Knowledge gaps and application errors lead to customers dissatisfaction and can pose a regulatory risk. Closely managing the competence of employees is therefore critical to business success. Testing factual knowledge is one thing but testing how an individual might apply it is another entirely. With our highly respected competency assessment program, Testsmart, you can do both.
Delivering performance improvement through knowledge based testing
Competent and capable staff is a “must have” for any regulated business. It clearly evidences a real commitment to treating customers fairly.
Paper based, generic e-learning programmes or home-grown learning systems that might once have been adequate are no longer enough to keep pace with today’s regulatory demands. With the implementation of many regulatory people initiatives such as the MiFID II Knowledge & Competence regime, the Insurance Distribution Directive and the Senior Managers & Certification Regime (SMCR), never has managing and evidencing competence been more critical.
Using Testsmart for competency mapping and assessment enables every member of staff, regardless of role, to easily study, undertake revision tests, sit on-line examinations and demonstrate their competence.
Beyond meeting regulatory needs, our intuitive RegTech testing software provides real business advantage. Testsmart makes it easy to design, distribute and score competency test material across your entire business network. This is critical when managing competence because every person in your organisation can ‘touch’ a customer, be it directly or indirectly.
Consumers are far more vocal in today’s world about the products and services they receive. How competent your people are will have a huge impact on your industry reputation and will either heighten or reduce your regulatory people risk. When customers feel that they are dealing with inefficient organisations and individuals that do not meet their needs, they can easily turn to social media resulting in reputational damage in a single click.
Award Winning Knowledge
When implementing Checksmart, take advantage of Worksmart’s deep knowledge of the financial services market and regulation to provide the best configuration possible.