Another test, another perfect score and as easy as sipping coffee. It’s all a matter of having a banker’s firm grip on technology.
Some of my colleagues complain about the impact of technology but there is no doubt it improves efficiency.
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Consider this example: This morning I received an electronic memo reminding me that I must complete a compliance test about the requirements of the Financial Services Reform Act.
(The FRSA regulates the way financial institutions provide financial advice to their customers. Someone in the bank, acting under the misapprehension that if confronted with a customer, I might attempt to advise them rather than walk briskly in the other direction, has included me in the compliance program. Flawed logic, but let us proceed.)
Prior to the advent of modern technology it would have been necessary to actually attend a training session, and actually sit an examination.
Now, thanks to “online training”, the process is as follows:
- Instruct my executive assistant to use my login to complete the test.
- Pop out for a cup of coffee.
- Executive assistant obtains a copy of the answers from her peers (this is called “networking”) and inputs them.
- Return from coffee.
I sometimes wonder whether our “learning and development” team is surprised that the average bank senior executive appears able to achieve a perfect score in less time than is required to actually read the instructions. But apparently not.
Not only is our learning and development department happy, so it appears is our compliance department. Our risk management team (apparently blithely unaware of the possibility that if they cheat, others might) is also impressed, and that ASIC and APRA are likewise satisfied. All told, this rather makes a mockery of one of my colleagues who gloomily declares “we are only fooling ourselves”.
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