During a recent compliance examination, regulators cited the bank for violations of various marketing regulations. How should the compliance professional FIRST respond?
During a recent compliance examination, regulators cited the bank for violations of various marketing regulations. How should the compliance professional FIRST respond?
The compliance professional should first verify the finding by reviewing the marketing materials and applicable regulations. This will confirm the accuracy of the violations cited and help understand the exact compliance gaps that need to be addressed. Once verified, further steps such as discussion with the marketing manager, developing policies, or setting up training can be effectively planned.
Before taking any further action, it's essential for the compliance professional to review the marketing materials cited by the regulators and compare them against the relevant regulations. This step will help confirm whether the cited violations are indeed accurate and provide a clear understanding of the compliance gaps. Once the violations are verified, appropriate actions such as contacting the marketing manager, developing policies for review and approval of marketing materials, or providing training to the marketing department can be considered to address the compliance issues effectively.