They say, practice makes a man perfect, well, in the corporate world, training and development programs do the needful. Corporate training has always been a vital part of an organization as it enables employees to understand their company, responsibilities and the customers in a better way. The worldwide market for corporate compliance training is expected to grow past the 7% mark in terms of CAGR during the forecast period (2017-21), with the Americas accounting for the majority share of the market space.
Compliance Training Market– Why is it the New ‘IT’ Thing with Corporates?
Today, organizations are increasingly striving to cope up with the compliance policies in order to curtail the risks related to compliance breach. As a result, the organizations are introducing stringent rules and regulations as well as continuously monitoring it. With the advent of technology, organizations are encouraging Bring Your Own Device (BYOD) and Corporate-Owned Personally Enabled (COPE) policies and thereby trying to benefit from the adoption of mobile devices to conduct compliance training. Each organization has different needs and hence, requires customized content for training.
Companies are collaborating with vendors to provide customized compliance training content, keeping in mind parameters such as business processes, industry practices followed and existing knowledge of employees. The major vendors in the international compliance training space include the following,
- City & Guilds Kineo
- GP Strategies
- LRN
- SAI Global,
Organizations are continuously striving to maintain pace and consistency with the ever-changing regulatory landscape. Compliance training has always remained as top most priority of any organization, which further drives the vendors to develop more products and services on compliance training.
Corporate Compliance Training – Things That Could Possibly Fall Out of Line
More often than not, the biggest challenge lies in the inability to measure the outcome of such training programs. Since these compliance training modules are highly intangible in nature, the organizations struggle to measure whether their employees are complying with the organizational policies. Having a compliance management system in place only means additional cost burden on the organization which in turn builds a pricing pressure on the vendor, making it difficult for them to market their products.
We, at Technavio, a market research company, have compiled a comprehensive report on the global corporate compliance training market which will give you detailed insights about the underlying growth opportunities and challenges in the marketspace during the forecast period (2017-21).
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