
- Chief compliance officers (CCOs) across various industries tend to evaluate their existing compliance programs to inform their decisions in terms of how to proceed in adjusting or directing the current program to make it more effective.
- Deloitte and Compliance Week reported that 70% of corporate firms engage in this type of measurement.
- This might involve the use of self-reported assessments to gather such information from the employees in the company or simply looking at the completion rates. Information from the evaluation conducted is then used to make decisions about tools, aids or other related materials that may be needed to improve the compliance program and its effectiveness.
- Feedback from employees is also integrated into future training since it is likely to highlight areas that employees are lacking knowledge in.
2. Research the topics
- CCOs tend to look for tools, jobs aids, and related materials to be used in training that cover areas of major concern for compliance officers. These include regulatory policies, data privacy/cyber-security, demands of the company’s board, bad behavior in leadership and meeting deadlines.
- They use industry-specific sources such as Compliance Week, to conduct research and learn about what is new or trending in the compliance department sphere in various industries.
- From these sources they may learn of products such as training videos or technologies that help them to “predict trends, flag anomalies, and proactively avoid crisis”.
- Compliance executives also join networks that they can learn from.
3. Attend compliance-related events
- Compliance officers also attend conferences to learn about the technology that is available and can be used as part of their training and otherwise.
- Compliance departments might also make arrangements for the compliance executive team to join executive educational programs to better equip themselves with the requisite skills/tools needed to train their employees. This further helps to enable them to identify products that would help them be more efficient.
- These events provide the opportunity for compliance professionals to learn from various presenters in the field and also interact with others, which also provide more opportunities to learn about what products or services they need to buy.
4. Identify products of interest
- Products or services bought by compliance officers for corporate compliance training materials are based on the training methods they intend to use which may be formal (e.g. online training sessions) or informal (e.g. group discussions) and the likely duration of the training. The most popular methods include “live and online training, email, posters and intranet”.
- According to Interactive Services, CCOs also consider the type of platforms that their employees are most active on, to determine the corporate compliance training tools or materials to use. This suggests that they are more likely to choose products that are compatible with the platforms that their employees actively use.
- The training tools/skills most valued by CCOs are “ability to stay organized, leadership, legal knowledge, patience, and the ability to motivate others”. Therefore, resources that are purchased for training may have these tools at the forefront.
- The technologies that CCOs are interested in having and using include blockchain, Cloud, Sandboxes, Software-as-a-service (SaaS), advanced data analytics, Robotic process automation (RPA) and Artificial Intelligence (AI).
5 Consult product reviews
- CCOs may also consult product review sites for additional information before making a final decision about what to purchase or which companies to purchase from. Such sites might include Capterra, Software Advice or FinancesOnline Reviews for Business.
What they choose to buy
Products and companies
- Chief compliance officers are now driven by the use of automation and data analytics. This gives them the opportunity to do real-time monitoring of their compliance program.
- They are opting to buy products that senior management actively supports and products that offer automation as well as new technologies.
- They are also leaning towards creating their own Hollywood-inspired training videos to keep employees engaged. This suggests that they may also be interested in purchasing products that would help to make the process easier, for example, Adobe Articulate which was used by Premier compliance officers to make in-house videos.
- Lennox International used Second City Works’ to make their training videos and Corpedia for code of conduct training online.
- CCOs are choosing to build digital engagement systems which are based on data, specific channels for the target audience and themes that engage the viewers. This suggests that they’ll also purchase products or services that offer a holistic approach to Digital Engagement Systems.
- Other companies that CCOs buy products such as compliance management software from include RiskWatch, Reciprocity, Zenput and IntraStage.
Information about the consumer journey of buyers of corporate compliance training materials was found mainly in industry-specific publications such as Compliance Week and other sources such as Harvard Business Review, Interactive Services and Navex Global. For information about companies or manufacturers they buy from, we focused on compliance solutions that are ranked as “best” in the United States as well as customer review sources such as Capterra. A few slightly older sources were also consulted to gather deeper insights.