Privacy and data security have proven to be some of the most difficult compliance training courses to implement, Robert Tennant, vice president and general counsel at Veros Credit, said during a panel at the Auto Finance Risk & Compliance Summit last month.
“Data security, that is the one that people have struggled with the most,” Tennant said during the panel. “It’s mostly because it’s such a voluminous policy. That data security course is probably three time longer than the others, so that’s been an issue.”
While the company is still looking for solutions, he suggested the problem may stem from trying to cram too much detailed information into the course rather than focusing on the “core principles” of the policy.
Both Toyota Financial Services and SpringboardAuto.com also expressed the need to simplify complicated courses. UDAAP training at Toyota Financial got off to a rocky start when it was first implemented years ago, said Linda Iannone, the company’s chief compliance officer.
TFS bought an off-the-shelf course and when employees didn’t get all the questions right and had to retake the test, they were given an entirely new set of questions, Iannone explained.
“This was all very new to us as a company so we got a lot of criticism about that,” she said. “But we’ve since developed our own [course] and have a better handle now.”
Hear more about compliance training in the video below — the last in a series of videos from the Auto Finance Risk & Compliance Summit:
