How a major financial institution united five lines of business for efficient compliance with PerformLine

About the Client

This client is a leading global financial institution that delivers a broad range of financial services to a diversified client base, including corporations, financial institutions, governments, and individuals. Nearly 40,000 colleagues work together to provide a number of digital platforms and services, held together by the reach and resources of a global unified firm. With a market cap of over $100 billion, it is one of the most prestigious and renowned financial institutions in the world.

This financial institution leads with a service mindset, holding itself to the highest ethical standards of transparency and vigilance to create superior results for clients, shareholders, and the larger communities they serve.

The company recognizes that its reputation is one of its most critical assets and has a staunch dedication to following the letter and the spirit of all laws, in addition to the ethical principles that govern the organization as a whole. 

Business Challenges

As a leader in the consumer finance space, the client is obligated to have a best-in-class compliance program that is prepared for regulatory scrutiny. Having several different consumer-facing lines of business (LOB) presented a challenge to this effort, as each LOB needs to adhere to its own rulebooks and the rulebooks for the greater organization. As a result, teams had to review materials for both sets of rules manually for each LOB, which cost them time and energy. There was no central reporting mechanism, which in turn meant that there was no way to share useful institutional knowledge on responding to regulatory and rate changes. As such, they knew their compliance program had room to improve to operate more efficiently.

The client searched for an enterprise marketing compliance platform that would not only streamline the current process for finding and remediating potential violations, but would also help create processes that would enable the organization to feel protection against future regulatory actions while increasing efficiency and reducing human error. In implementing PerformLine, they were able to find both.

The PerformLine Implementation

For each line of business, a PerformLine implementation specialist walked through monitoring assets, setting up rules, and auditing existing processes. The individualized approach ensured that each LOB used PerformLine in a way that was tailored to their needs, while also creating a cohesive set of standards that were used across various teams for consistency.

Assets Monitored

During the asset monitoring process, PerformLine worked with the company to scope out all of the assets that need to be monitored, including all related web domains, social handles, and email discovery seeding.

Rule Set-Up

Each LOB collaborated with a PerformLine implementation specialist to tailor rulebooks to meet their unique compliance needs and then saved those in a centralized repository for the entire organization's compliance program. This ensures that moving forward, there is a single point of truth for all marketing compliance guidelines. Each rule can have its weight customized, allowing the teams to easily sort and prioritize issues as they arise for their LOB.

Process Audit

In the process audit phase, PerformLine analyzed the existing manual monitoring system and worked with the team to bucket assets for rule application and reporting. This step combined the automation capabilities of PerformLine with the client’s existing institutional knowledge, giving useful context for understanding how and why PerformLine would implement improvements.

Early Wins

A part of PerformLine’s comprehensive onboarding is identifying early successes that serve as a foundation for an elite compliance program. A few of the early wins the client’s teams were able to achieve with PerformLine just during the implementation process alone were:

• Identified pages with outdated claims
• Found missing disclosures across the web
• Crafted custom compliance rulebooks for each financial product
• Created a dashboard and reporting template for senior leadership visibility
• Ranked partner programs by risk
• Created team workflow standard operating procedures
• Gained insight into the number of assets being flagged, reviewed, and remediated

Implementation Results

Ready to Hit the Ground Running

Every member of the compliance team understands how PerformLine can enhance their efficiency and find and analyze assets. Each team has a clear sense of the number of assets to be monitored, the rules by which they will be reviewed, and the process for remediating any issues that arise.

Diverse Lines of Business, United

While each LOB has its own needs, all of them must also adhere to the high standards of the organization as a whole. PerformLine’s implementation ensures that while the specific needs of each line of business are taken into account, those requirements all funnel upwards into a cohesive set of rulebooks and processes for the entire compliance program. 

Prepared for Regulatory Scrutiny

The company’s enterprise marketing compliance program is now future-proof – if and when new regulations are announced, the company is prepared to address them proactively. With PerformLine, there are now procedures and information to be leveraged for future regulatory compliance and audits, and they have a system by which they can create and deploy any new rules.