Companies struggled to put extra focus on data protection and privacy, code of conduct, anti-bribery, anti-corruption, and so on to be on the same page with the government guidelines.
However, changing methodologies did sometimes evolve the way companies did their operations on a day-to-day basis. Apart from digitalization and artificial intelligence in the compliance sector, though made things easy to some extent, it also hiked the importance of training too.
With RBI putting extra caution and penalizing the firms for deficiencies in regulatory compliances, money lenders started evaluating where they were going wrong and how they could improve it.
ALSO READ: RBI imposes monetary penalty on five co-operative banks. Details here
How has 2023 been?
Some even turned to experts for guidance and that is how training on compliance gained momentum in 2023.
On being asked how has 2023 been, concerning companies embracing compliance training, compliance learning solutions company Rainmaker’s CEO Antony Alex said that this year marked a shift in how companies approach compliance training within their employee outreach mandate, including for ‘Culture of Compliance’ workshops.
“There was increased flexibility in training methodologies, with organizations readily embracing both remote and hybrid models. This adaptability not only enhanced accessibility but also underscored recognition of the evolving nature of training needs within the workforce,’ he said.
TeamLease RegTech’s CEO Rishi Agrawal said 2023 saw a greater organizational focus on compliance, emphasizing that continuous training is key to ensuring employees are aware of their roles, responsibilities, and desirable behaviors around compliance.
However, Connect & Heal’s CPO Bulbul Ray Nathan elaborated that firms in 2023 invested in bite-sized, on-the-go learning modules with audio and visual content, encouraging longer retention and catering to the preferences of modern learners. Nathan included that this adaptability enhanced workplace safety, minimized risks, and ultimately maximized the productivity of firms and employees.
ALSO READ: How Regulations Squeezed Investment into Gift City
Experts’ outlook for 2024:
Taking lessons from the mistakes is of utmost importance, especially in the compliance or regulatory sector.
On the issue of how 2024 would be, Rainmaker’s Antony Alex anticipates a dynamic landscape with organizations increasingly embracing cutting-edge technologies, such as AI, and potentially exploring the integration of virtual reality (VR).
According to him, 2024 promises a technological evolution, with forward-thinking organizations leveraging innovation to stay competitive and resilient in an ever-changing business landscape.
Nathan from Connect & Heal opines that in 2024 will experience a shift towards more personalized and interactive learning in the workplace.
However, as per TeamLease RegTech’s Rishi Agarwal, technology will continue to transform compliance into a cash-less, presence-less, and paperless environment, with the Indian economy on a relentless march towards the $30 trillion mark by 2047. He even expects to see API-based digital filings in 2024.
Apart from this, Agarwal expects businesses to further digitize and rationalize their internal business operations, by digitisation of compliance functions and processes.
In 2024, digital platforms will further aid companies in conducting online training wherever possible, improving the efficiency and efficacy of their programs, said Agarwal, adding, this would help firms up with the dynamic regulatory environment.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates & Live Business News.
Published: 24 Dec 2023, 07:34 PM IST