Manage the complexity of regulatory compliance

Fact: Regulation can and will influence the structure, content, nature and distribution of your organisation’s customer communications. The risks of non-compliance are indisputable.

That’s one good reason why the document creation process in your organisation must be well structured and consistent across the numerous departmental silos.

Fact: Regulations are a moving target and always will be; no organisation can afford to be out of step. The risks don’t reduce over time.

That’s another reason why it is crucial to build a robust but flexible customer experience system, which enables rapid response and fast implementation of changes. Modular design means that universal content can be maintained in one place and instantly updated across multiple communication vehicles. Consistency when applying the imposed regulations is key.

There is a growing list of legislation and compliance rules, set out by the Financial Services Authority, designed to regulate customer communications. Staying compliant requires sending mandatory customer notices at prescribed times and frequencies.

Reduce the risk of non-compliance

Each time an account is opened, financial services firms are required to send a notice explaining whether, and how, customer information will be shared with subsidiaries or other companies. These customer notices also need to be sent out yearly.

Each time a mortgage application is submitted, a ‘truth in lending’ notice and a ‘good faith estimate’ must be mailed or given to the customer within three business days.

Financial institutions must provide each customer with a privacy notice when the customer relationship is established and each year thereafter. If the privacy policy changes at any time, the customer must be notified again.

With so many time-sensitive rules in place, it has become increasingly difficult for financial institutions to be compliant with their customer communications. This is where we can help: starting with an audit to identify weak areas, we can identify solutions to ensure your organisation is never at risk from non-compliance.

Make your compliance process future-proof

Compliance is a process that evolves over time and has become an organisation-wide issue. As a process, compliance workflows must adapt to new rules and changes in regulations across the business.  Building a workflow system will ultimately form the backbone for automating the most pressing issues. And it will enable your organisation to build more processes, within an overall compliance framework, for the future, as regulation will continue to change.

Making the compliance process future-proof is a particular area of expertise at Docuplus, including developing bespoke systems for all types of business.