Let’s start with an analogy: it’s a dark and stormy night, and you’re driving along. All of a sudden, you’re startled by something in the road, maybe it’s a fallen branch or a dashing deer… your pulse ramps up, your swerve or slam on the brakes and a few minutes later you’re thinking “wow, that was close – I should have seen that well ahead of time”.
We’ve used that analogy often in the compliance and risk management space to describe the back and forth between the pressure to get to market, the reality of the complexity of the regulatory requirements, and the need to do so in a well-coordinated manner.
Yet, at the same time, you often end up with that classic dilemma: the marketer is ready to go to market when legal or compliance throws up its hands and says, “whoa, we need to change this some more”. Needless to say, the marketer is frustrated, the legal and compliance teams are worried and the “why didn’t you tell me this earlier?” situation comes up.
Very simply, the lifecycle of a marketing campaign from initial concept to launch is at least 6 months in most cases – particularly if it’s highly customized, targeted to multiple audiences, and heavy on the compliance side. Of course things can change, staffing can even change in any of the areas, and a different voice or a different point of view may emerge. I can’t tell you how many times that’s happened to me over the years.
How do you cut down on that back and forth? Again, very simply: cut down the timeline and reduce the number of touchpoints. In today’s environment, that means automated solutions that ensure consistency of language, full regulatory compliance and fewer sets of eyeballs needing to see the material a second or third or fourth time.
Automated solutions — that build on rules-based compliance materials and offer enhanced tracking of when the changes were made and by whom — speed time to market and create clarity and a level of convenience, while cutting down on the detailed manual review cycles. That alone, in our experience, can cut the time to market by 30% or more and reduce errors by 90%.
To learn more about how Naehas can solve this dilemma for you, set up a demo today and learn how the largest companies in the financial services industry have leveraged our products and services.