Corporate Compliance Design
To build a go-to market strategy for a compliance design company (Broadcat) by understanding the drivers, challenges, and key players in the US corporate compliance design industry; as well as understanding why Broadcat’s approach is better than traditional models.
Tradition, Effectiveness, and Wasted Efforts
- In 2017, 63% of compliance training was in-person in a classroom, 60% was via e-learning modules. Only 35% of participants feel that compliance training was ‘effective.’ 61% feel it was ‘somewhat effective.’ Some experts feel the traditional approach of manually managing compliance training activities—especially regarding organizations that track a critical piece of the business with spreadsheets, mail, and intranet sites—could be why so few companies find compliance training to be effective.
- Corporate compliance design can be a waste when companies routinely have policies and procedures that are not set up to track breaches. Incomplete and invalid metrics are also part of the problem. Harvard Business Review discussed additional factors like the error of linking compliance initiatives to objectives, for instance.
- Understanding behavioral ethics is one of the ways that a company might distinguish itself from the pack. Understanding how employees reach unethical decisions and what affects their decision-making processes is also a big help. Duel systems of thinking and various forms of rationalizing unethical behaviors plague compliance violators.
- The best-designed programs might combat rationalizations by using a behavioral specialist to stay abreast of insights and adopting compliance practices that are driven by behavioral science.
- The e-learning portion of the corporate compliance market is expected to grow by a 13% CAGR to $6.4 billion by 2024 with North America as the majority (56.02%) market.
- The US Department of Justice recently updated its "Evaluation of Corporate Compliance Programs." The April 2019 update can be found here.
- Compliance training trends include on-demand training, materials being developed for point-of-need support, use of digital resources as opposed to traditional ‘courses’, and access to data and results instantly.
- The future of corporate compliance training includes more opportunities to train, instant updates to training materials, and interactive training capabilities.
- Some of Broadcat’s success likely has to do with its embracing of e-learning solutions, as can be seen with its recent (April 2019) partnering with True Office Learning. The True Office Learning CEO had this to say about Broadcat: “We are thrilled to join forces with an innovative company like Broadcat, which effectively translates training concepts into the daily tasks employees actually encounter through their innovative job aides and just-in-time tools. We believe that in order for compliance programs to be successful, they need to function as an ecosystem, with data informing how each part of that system interacts with the next. Our courses give leaders insight into where behaviors need to change in the organization, and Broadcat’s approach excels in filling those gaps and fostering a culture of compliance knowledge.”
- openPR lists key players in the corporate compliance train market as City & Guilds Kineo, GP Strategies, LRN, SAI Global, GlobalCompliancePanel, EI Design, Compliance Panel, Interactive Services, and Syntrio Technologies.
- MarketWatch lists similar and some additional top key players in corporate compliance training which include Skillsoft, Blackboard, GP Strategies, SAI Global, Cornerstone. Saba, NAVEX Global, City & Guilds Kineo, CrossKnowledge, LRN, 360training, Interactive Services, GlobalCompliancePanel, EI Design, and LSA Global.
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