Red Oak Compliance Solutions, a leader in the financial advertising compliance industry, has announced the release of Smart Review(SM), an enhancement designed to provide faster approvals, fewer touches, increased efficiency and reduced regulatory risk for marketing and compliance professionals.
Smart Review(SM) allows compliance professionals to effectively build and maintain a single source repository of disclosures, including an audit trail for disclosure updates and changes. This disclosure library allows firms to streamline their advertising review process, increasing accuracy and confidence in disclosure management, while reducing the risk of disclosure errors and omissions.Fintech News
While the software supports compliance efforts, Smart Review(SM) is also designed to streamline efforts of marketing teams and increase their efficiency in getting materials to market. Knowing which disclosures are needed, then finding the most up to date version in a timely manner can be an ongoing struggle. Smart Review(SM) reduces the pain points marketers experience during the review process through both its disclosure repository and the implementation of business intelligence rules to flag potential missing, outdated or unneeded disclosures on material.
“In today’s fast-paced digital environment, marketing teams need the capability to move quickly and take advantage of opportunities and market trends,” said Stephen Pope, Chief Executive Officer for Red Oak Compliance. “The development of Smart Review(SM) is another example of how Red Oak focuses its development on listening to clients, incorporating their suggestions into our product, and strengthening our core value proposition of delivering faster approvals, fewer touches, and 100% books and records compliance.”
Smart Review(SM) is an enhancement to Red Oak Compliance’s flagship SaaS advertising compliance review software and comprises three key features:
- Disclosure Manager: Smart Review’s(SM) base functionality consists of a centralized disclosure library and management tool that serves as a single source of truth for disclosures. The library component houses all disclosures, as well as providing importing, exporting, versioning, usage instructions, language variations and a full audit trail of updates/changes made to each disclosure. Disclosure Manager replaces the manual task of attempting to manage, distribute and version disclosures with spreadsheets. Smart Review’s(SM) Disclosure Manager scans uploaded content for disclosures to identify current or outdated disclosures on the material to both the content submitter as well as the compliance reviewers, reducing time to market and risk to the firm.
- Disclosure Intelligence: Disclosure Intelligence builds on Smart Review’s(SM) Disclosure Manager functionality by allowing firms to create deterministic rules for identifying when a disclosure should be included on a piece. Disclosure Intelligence gives clients the ability to further define the required disclosures based on data such as text in the material, type of content, audience and country. It identifies the list of disclosures that should be on a document, as well as any extra disclosures on a document that may not be required based on these rules, improving both consistency and efficiency.
- Disclosure API: Disclosure API gives clients the ability to programmatically access Red Oak’s Smart Review(SM) functionality within their favorite content creation tool.
The new enhancements provided by Smart Review(SM) are a natural evolution of Red Oak’s core product values, as well as a response to pain points frequently expressed by both marketing and compliance professionals.
“With this release, Red Oak is applying effective technology in the most intuitive way to help customers deal with their toughest and most manual problems – in this case, creating a single disclosure library, codifying tribal knowledge, and incorporating cutting-edge, automated intelligence to streamline the review process,” said Rick Grashel, Chief Technology Officer for Red Oak. “All of these improvements in combination equate to quicker compliance reviews, faster time-to-market and better partnerships between marketing and compliance.”