What to Know about ESG and GRC: Part 3


This article is the last of a 3-part series focused on regulatory guidelines impacting banks, wealth management firms and insurance companies.

Having addressed Environmental, Social and Governance issues, the history of global compliance guidelines, and the entities impacting regulations in the United States, we turn our attention toward solutions customized for those answering the demands of disclosures. Personalized offer management, regulatory complexities, marketing disclosures, content review, new product promotion and growth – all call for a heightened effort to do better for all stakeholders, from investors to customers and regulators.

This third piece in the series identifies solutions available to address challenges, and seize opportunities, to get and stay ahead in today’s increasingly competitive marketplace. The first article addressed the history behind compliance reporting guidelines, and the United States government agencies which establish and enforce regulations. The second focused on the evolution of global governance, risk and compliance (GRC) efforts, and environmental, social and governance (ESG) criteria, with insight from industry experts. Each is intended to collectively inform those involved with disclosures as they seek ways to manage, and improve, their reporting processes.

Driving Forces in Regulated Industries

It’s firmly established that those marketing professionals operating in the financial services and insurance industries are facing an increasing volume and complexity of responsibilities. Regulatory compliance is just the tip of the To Do list. More offers, with speed-to-market and hyper-personalization in focus, at a faster pace. Institutional priorities of landing and expanding more relationships, all while making sure the customer’s experience is on par with their expectations.

NKL M225 04This begs the question: what’s a martech leader to do? The answer is clear: seek help.
Searching and finding the right resources is a hallmark of leaders in these highly-regulated complex and fast-changing industries.

Having worked with 6 of the Top 10 banks in the country, we’re very aware that clients – marketing executives who work in concert with operations, legal, risk management and IT – are hard-pressed to do it all, even at the largest and most successful institutions. We totally get it. From our founder and CEO to members of the Naehas solutions team, we collaborate with finserv marketing, operations, digital service and legal/risk teams regularly and collaboratively to address their most vexing issues. Whether answering to voluntary disclosure programs, following EU-established SFDR guidelines, or meeting the complex regulations from banking and finserv laws, their goal is the same: reduce risk and create auditable, error-free and accurate disclosures. Legacy systems and internal processes are fraught with risk. Mitigating risk is a chief must for marketing teams and their cross-enterprise counterparts in legal and compliance divisions.

These realities create a clarion call for doing compliance better.

Achieving Better Customer and Compliance Experiences

As you may have noticed in our Resource Library, we often facilitate webinars, high-level discussions and executive briefs that serve as a deep dive into key issues impacting finserv marketers. We tap experienced experts who collaborate with clients to deliver the latest proven insights into customer experiences and digital transformation. From omnichannel marketing fundamentals and strategies to digital innovations, and automation solutions, the trifecta of consultants, vendors and clients are realizing impressive outcomes. It’s why we are proud of the comprehensive resources we offer industry martech teams and those who manage risk and compliance. Through each discussion and case study, a common theme emerges: both customer obsession and compliance obsession are vital to gaining a competitive edge.

The race for resources is on. Those marketing teams who delay the search and delivery of new technologies, to address ever-increasing demands from stakeholders and regulators, face increasing risks, both operational and financial. Readying for regulatory compliance requires improving processes which increase accuracy and auditability, while reducing risk.

Solutions Address Risk, Compliance and Revenue

The good news: comprehensive solutions exist. Platform technology, purposely-built for highly-regulated industries, mainly financial services and insurance, all institutions to automatically create, manage and deliver disclosures for all products and channels. Ensuring disclosures and regulated content is accurate, compliant and auditable is doable with SaaS platform solutions which automate processes through Artificial Intelligence and Machine Learning.

HL M104 03Marketing automation products gaining ground in the market in recent years allow clients to deliver exceptional customer experiences. For executives who have long been challenged with delivering personalized products, pricing and experiences, automation provides for flawless execution. In an increasingly competitive banking marketplace, and rules-focused insurance industry, these customer experience platforms become valuable assistants to teams seeking to meet key martech challenges: expand, automate and simplify.

Here is a quick summary of ways AI-powered cloud technology drives efficiencies that help address common pain points, and, best of all, generate operational and financial outcomes.

A. AI for Compliance

Delivering better disclosures to mitigate risk, ensure accuracy is critical for banks, wealth management firms and insurance companies operating under complex regulatory guidelines.

The Why Behind AI

Here is a summary of the ways AI drives success for companies in highly-regulated industries

  1. Alleviating the time-consuming minutia of ad reviews
  2. Allowing teams that were tasked with reviews to focus on other marketing initiatives
  3. Leveraging workflow to handle the increasing volume of offers
  4. Securing a better customer experience that expands the relationship
  5. Reducing manual errors
  6. Eliminating risk with traceability and auditability
  7. Avoiding costs from fines imposed by government regulatory compliance failures.

B. Regulated Content Review Tools

Reducing errors and cycle times to achieve operational and financial goals, automation of ad reviews and regulated content is a marketing force multiplier. These powerful platforms help alleviate the burdens on operations, compliance and legal teams, creating efficiencies and cutting risk.

Intelligent Reviews enables institutions to centrally manage all compliance evidence in a single, searchable file system, and to demonstrate compliance using the built-in compliance reporting functionality. It delivers a bulletproof audit history for regulators. Purposely-built for financial services, the innovative platform streamlines the review of personalized offers and content. This breakthrough AI-powered technology improves accuracy, increases productivity, and keeps marketing, legal and compliance teams aligned and on track, all while answering the ever-increasing demands of a highly-regulated, complex industry.

C. Offer Management Platforms Prioritize Personalization

PMT M203 03Platform technology is able to drive hyper-personalization, products and pricing with flawless execution. Leveraged to address the top priorities facing martech teams, these breakthrough tools help manage and maximize omnichannel marketing with better customer experiences to expand relationships and revenue.

As we’ve noted in this ESG compliance series, the myriad guidelines and regulations under which finserv and insurance companies operate calls for innovative solutions to do disclosures better. Compounding the challenges inherent in regulatory compliance are the high priorities of personalization and profitability. Landing and expanding relationships, answering regulatory requirements and achieving growth are all realistic goals which technology partnerships and platforms solve.