Q4 update

Q4 update
    It’s been another busy quarter, which will see further useful changes and updates to our Governance Risk and Compliance library of courses.

    Converted to eCreator 2.0

    UNI_050: COBS Essentials

    There’s no technical change to the content here. However, to help the learning experience, we’ve streamlined some of the wording (although what it says remains the same). In addition, we’ve also added a useful summary screen to each activity, plus an overall summary of key points to take away from the pathway. On top of all that, the whole pathway will benefit from being moved to our eCreator 2 template, thereby giving it a great, fresh new look and feel. This of course also includes the functionality for administrators to print the course to a PDF.

    Standard Quarterly Updates

    UNI_085: Compliance with the Criminal Finances Act 2017

    This course has undergone improvements to the UX by way of a reduction in word count and we have reduced the size of the course, to make the content easier to digest. We have also amended specific content in reference to the difference between tax evasion and tax avoidance and the mis-use of schemes; in order to make clearer how schemes have been mis-used.

    UNI_088: Anti-Money Laundering & Countering Terrorist Financing

    The reference to EU MLD legislation has been updated in both our main content and the supplementary PDF within the course; to recognise the implementation of the 5th MLD and the incorporation into UK law via the MLR 2019 amends to the Money Laundering, Terrorist Financing and Transfer of Funds 2017.

    We have also referenced a key change as a result of updated legislation:

    At the end of 2019 The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 added a number of additional items to bring in the requirements of the EU 5th Money Laundering Directive and standards set by FATF (The Financial Action Task Force).

    Under the fifth edition, EU member states are obliged to create central registers containing information on the beneficial ownership of corporations and make this information accessible to all firms.

    This approach aims to provide transparency of the beneficial owners of business accounts which reduces the opportunity for criminal beneficial owners to hide behind a company account name.

    Milestones and New Builds

    Risk Management and Operational Resilience

    Risk management has evolved over the years, influenced by challenging economic climates, evolving technological threats and lessons learned from past crises.

    The financial services regulators and other organisations, such as the Bank of England, constantly review and evaluate the risks to firms and economic stability. As a result, the way firms manage risk has a direct impact on operational resilience so the two work hand in hand.

    In light of this we are pleased to announce that we have launched our Risk and operational resilience course that covers:

  • an introduction to risk management
  • the systems and controls used to manage risk
  • an opportunity to try their hand at using a risk register to determine how a risk in their role should be managed
  • a case study of risk in practice, with questions on what the learner thinks should have been done to reduce risk
  • a definition of operational resilience and how firms can help achieve resilience aims and objectives.
  • This course replaces Risk management and Three lines of defence which will be archived on 31 st January 2020. It also incorporates conduct risk taken from our Conduct risk and treating customers fairly course. All related archiving instructions can be found here.

    During Q4 MicroLearn has created five brand new courses. A large number of titles have also been updated across the following two suites:
    • Health and Safety
    • Social and Corporate Responsibility

    Due to be released January 2020.

    All Modules have now been updated to be 15 Minutes CPD

    More details can be found here

    Finance suite

    • Managing Personal Finances

    Health & Safety suite

    • Office Health and Safety
    • Remote Health and Safety
    • Updated 8 titles

    Workplace Wellbeing suite

    • Winter Wellbeing

    Customer Service suite

    A Balancing Act

    Social and Corporate Responsibility suite

    • Updated 5 titles

      What's Coming Up

      In Q1 2020

      Updates to:

    • Combating Market Abuse
    • Complying with Sanctions
    • Consumer Credit Regulations (Motor Finance)
    • Consumer Credit Regulations (Personal Loans and Credit Cards)
    • Countering Bribery and Corruption
    • Customer Due Diligence
    • FATCA
    • Fighting Fraud
    • Financial Promotions
    • Managing Conflicts of Interest
    • MLRO: The Role of the Money Laundering Reporting Officer
    • Consumer credit - handling arrears
    • An Introduction to MiFID II
    • COBS Appropriateness
    • COBS Best execution
    • COBS Client categorisation
    • COBS Dealing and Managing
    • COBS Suitability

    Conduct Risk and Treating Customers Fairly - Q1 2020

    This course will be going through a significant change in that the conduct risk element will be brought into our new Risk and operational resilience course and Treating customers fairly will be a standalone course from Q1 2020.

    TCF will continue to include:

    • the importance of a firm’s culture in successful outcomes for customers,
    • the FCA Principles for Businesses and 6 TCF outcomes and;
    • the elements of the product lifecycle that need to be managed in order to reduce the risk of customer detriment.

    We are pleased to advise that we are also introducing new content for Financial Inclusion.

    We will release all necessary administration instructions in Q1.

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