Corporate Compliance Training Materials - Buyer's Journey

Part
01
of two
Part
01

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.

Research strategy

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.

Part
02
of two
Part
02

Top Corporate Compliance Tools

According to a peer insight review by Gartner, Thomson Reuters Compliance Management and SAP GRC were ranked among the top corporate compliance tools used. Both solutions assist organizations to manage critical processes, regulations and risk. They help organizations monitor performance, standardize compliance, manage risk and reduce financial or legal liabilities. Thomson Reuters Compliance Management software has a user satisfaction rating of 94% while SAP GRC was ranked among the top ten compliance software by G2.

Thomson Reuters Compliance Management

Manufacturer's Name

Features

  • Thomson Reuters Compliance Management features include Risk Management, Regulatory Change Tracking, Regulatory Compliance Management and Regulatory Change Management.
  • The Thomson Reuters Compliance Management software has a Control Framework feature that enables the integration of industry control frameworks and codifies the central control library.
  • The Compliance Review feature helps organizations to manage compliance reviews. Organizations can plan, record compliance reviews, compile reports, issue identification and track review rating.
  • Policy Approval Management provides an end to end workflow of the Policy Lifecycle and approvals. Users can track policy approvals, maintain different versions and map policies to all relevant stakeholders within and outside of the organization.

Pricing

  • Thomson Reuters Compliance Management solution pricing is quote based and can be obtained through their sales team.

Average Customer Rating

  • According to Financeonline, Thomson Reuters Compliance Management solution ranks among the top three most popular compliance management software.
  • User Satisfaction rating by Financeonline was at 94% and a score of 9.7.

SAP Governance, Risk, and Compliance Solutions (SAP GRC Process Control)


Manufacturer's Name

Features

  • Business intelligence suite that includes dashboard reporting, deep and real-time insight, Audit Trail and Change Analyses, Insightful Analytics, among others.
  • Other features includes Process Analyzer for Procure to Pay, Enterprise Risk Management, AutoAuditor, User and Role Management, Emergency Access Manager, HR Analyzer

Pricing
  • Inquiries on SAP GRC solution licensing and purchase can be made through the website's contact form.

Average Customer Rating
  • SAP GRC solution was included among the top compliance tool used by corporate organizations according to Gartner.
  • On the G2 review site, SAP GRC was ranked among the top 10 compliance platform for the enterprise.
  • SAP GRC has an average rating of 4.0 out of 5 based on customer reviews on G2.



Sources
Sources

From Part 01