Simulation-based training and assessment - what's out there?

We’d like to hear from anyone who has seen or built simulation-based training or certification. For those unfamiliar with the genre, there are two main types in use in the financial industry:

  1. Scenario Simulation. Examples would include: Simustar which trains small business lending officers or True Office - compliance training. Underlying the simulation is a decision tree structure that the players are navigating, often with a 2D or 3D interface of the decisions and outcomes.

  2. Numerical Simulation. In this case, we generate “virtual portfolios” based on synthetic data and a set of algorithms which stylize portfolio and customer behavior. An example would be SimArch. Many will have played bank simulations in business school which are typically at the whole “bank” level – the CEO Asset + Liability decisions, at the Treasury level. At BankersLab we focus on numeric simulation of the product P&L such as the Credit Card or Mortgage portfolio. We notice that Fitch Learning seems to be moving in this direction.

You can find a list of BankersLab simulations here. Next month we are launching a single-player, fully digital product which will also offer certification and assessment outcomes.

What else have you seen out there? Anything cool? What would you like to see? Can we eradicate the dreaded E-Learning? Can serious games, simulation and the resulting human capital forensic data be used for compliance?

Our philosophy? If an airline pilot had only completed a multiple choice exam and had never practiced in a flight simulator, and he was going to fly the plane, would you board? For high stakes industries, simulation assessment seems to be the trend.