Designed with consideration for the optimal learning experience the heart of ELAC’s features is SIMPLICITY.
Learning Experience Influences
1. Understand the Code
To understand the codes of conduct a user needs to have the ability to read and answer questions on the relevant Code.
2. Consider how to apply the Code
To understand how to then apply that Codes’ principles a user needs to consider various scenarios created by current market participants and consider what they would do if they were in that scenario.
Users need a practice area where they can build up their knowledge.
4. Periodic Attestation
– And institutions need an attestation capability to be able to measure performance, progress and provide evidence of ongoing learning to regulators and supervisors.
Finally there needs to be a feedback loop so ACIFMA can listen to comments – both generally and on specific questions and scenarios – and use that feedback to keep improving the product for the benefit of all.
Through use of questions, scenarios, practice areas and formal personal accreditation rating sessions ELAC is an environment designed to encourage practice and continuing learning.
Real Life Scenarios
Sourced from Market Participants, with accompanying multiple choice question(s), explanation of answers and conclusion to Scenarios related to the relevant Principle of the applicable Code in Market Practices section.
Personal Accreditation Rating, a personal score for each member of staff that is transparent and demonstrates each individual’s understanding of their obligation to stay up to date with Codes of Conduct and good market practices relevant to their role.
ELAC’s attestation capability. Large number of multiple choice questions and scenarios on each area of the relevant code and its principles to test a user’s knowledge. Compliance teams have full flexibility to tailor their attestation profile based on time interval between PAR Sessions, minimum score to be achieved by a user, the number of scenarios a user does per session and the number of questions.
Supports continuing professional development, measuring and reporting of staff adherence. Also helps to identifying gaps in knowledge and understanding in specific areas, prompting proactive training where felt beneficial for an individual or group.
ELAC’s user practice area. Large number of self-selected multiple choice questions and scenarios (similar in style but different to the PAR Session content) on each area of the relevant Code and its principles to test knowledge in preparation for PAR sessions.
Feedback of Market Practices and Self-Assessment is encouraged, providing the opportunity for subscribers to create and submit Scenarios relevant to their specific industry/sector/role/experience.
Demonstrate and communicate that staff throughout the organisation understand their obligation to stay up to date with the latest best practice in ethical conduct in the financial markets.