Financial services firms to benefit from business-critical regulation and compliance training
LONDON; February 07, 2013 – True Office, the company that gamifies regulatory and compliance training, today announces a product development and distribution partnership with Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, to create a range of new applications to address regulatory and compliance training requirements for financial services firms globally.
The deal will bring together True Office's expertise in gaming, mobile applications and analytics with Thomson Reuters comprehensive governance, risk and compliance content to develop a suite of new products including anti-money laundering, data privacy and Dodd Frank. Together these will enable financial institutions to more effectively plan, manage and implement compliance training programs and assess risk across their organizations.
Commenting on the news, True Office Executive Chairman Cristóbal Conde said, “The challenge of regulation and compliance in today’s financial environment is twofold: first, transforming training from a punitive tax into an opportunity to promote more responsible corporate citizenship and second, gathering data to quantify risk in a complex regulatory environment. Few, if any, applications outside of gamification can successfully engage employees while generating actionable data.”
Gartner, the information technology research company, has predicted that 40 percent of Global 1000 organizations will use gamification as the primary mechanism to transform business operations by 2015. Gartner expects enterprise gamification to surpass consumer gamification in 2013 with the worldwide gamification market growing from $242 million in 2012 to $2.8 billion in 2016.
“The reputational risks and fiduciary costs associated with compliance are what keep our clients awake at night,” said Thomson Reuters Managing Director of Enterprise Risk Management, Andrew Neblett.
He added, “The combination of gamification technology and analysis with high-quality risk and compliance e-learning content will be of real benefit to our clients. It will allow them to clearly identify and track areas where compliance training may be needed within their organization and respond to those needs as well as accelerating the businesses ability manage and mitigate risk.”
“The True Office/Thomson Reuters partnership will break open new possibilities for banks, allowing them to convert mandatory compliance training into an impactful and quantifiable experience at a fraction of the cost of traditional methods,” concluded True Office Founder and Chief Executive Adam Sodowick.“ True Office is pioneering a new industry standard for regulatory compliance training that aligns with Thomson Reuters’ customer proposition for governance, risk and compliance.”