Red Oak Compliance, which automates the licensing and registration process, has helped a client reduce the potential for human error in processes.
The unnamed client had previously used a homegrown software system and process that varied from group to group across the company. Final products at the end of its marketing reviews had the potential for inconsistency, it said.
Furthermore, the company has limited ability to search their databases when making across-the-board disclosure updates, leaving them open to risk from outdated information or expired content pieces.
As a result, the company wanted a technology provider that could support process overhaul efforts and create a centralised method for advertising compliance review, approval and lifecycle management. It also wanted a partner that could enable them to determine where their system created unnecessary workload and risk, define what successful compliance processes should look like and provide guidance of how to achieve this.
Red Oak provided the company with its advertising compliance review software so they could streamline and centralise reviews. Instead of leveraging various review standards and systems across the organisation, a streamlined and centralised process was established across the whole company.
The company was able to implement the system within six weeks and then continue to make improvements and enhancements.
Additionally, they have created the “right-sized” review processes that decrease staff time spent on low-risk projects and streamlined workloads. It is also able to expand to fit bigger teams.
Some of the other benefits include, searchable disclosures and collateral database, reduced time spent on low-risk projects, lower risk from expired content, faster FINRA filings and lower compliance risk.
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