Today, there are countless regulations with which financial service firms are required to comply simply to conduct business legally in the United States. Managing marketing compliance is becoming increasingly complicated, but also increasingly important, in the post-Dodd-Frank world.Some firms, like JP Morgan Chase, one of the largest banks in the country, have recognized this. This spring, JPMC hired a new Chief Compliance Officer, and changed the executive responsible for this position; its new CCO now reports to senior business executives instead of to the general counsel. Now, other large banks are following suit; giving CCO’s a seat at the leadership table for the first time.
JP Morgan Chase and these other large institutions may have the resources necessary to invest in robust compliance programs – ideally, at least two dedicated people to the separate roles of general counsel and compliance officer. Smaller firms with tighter budgets often combine those positions or even outsource their legal departments entirely to large, purpose-built specialty firms.
One thing is certain: A single person can’t effectively manage compliance with a wide variety of complicated regulations and attendant risk and liability. Marketing privacy regulations like state and federal Do-Not-Call regulations, the CAN-SPAM Act, the Canadian Anti-Spam Law, and the Gramm-Leach-Bliley Act are dizzying in their scope and new rules are being enacted every single day. As technology evolves, marketing practices mature and the regulatory landscape changes marketing privacy will become increasingly complicated and specialized.
In-house legal counsel and outsourced law firms only have a cursory understanding of marketing privacy regulations. A lack of specialized expertise puts financial service firms at risk for marketing privacy violations.
However, keeping a company compliant in this complicated regulatory environment doesn’t need to distract from business-critical growth initiatives.
The smartest financial service providers outsource their compliance risk to legal professionals who specialize in the specific regulation or domain, like the marketing privacy team at Gryphon Networks.
Gryphon guarantees marketing privacy compliance to five out of the top 10 banks in the United States. We are the marketing privacy compliance experts and offer customized consulting services and a suite of products to meet the unique marketing privacy need of each client.
Don’t start from scratch with marketing privacy compliance procedures and policies to protect your business. Rely on the experts instead.