Monica papendick lexpert casl challenges in financial institutuions

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
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