The relationship between Marketing and Compliance has always been akin to “oil and water.” What looks and sounds good in an ad layout sometimes doesn’t pass compliance standards. In contrast, what falls within regulatory requirements doesn’t always “pop” or sell with the public. Steve Gibbs, assistant vice president of Credit Union Resources’ Shared Compliance Resources, says it’s important to keep in mind that everyone is working toward the same goal in bettering their organization.
“There are ways to overcome these obstacles and bring compliance and marketing together in a complementary relationship,” notes Gibbs.
Below, Gibbs offers some helpful suggestions:
Communication: Schedule times for periodic meetings between Compliance and Marketing. Set an agenda to encompass upcoming ad and sales strategies. Also, be prepared to discuss new or upcoming compliance issues related to marketing.
Training: Numerous training opportunities are open to staff online and through seminars. Many of these are available through CUNA, Cornerstone League and a variety of online resources. Industry periodicals can also be an excellent resource in scouting for potential training opportunities.
Review – Due Diligence: No advertising or marketing material should ever go out without proper oversight and controls. Having a compliance person edit material can save untold dollars in reprints as well as protecting the credit union from potential liability.
Build a Library: Saving ads and other materials can sometimes be beneficial in determining whether certain elements pass the compliance “test.” Keeping files separated by certain compliance areas related to specific subject matter including deposits, lending, privacy, human resources, etc., can save time in cases where you are “re-hashing” strategies.
Join a Network: Sometimes groups of professionals will set up networks to share information. Broaden your network to not only including marketing but compliance as well.
“Remember that with cooperation, marketing and compliance can strengthen your credit union’s image through the high-level of material it sends out,” adds Gibbs.