Australian retail bank marketers’ lives just got a whole lot easier thanks to a faster, smarter way to ensure marketing compliance.
With our new Australian Retail Banking Risk Rule Library, marketing and legal can safeguard materials against regulatory risks by using automated compliance scanning, but without the hassle of building custom risk rules.
What is the Rule Library?
The Rule Library includes 152 rules based on the ASIC Regulatory Guide 234 (RG 234), the ASIC Act, the Privacy Act 1988, the National Credit Code, and the Corporations Act. These rules power our automated Document Risk and Web Risk Scanning technology, helping you flag and fix non-compliant content fast.
They cover all current legislation which includes very specific rules that must be satisfied, such as:
- Fine print qualification and font size
- The need to source information when quoting a third party
- Disclaimers needed for messages carrying tax information
- Whether an offer clearly states who qualifies as well as other limitations
- Avoiding absolute terms e.g. Cheapest, Best, Lowest etc.
- Ensuring testimonials have correct permissions
- Safeguards to protect customer privacy
- ‘Instant conditional approval’ or ‘instant approval’ claims around Digital Mortgage offers
- Geographical limitations
The list goes on.
Speed, Accuracy, and Compliance — All in One
Designed with speed and accuracy in mind, the rule library enables Marketing, Legal, and Compliance teams in the Australian retail banking sector to quickly deploy a solution without the need to build their own custom rules from scratch.
In retail bank marketing, everything happens fast, so using our ready-to-go rule library allows teams to launch an industry specific compliance monitoring system without complex set up.
What It Means For Australian Retail Banking Marketing and Legal Teams
- Fast deployment: With our pre-configured rules, you can deploy an industry-specific compliance solution in record time, freeing up resources and minimizing the risk of error.
- Fewer errors, faster approvals: Misinterpretation of regulations is common across teams, leading to delays and inconsistencies. Our rule library provides a clear framework, ensuring faster review cycles and fewer compliance mistakes.
- Fact-based and transparent marketing: Ensure your marketing content always includes clear, fact-based product descriptions, transparent fees, and honest representations of terms and conditions. Our rules help you avoid misleading claims and ambiguous language.
Quick to Implement, Easy to Customize
Deploying the solution is quick and simple, with scalable automation that instantly improves your compliance monitoring. Plus, while our pre-built rules cover a wide range of regulatory requirements, you also have the flexibility to add custom rules specific to your business.
Ready to Learn More?
The new library is available now and can be used to power Document Risk Scanning and Web Risk Reports.
Contact us for more information or to book a demo.
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Disclaimer: This content is only a summary and general overview. It is not intended to be comprehensive and does not constitute legal advice. You should seek legal or other professional advice particular to your circumstances before acting or relying on this content. Use of Red Marker (an IntelligenceBank company) does not guarantee compliance. Please note that some provisions in the regulations referred to above are not addressed by the Rule Library because (among other reasons) the provision does not relate to core marketing material or is not appropriate to detect using Red Marker (an IntelligenceBank company). Please contact us to discuss the Rule Library’s coverage of specific provisions in greater detail. The Rule Library is updated yearly or as required.