Despite a global pandemic, enforcement of regulatory penalties never slowed down. In fact, it accelerated – fines from FINRA, for example, increased 43% year-over-year in 2020. Around the world, the regulating powers that be continue to set the compliance bar at a difficult, if not unattainable, level.
As the FCA and FINRA continue to crack down on misleading, mistargeted, and non-compliant content, the demand for content – and content review – has only increased, putting both legal and marketing teams in a challenging spot.
Issues with personal bandwidth and outdated processes are ultimately what are preventing financial institutions from being proactive when it comes to marketing compliance. At the end of the day, creating compliant material in the face of increasingly stringent regulations in today’s dynamic business landscape can feel impossible.
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Any imperfections or inefficiencies within existing marketing and legal review processes and workflows could put financial service providers in a deficit, costing millions in revenue and potentially, customer loyalty.
Of course, ensuring the protection of vulnerable customers should be everyone’s priority, but stringent advertising regulations in the financial services space, in particular, make adherence nearly impossible without the help of sophisticated compliance technology.
How can financial institutions remain compliant?
Investing in robust compliance software is becoming standard within the financial sector and helping institutions and retail banks around the world keep themselves in good standing with regulators. Ensuring compliance however goes beyond just following the rules. The most successful businesses are those who remain focused on compliance, and…
- Work to eliminate gaps within marketing and legal workflows
- Create sustainable solutions to meet changing regulatory requirements
- Strive to improve overall operations by saving time, money, and resources
With Red Marker’s highly customizable compliance technology, companies overcome challenging regulatory hurdles with ease.
Red Marker’s dynamic platform is designed to help legal and marketing/advertising teams in the financial sector review, assess and annotate content and has been shown to do so 30 times faster than through manual processes alone.
The best part? It’s easy to use – the same subject matter experts delivering the content and the same legal experts reviewing and approving that content can both utilize and benefit from the software to resolve their individual challenges.
This can be achieved, for example, through the addition of custom logic to address industry-specific risk and unique compliance requirements with the support of natural language processing and machine learning capabilities.
Especially helpful for institutions serving a global client base, Red Marker can scan and analyze content on non-English websites to promote transparency and consistency across business networks. As a result, marketing and advertising teams can offer faster turnaround times, and legal and compliance teams will be able to ensure a compliance-centric approach to legal content.
Streamline and Scale with Red Marker
Elevating the marketing legal process is no longer something the financial sector can aspire to do. For all intents and purposes, it’s mandatory. Red Marker’s range of features can help any sized organization seamlessly integrate compliance into their content review process and better support legal and marketing teams on their regulatory initiatives.
Schedule a demo with Red Marker to familiarize yourself with our innovative marketing compliance solution and find out how your company can reduce risk in today’s dynamic business landscape.Back to Blog & News