You’ve heard of the Golden Age of Advertising – the years spanning the late 1950s through the 1980s. This period brought social change, new technology, and shifts in culture and communications. Against this backdrop the advertising industry produced some of its most groundbreaking and iconic works, many of which still resonate today. It was a time for big ideas that ushered in a new era for the industry.
We don’t often think of Compliance this way. But, since the financial crisis of 2008, through a number of well-publicized scandals in recent years, risky marketing and sales practices have come to the forefront of investor and consumer consciousness, as well as regulator focus. This is likely to be exacerbated as the fallout from the COVID-19 pandemic continues. As a result, Compliance has never been better positioned to exert strategic influence and yield a competitive advantage for the organization. This can be the Golden Age of Advertising Compliance.
Is compliance impacting speed to market?
A major challenge for banks is efficient compliance review of every marketing and advertising campaign and artifact. The multitude of channels and number of stakeholders that must review and approve communications exacerbates the challenge.
Manual processes result in elongated turnaround of sales campaigns and increase the potential for non-compliance.
RegEd delivers a workflow-based, enterprise solution that streamlines and automates the management of advertising compliance through all phases, so banks can ensure a highly efficient and compliant process, while also being nimble and increasing the pace of campaign launches.
Are you doing enough to protect
A number of well-publicized scandals in recent years have brought risky sales and communications practices to the forefront of consumer consciousness.
RegEd enables banks to protect their reputation and mitigate practices that fail to serve the best interest of investors and customers, including non-compliant or deceptive marketing, advertising and customer communications.
It’s on regulators’ radar, is it on yours?
Regulatory bodies such as the Office of the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB) as well as state regulators, vigilantly monitor whether financial institutions are engaging in Unfair, Deceptive or Abusive Acts or Practices (UDAAP).
Sales practices using online and digital platforms have especially come under scrutiny in recent years.
RegEd’s fit-for-purpose technology is specifically designed to manage marketing compliance review from end-to-end, and automatically captures a full audit trail to reduce risk and easily demonstrate compliance to regulators and other stakeholders.
Is your investment in compliance enough to keep pace?
Banks spend an enormous amount on advertising. For example, the top 27 banks increased their marketing spend in 2018 by 13% to $13 billion in total. Meanwhile, four banks spent a staggering $1 billion or more each on marketing in the same year.
RegEd’s enterprise solution supports an unlimited number of workflows and the rigorous review processes that are requisite to protect consumers, satisfy regulators and safeguard the bank’s reputation while enabling achievement of revenue goals.
How can Compliance enable growth?
Banks must innovate within a highly regulated environment. Developing, launching and promoting new products is paramount to attracting new customers and retaining existing ones.
RegEd enables efficient, centralized compliance review that supports the rollout of new product offerings to consumers, including facilitation of the rigorous approval process that may include the head of Product, Compliance, Risk, Legal and other functional stakeholders.
Do you have the right tools in place?
Antiquated and inefficient processes, such as manual tracking in spreadsheets and collaboration tools such as Microsoft SharePoint®, are still common within the industry and often result in compliance gaps and undue risk exposure for the bank.
RegEd’s fit-for-purpose solution seamlessly integrates with the bank’s marketing system and other third party tools to enable automation and install a closed-loop compliance process.
Why do two of the top three global banks trust RegEd?
Capabilities for Marketing and other Submitters
- Workflow capabilities enable Marketing participation at key junctures in creation and approval process
- User-friendly interface presents plain-language guidance during the submission process and enables inclusions of multiple items in a single submission.
- Support for all file types and large file size allow submission of rich content such as audio, video and animation.
- Access a library of approved materials to reuse an existing piece or as the basis for a new materials.
- Receive timely, in-context input from reviewers to speed revisions and approval.
- Seamlessly integrate with the bank’s marketing system and other third party tools to enable automation and streamline compliance.
Capabilities for Compliance and other Reviewers
- Supports unlimited workflows and complex approval hierarchies.
- Robust version control capabilities avoid overlapping and lost edits.
- Reference approved versions of recurring submissions, providing immediate context to speed review decisions.
- Provide submitters with clear, timely, consolidated feedback in the context of the actual review item.
- Ensure consistency in advertising review across all business areas, and centralize all components of each approval within a single system, enabling more effective and efficient reporting.
- Enhance security of the organization’s data and systems by implementing RegEd’s best practice security protocols.