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New Compliance Technology for Highly Efficient Supervisors and Advisors

hearsay complianceAs a product team working on technology solutions for the financial services industry, we’re constantly tackling the challenge of building compliance functionality that compliance teams actually like. Likeable compliance technology makes supervision teams more efficient while making review processes faster and more thorough.
But we can’t stop there. More than 150,000 advisors, agents and loan officers around the world use our applications to communicate with clients across digital channels. Before they can build those important advisor-client relationships, they have to cross the compliance hurdle of setting up digital profiles.
We’re excited to announce new features and functionality to help make compliance teams and advisors more efficient … and hopefully, a little happier.
A custom Universal Supervision experience and new filtering: It’s a lot easier to enforce compliance policies when you use flexible supervision technology. Last year, we streamlined common compliance workflows when we released the Universal Supervision experience. Today we’ve released new functionality that allows each member of your team to see a personalized view of the Universal Supervision dashboard.
With custom filters based on frequently run searches, team members can review their most relevant workflow items faster based on their location and team. New filtering options also give your supervision team the ability to search for advisor actions between specific timeframes.
Prioritized compliance coverage and review of more social content: A common challenge we see across compliance teams is the need to prioritize the review process – some items that come through your workflow are higher risk than others. Our data science team built a set of models to help identify which compliance issues are likely to be “high risk” so supervisors can focus their attention on those items first. This is really helpful for sorting through large lists of compliance issues and improving the lexicon of what triggers a compliance event to begin with.
Our new compliance functionality helps save supervision teams save time so they can be more efficient when reviewing advisor social media profiles and activity. New compliance coverage across Facebook and LinkedIn lets supervisors monitor more social content and reduce the risk of potential infractions.
Sampling to enforce compliance across content type: We’ve also introduced sampling to help supervision teams structure their compliance review to ensure items aren’t slipping through the cracks.
Today, a team will review 100 percent of social posts that are set up for review based on lexicons, compliance requirements and policies. Sampling helps ensure your team is reviewing appropriate content – it gives supervisors the ability to review a percentage of content based on type (links, photos, text, etc.) so you can be more confident that your team is meeting compliance requirements. Sampling decreases the cost and effort of traditional email-based supervision and helps supervisors stay productive by identifying what content types need various levels of supervision over time.
A streamlined social and websites experience eliminates the guesswork: In order to get started on digital, first advisors need to set up their social profiles and websites. This simple process can take days, or even weeks. When we looked at the more than 700,000 profile changes we process every year through the Hearsay system, we saw friction in the communication between supervisors and advisors around profile approvals. We knew we could make this process more efficient.
With our new two-click profile reviews, supervisors can suggest content changes and advisors can accept changes. This new feature reduces approval times and makes the process of setting up a social profile much faster for advisors. When advisors onboard more efficiently, they’re able to start building relationships with clients immediately and drive business.
We’re always focused on improving our compliance technology for both supervisors and advisors. With more efficiencies around the review process and content supervision, supervisors can streamline their workflows and advisors can spend time building relationships.
For more information, check out our press release.

Robert MacCloy

A startup veteran, Robert leads Hearsay's technology team.

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