Tuesday, October 9, 2012

On Finding Joy in Law Firm Compliance...

Here's a very interesting article published by the KnowList on connecting the emerging trend of "gamification" to law firm compliance: "Where’s the fun in compliance? How to boost boring but essential tasks." --
  • "A perennial challenge with boring but necessary activities is that they are hard to keep doing... Unfortunately for Risk & Compliance officers, core compliance tasks like 'know your client' and anti-money laundering checks are in the category of important but dull, and firms of all sorts and sizes struggle to ensure that regulations are met and risks are minimised and managed."
  • "One approach is to threaten draconian punishment for non-compliance, but this rarely works. Some sort of incentive is required, but the fear of punishment is hard to instill and maintain – and rarely effective in the long term."
  • "Think back to our ultimate goal: we want to improve compliance and reduce risk, and to do this, we need our people to provide certain information. Simple techniques, borrowing ideas from psychology and falling under the banner of ‘gamification’, can be used to present targets, provide immediate and ongoing feedback, and improve information gathering whilst simultaneously reducing the perceived burden."
  • "With a gamification approach, measures of completeness equate to a score, and higher scores lead to rewards.Other measures can be scores too. Think of accuracy – possibly the most important measure for compliance. How might we measure and score accuracy? Think of the impact of inaccurate data – it has to be corrected. A score can be based around ‘correction’ levels, for example the number of fields that were modified after the form was submitted."
  • "Almost everyone responds to some kind of competition between groups, so consider league tables showing practice area measures of completeness and accuracy. Within practice areas, show individuals’ performance in comparison, and reward the leaders. Merely having visible measures in place will encourage most people to make some sort of effort to improve. Publicising practice group performance has another benefit – it brings partners into the game."
Will we see the day when lawyer and staff LinkedIn profiles contain highlights like: "Conflicts Clearing Wizard -- Level 5, Lawful Good," or "Winner -- Best lawyer intake response time (2014-2015)"? Only time will tell, says this Risk Blogging Bard...

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