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...tend to roll skyward on both sides when the compliance department encounters the marketing department, it's almost understandable. Everyone's got a job to do, and sometimes the marketing and compliance departments seem to work at odds.
It doesn't have to be all animosity and naysaying, however. There is proof that the two departments can work in concert to produce effective advertising that also satisfies the regulators. Vice president and director of corporate marketing for Kansas City-based UMB Financial Corp., Jeff R. Armstrong, and former senior vice president and manager of regulatory services, Charles D. Lewis (now president of UMB Consulting Services Inc.), recently spoke to contributing writer Janet Bigham Bernstel about the successful workflow process they created.
UMB Financial, the holding company, has $7 billion in assets. Its lead bank affiliate, UMB Bank N.A., Kansas City, has 138 branches in six states.
Grounded in the principles of communication and education, the marketing-compliance communication process worked so well for UMB that Lewis is now consulting with other banks to share the ideology. In this question-and-answer discussion, they share those principles with ABA Bank Marketing readers.
What are the basic issues facing these two departments when it comes to getting along in the workplace?
Armstrong: The typical issues you'd find are that both sides have a job to do that is different from each other. Compliance's role is to make sure that the marketing department adheres to regulations and that it's not stepping beyond bounds or being misleading to the consumer.
Marketing's role is to try to sell the products and services of the bank as much as possible.
So where does the animosity between the two departments usually originate?
Lewis: From our standpoint, compliance departments generally get brought in at the end of the process. So many times we have to say. "You can't do that." It may be at the end of the campaign that they've been working on for some time, and...
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