One day this will happen. For now it is a headline that is pie in the sky. But there are situations that will come in handy even now.
I’m thinking of compliance training. The current state of compliance training is either classroom training or an online course where there are readings, maybe some audio and or video and then there is an exam.
Virtual Reality is very good for simulations. Here’s a chance to make every trainee go through simulated situations. I can imagine a simulation course with four or five scenarios. Each of them adding complications, making the experience more real. And unlike the current training schemes, the trainee can do anything that can be done at a firm. S/he could do things that are completely unrelated and waste time during the simulation, and then fail. The trainee could decide to investigate something when s/he should have simply reported it the appropriate person first. How about facing multiple scenarios at once. That’s very real. VR can address not only the compliance issues but how the trainee could deal with the emotions that come with trying to deal with these situations. Many compliance issues arise out of pressure and not out of malice. VR can be a very good tool to address this.
The technology already exists. The Department of Defense already have VR “games” to train soldiers for stressful and complex scenarios. Financial Regulatory Compliance simulations are simpler than combat.
Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses. He is a member of ACAMS and ACFE.