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Compliance Tips for 2021

By December 31, 20203 min read

2020 saw compliance teams adapting to dramatic change and new processes. It provided an opportunity for these teams to redefine its perception and work to dispel frustrations surrounding marketing initiatives. But how will compliance teams change in 2021? What are the most important lessons to take away from this past year and how should financial brands begin to prepare?

To help answer these questions, Social Assurance recently sat down with Charles LeFevre, Chief Operations and Client Experience Officer for Fidelity Bank. In the in-depth discussion, Charles provided his insights on customer experiences, team dynamics, remote work settings, internal policies and so much more.  You can catch the entire conversation, for free, by clicking the link below. Keep on reading for some quick insights into their discussion.


Making Compliance Cool with Charles LeFevre. View here.

Build Understanding Between Teams

There has always been some frustration between compliance and marketing – but a new wrinkle was added in 2020. Remote work settings removed impromptu opportunities for different department personnel to meet and interact. It’s difficult for many organizations to replace this and create a digitized version of the water cooler. This means that effective and clear communication grow more important. Whether it’s through regular stand-up meetings or an efficient project management system, aim to remove hurdles and foster greater interaction.

Pro Tip

“Deputize your marketing personnel as junior compliance officers,” says Charles. This helps your marketers to view themselves as the first line of defense for your financial brand – working lockstep with compliance.

Revise Internal Standards

Do your internal standards work to meet your goals? If it’s been a while since your organization has asked this question, it may be time to review them. A written plan that not only details what your teams are trying to achieve, but also the methodology and training required for success, can remove ambiguity and accelerate outcomes. Even adopting a mantra of “no punting,” focusing on driving solutions forward to problems rather than pushing them off, can help eliminate pain points and make for a smoother new year.

Pro Tip

Solicit input from your team – for both problems and solutions. They often can provide unique insights and be more bought-in to the outcome’s vision when they have had opportunities to be included.

Look for Opportunities to Improve

One benefit that can be drawn from the many lessons of 2020 has been the reminder to focus on what’s important: the customer. During the pandemic, financial brands across the country stepped up to help their communities, whether through PPP loans or local initiatives. Social Assurance highlighted a few of these inspiring examples through our Community Spark Award earlier this year. Safe to say, focus on the customer experience is at an all-time high. As Charles says, “we’re listening to customers because we want to make sure that every customer has a fantastic experience with the bank.” Looking for opportunities to improve by listening to your customers’ feedback is the way to get started.

Pro Tip

Cover all bases for catching client feedback by engaging a Reputation Management Software. This service helps to manage your digital listings across the web and monitor customer conversations and reviews. Best of all, with alerts set up, you can respond quickly to concerns and better engage customers.

Zach Way

Raised around banking, Zach Way found his calling creating social content for financial institutions. Zach is an avid chino wearer who plays golf and religiously follows the NBA.