People absolutely hate compliance training, they don’t remember it and they don’t take it seriously, yet it is costing banks terrific amounts of money,” – Adam Sodowick
The multi-billion dollar mandatory compliance training market has been largely ignored by technological innovation until True Office decided to shake things up a little. True Office founder and chief executive Adam Sodowick founded True Office in 2010 to solve a long-standing problem: the tedium, high cost and the unquantifiable nature of regulatory compliance training. Recognizing that humans are hardwired to learn via stories and games, True Office was born with a mission to create a new industry standard.
Today he leads the company in creating data-rich, desktop and mobile compliance games that help companies identify risk, reduce costs and educate employees on highly complex, risk-sensitive business issues in a smart and fun way.
In line with key enterprise trends such as tablet and smartphone usage, enterprise apps and decision analytics, True Office designs and delivers products for a connected workforce. The firm, this week, announced the launch of its UK anti-bribery and corruption game. The game, which uses the scenario of a UK-based retail chain looking to aggressively expand overseas, is intended to help companies identify and manage risk through gamification.
Even with the best of intentions, those companies that are growing and acquiring assets too quickly to undertake rigorous due diligence and embed a culture of compliance throughout the organization will lie wide open to scrutiny by increasingly unforgiving regulators and markets,” said Adam Sodowick, founder and CEO of True Office. “There are few applications outside of a well-designed game that can engage employees in authentic scenarios and ethical decision-making while allowing organizations to identify and remediate risk in real-time.”
The storyline of the UK anti-bribery and corruption game begins with fictional character, Maryam Osman who has been fired from the Turkish office of FineBuy UK for breaching compliance regulations by using varying bribery methods and exploiting her political connections.
The 15 minute mobile and desktop game is played out over three different locations in Turkey and provides participants with an immersive and interactive way to learn about the new rules and regulations surrounding risks of bribery and corruption in the workplace.
True Office games were first piloted in Barclays, Morgan Stanley and Citigroup as part of the 2012 FinTech Innovation Lab program which is run by the Partnership for New York City Fund and Accenture. Since then, True Office’s growth trajectory has continued apace – this year it secured $3million Series A funding and announced a partnership with Thomson Reuters, to develop and distribute a range of new compliance games for financial services firms globally.
Last year, True Office was chosen to participate in the 2012 FinTech Innovation Lab. The program, which is run by the Partnership for New York City Fund and Accenture, supports the development of cutting edge technologies for the financial services industry in New York City under the guidance and mentorship of chief technology officers and other senior executives from 12 of the world’s major financial institutions, as well as executives from leading venture capital firms.
Hayden Richards is Contributor of IntelligentHQ. He specialises in finance, trading, investment, and technology, with expertise in both buy-side, sell-side. Contributing and advising various global corporations, Hayden is a thought leader, researching on global regulatory subjects, digital, social media strategies and new trends for Businesses, Capital Markets and Financial Services.
Aside from the articles, interviews and content he writes for IntelligentHQ, Hayden is also a content curator for capital markets, analytic platforms and business industry emerging trends. An avid new media explorer Hayden is driven by a passion for business development, innovation, social business, Tech Trading, payments and eCommerce. A native Trinidadian, Hayden is also a veteran, having served with the Royal Air Force Reserves for the past 10 years.
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