Minimising Fraud Risk @ Legal & General

by | Jun 11, 2010 | Case Studies, Evidence for Change

As a Financial Services provider, Legal & General is an obvious target for financial crime. They must minimise the risk of fraud by ensuring that their employees are aware of fraud trends, are able to recognise criminal behaviours, methods and activities and know how to report fraudulent activity.

In addition, a core objective of their industry regulator, the Financial Services Authority (FSA), is to minimise the extent to which the financial services industry can be used to facilitate financial crime. It states that the risks and issues of fraud must be addressed and highlighted to employees in the industry.

In 2008 Legal & General radically changed their approach to fraud awareness, moving from the classroom to a creative e-learning solution. In doing so they saved £1.1 million, redefined what effective e-learning was within the company, significantly raised awareness of fraud issues and reduced the risk to the business.

Winner of the bronze award in the ‘Excellence in the Production of Learning Content – Private Sector’ category at the e-learning awards 2009, this complimentary case study provides further insight on the Podcast recently recorded with David Lockett & Kelly Bush @ Legal & General in April 2010 and published on the Towards Maturity website, exploring how they did it, the reaction and the resulting business benefits.

Although the e-learning team considered other methods, e-learning was the only solution that would meet all of the business needs. This was an exciting proposal. It was their first opportunity to build a module from scratch and to influence every stage of the project, breaking away from traditional templates with text heavy e-learning that Legal & General had been used to. This was their opportunity to produce e-learning that would engage learners, encourage the right attitude and behaviour change and benefit Legal & General from both compliance and business perspectives.

The biggest success has been the significant reduction in training costs. Just comparing the learner “downtime” of the two interventions has shown a saving of £1.1 million, reducing classroom costs of £1.156 million to £55,250 by using e-learning.

To date, 95.2 % of employees have completed the module, the highest of any of their e-learning modules. But completion figures were not the only measure to be applied.

You can find out more by reading the full case study from which we’ve extracted the following ‘Top tips for success’:

  • Having a clear vision by establishing and agreeing the objectives early on.
  • Putting themselves in the learner’s shoes.
  • Never compromising the learning experience for style.
  • Questioning the norm and taking a leap of faith to break away from overused “safety net” styles and templates.
  • Building a good relationship with the SME, being able to openly discuss and challenge content.
  • Playing to their strengths – individually each team member has graphics, script writing and instructional design skills but by collaborating they developed good ideas into great ones.

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