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Monica papendick lexpert casl challenges in financial institutuions
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Monica papendick lexpert casl challenges in financial institutuions


Monica papendick lexpert casl challenges in financial institutuions

Monica papendick lexpert casl challenges in financial institutuions

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  • 1. CASL Messaging Provisions and Challenges in Specific Vertical Sectors: Challenges and Solutions in Financial Institutions Presented by: Monica Papendick April 30, 2014
  • 2. 4/14/2014 CASL: Top Challenges in Financial Institutions and Strategies for Managing Them Operational and Leadership Challenges: Communication to Executive Leadership about CASL: • Explain CASL in one sentence • Explain “why” in a relevant way • Aim for consistent messaging “up the chain” about risks, recommendations and project progress Project Management: • Timing (compliance deadline v. uncertainty about requirements) • Enterprise v. line of business approach • Role sort: lines of business, project leads, Legal Department, Compliance • Approach for “current state” (inventory and analysis) • “Legal Log” – centralized repository for questions, recommended approaches and best practices • Compliance governance structure post July 1, 2014 Legal Challenges: Unclear Legislation Re Messaging Provisions – Interplay between exemptions and Section 6.6. – Scope of exemptions and partial exemptions: decide which ones are worth leveraging and leverage them consistently – Collecting express consent: mobile sales forces, investment advisors, trade shows: be creative! – Due diligence – best practices v. practical: consider whether communication is ‘one to one’ or ‘one to many’ Risk Assessment and Risk Mitigation Strategies – Documenting risks (interpretation risks, operational risks) and mitigation strategies – Technology solutions v. manual processes and procedures – how can compliance can risks be mitigated? – “Iterative” approaches to CASL compliance – Decision trees, processes and procedures, training programs – Governance 2