What changes have you made to meet increasing regulatory compliance and protect against litigation?
As a Financial Services company, we are constantly considering our regulatory and compliance requirements as part of any marketing and communications initiatives. We have a fairly well-defined process already in place to manage the specific requirements and overall workflow. Digital signage and digital communications were a bit trickier than other mediums however, as it wasn’t always feasible at first to send every video to our compliance department for approval ahead of releasing them. The best advice I can give, especially to someone in a highly regulated industry, is to work with your compliance team in order to make it as easy as possible.
By working with our compliance department, we were able to better understand what the concerns were for them, what they needed to review and how we could best provide them that information for review. We also were able to understand what lines of business and product/service areas we had more flexibility with in terms of whether we needed up-front approval or just a regular audit and review of the work. All of this went a long way in establishing a stronger relationship between teams and improving the process and the outcomes. It is easy to forget that regulatory compliance is in place to protect the company (and individuals working for the company), which ultimately protects our members and their money as well. When you look at it that way, and being a Credit Union that is member-owned, you always have to consider the member at the center of everything you do, it becomes less of a chore and you feel better about doing it …because it is the right thing to do.
One of the interesting things that came out of this work relates to decisions made about our brand presence and assets around our brand. We discovered through working with our compliance group that if we stuck to using text in the video instead of voice-overs or live actors that we just needed to get the content reviewed – not necessarily the entire video. This actually worked well for us because we have a very graphical and illustrative brand and creative, and we tend not to use images or full video wherever possible. This wasn’t necessarily the case for some of our digital signage and digital communications where we were still mixing a lot of images and video with the content. So we made a decision that digital communications would follow the same standard as other digital channels and changed our approach to developing content based on that. This also made it easier to know what needed to be reviewed for our regulatory compliance requirements, and ensured that by providing scripts and storyboards ahead of time that we could get approval on the content well before it was due to go live.