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Providing the foundation for best practice compliance management
Joanne, Marketing Manager
"As content creators, the critical need for technology is a system that will provide us with the right compliance guidance and wording.
The biggest time saver for us is being automatically provided with the right warnings and disclaimers that we can easily add to our content."
The Compliance Advisor system provides:
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A digital set of compliance rules and compliance wording – including disclaimers and risk warnings. These can:
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Be built using your own rules and wording or,
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Use a set of rules and wording that are independently accredited by a global consulting firm
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A content specific “compliance briefing” which provides:
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Guidance covering all regulations and rules
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Compliance wording that be easily copied and pasted into the content
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A content specific "compliance checklist"
The key components of the system
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The Rules Management System is the heart of the Compliance Advisor system. It holds all of the compliance rules, guidance and wording and uses those to generate the Compliance Briefing and the Compliance Checklist.
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The inputs to the Rules Management System are the criteria for the specific financial promotion. For example … the target audience, the target jurisdiction, the product type and the product characteristics.
The criteria are provided using a Web App or via an automated feed from a workflow or content management system.
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There are 2 outputs from the Compliance Advisor system:
1. The Compliance Briefing which defines what is needed for any financial promotion to be compliant. This includes:
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Guidance / direction about:
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What sections to include and the type of information to be included in each section
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Risky words or phrases to avoid
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Where compliance information should be located and how it should be displayed
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All other compliance requirements as defined in the rules
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Actual wording to be used in the content – including:
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Disclaimers or disclosures
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Warnings
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Footnotes
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2. The Compliance Checklist which is an Excel version of the Compliance Briefing.
The required compliance wording can be provided in any language
3 versions ... which is the best one for you?
There are 3 different versions of the Compliance Advisor system.
Standardised
Version 1
Primarily intended for organisations who produce medium or low volumes of financial promotions and who are happy to use a system with standardised guidance, rules and wording.
This version of the system provides or supports:
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An industry standardised version of the Web App for capturing the financial promotion criteria
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An industry standardised set of compliance guidance, rules and wording (accredited by globally recognised compliance specialists)
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UK and EU jurisdictions as standard, with the option to add additional jurisdictions
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English language as standard, with the option to add additional languages
Version 2
Customised
For organisations who want to have their own standalone system that either uses all standardised rules or mostly standardised rules.
This version of the system provides or supports:
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A customised version of the Web App for capturing the financial promotion criteria
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The option to partly customise the compliance guidance, rules and wording in the Rules Management system
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Any jurisdictions and as many jurisdictions as needed
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Any language – including languages that use kanji characters
Version 3
Bespoke
Primarily intended for organisations who produce large volumes of financial promotions, this version of the system provides or supports:
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A bespoke version of the system for capturing the financial promotion criteria. This can include:
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A totally bespoke version of the Web App
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An interface with a workflow or content management system
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Fully customised Rules Management system … including compliance guidance, rules and wording as defined by the organisation’s own Legal or Compliance teams
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Integration with the organisations other systems
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Any jurisdictions and as many jurisdictions as needed
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Any language – including languages that use kanji characters
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The ability to self-manage all aspects of the system … including compliance rules and user access
Who the system is designed for and how it helps
For Creators of financial promotions - e.g. Marketing and Sales / Distribution
Creators of financial promotions use the:
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Compliance Briefing to help them:
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Understand the compliance requirements for a specific financial promotion that they are creating
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Understand what compliance wording is needed
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Easily add the required compliance wording into the financial promotion
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Compliance Checklist to double check their financial promotion before they submit it for approval
The main benefits for creators are:
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Time saving … with compliance related tasks taking less than 10 minutes instead of more than 30 minutes
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1st time approval rates of more than 90% (100% is easily possible)
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Faster approvals … significant reductions in the overall elapsed time to get their promotion approved and ready to use
For Reviewers or Approvers of financial promotions - e.g. Compliance
Reviewers or Approvers of financial promotions can use the:
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Compliance Briefing to help them:
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Understand the compliance requirements for the specific financial promotion that they are reviewing / approving
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Understand what compliance wording should be in the financial promotion
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Compliance Checklist to record the results of their review and add any feedback that needs to be given to the creator
The main benefits for reviewers or approvers are:
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1st time approval rates of more than 90% (100% is easily possible) … which significantly reduces the overall volume of cases that have to be reviewed multiple times
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Time saving … with reviews being done in less than 15 minutes instead of more than 30 minutes
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Significant reduction in the overall elapsed time to complete the review / approval … which will reduce the number of “urgent” cases being sent through by creators
For Managers of the compliance rules related to financial promotions
e.g. Compliance or Legal
The Compliance Advisor system holds a standardised set of compliance rules and wording(*) which are:
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Agreed / approved by Legal or Compliance
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Used by the content creators and content approvers for all financial promotions
The main benefits for compliance managers are:
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The need for managing any other “compliance system” such as an Excel based set of disclaimers, will be removed (saving of time and money)
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Any rule additions or changes only need to be made once (the system holds a full audit trail)
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Creators will have been provided with all compliance requirements and wording and therefore, there is no reason for non-compliant content being created
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The risk of non-compliant content being approved in error will be significantly reduced
(*) See the Versions section above for more information about the rule options.