For years, it has seemed that the conflict between the two would continue. Marketing believes that compliance lives to shut down each of its great ideas. And compliance feels that marketing is a loose cannon. But both parties want the same result; to move the credit union forward successfully.
How can this be accomplished? By having an open mind, and an open line of communication.
Marketing and compliance should work together from the onset of a promotion; not the final stage. There is nothing that can damage this relationship more than the 11th-hour-it’s-at-the-printer stand-off. Compliance won’t approve the advertisement and marketing is on a tight deadline. But, by sharing the details of a promotion, marketing can afford compliance with the opportunity to alert it of any potential concerns before the material is at the print shop.
Potential concerns may be the use of a trigger term without the subsequently required disclosures. Or a promotion that could be potentially misleading without additional clarifications provided. Often times compliance can provide tips to marketing to make its life easier.
Tips may include the ability to list electronic disclosures on a subsequent webpage, rather than cluttering a banner ad with disclaimer type. Or using the phrase “apply for a loan,” rather than “get a loan,” to reduce UDAAP risk.
Marketing knows how to catch the eye of the consumer.
And compliance knows how to protect the credit union from undue risk.
Each has their strength.
And a credit union that has its marketing and compliance team working together, has an advantage in the marketplace.
So, let’s all get along and work together. For our credit unions, and for our members.