Non-compliant marketing communications are the nemesis of any organization operating in a highly regulated industry. All it takes is just one strike of noncompliance to knock an organization down and harm its consumers, reputation, and bottom line.
Compliance teams are the superheroes that all organizations need to keep their business successful, yet compliant. They are tasked with the important job of ensuring that their consumer protection programs keep pace with regulatory change and best practices.
PerformLine's State of Marketing Compliance Report uncovered key trends that organizations are facing today to tell a short story about compliance teams, their challenges, and how they can overcome their noncompliance nemesis.
Although vital, a compliance team's job isn't easy…
62% of organizations have compliance teams of 5 or less
Smaller compliance teams seem to be the norm-only 38% of organizations reported having larger teams of 6 or more.
While small compliance teams are common, these teams are reviewing and approving a lot of marketing content for compliance…
55% of organizations review 50 or more marketing collateral pieces per month
Between reading and reviewing for compliance, and the potential to go through several rounds of back-and-forth for edits and revisions, the manual compliance review process for content can be very time-consuming.
The more documents with compliance issues, the more revisions need to be made, increasing the time it takes to get content approved and out the door-creating challenges for these small compliance teams…
29% of organizations struggle with bandwidth and headcount when it comes to marketing compliance
When small compliance teams are tasked with an abundance of marketing content to review and approve at any given time, it's no wonder bandwidth and headcount are a top marketing compliance challenge for organizations.
Likely because of this limited bandwidth and headcount…
59% of organizations lack compliance monitoring on at least one channel they're using for marketing
Organizations are using an omni-channel marketing strategy, but many lack comprehensive oversight across all of these channels, leaving a big gap in compliance monitoring and the potential for risk.
But, it seems that a lot of organizations are acknowledging these challenges, because…
65% of organizations expect compliance budgets to grow in 2022
While total compliance budget amounts vary greatly across organizations of various sizes, a lot of them have one thing in common-they are increasing their spending to meet their compliance objectives.
Small compliance teams may get some relief soon, because…
57% of organizations will increase spending on employees and compliance technology services
For organizations who expect an increase in compliance budget this year, they're planning on increasing their spending on compliance technology (33%), employee costs (31%), and training and development (26%).
PerformLine To The Rescue
Every superhero needs a sidekick. Let PerformLine be your compliance team's partner to do the heavy lifting and let your heroes focus on their most important priorities.
Whether you’re looking for comprehensive oversight across all your marketing channels, need extra bandwidth to review and fix compliance issues, or just don’t know where to start with your compliance program, PerformLine has a solution for you that’s customizable, automated, and scalable.