Avoid costly court cases
DMNews.com |Marketing Legal News: Avoid costly court cases, identify and avoid risks and liabilities in online marketing and ensure corporate compliance
"Marketing and Compliance: What Every Marketer Must Know About Risk and Liability
Compliance, corporate governance and recent legislation such as Sarbanes-Oxley are nothing new to corporate executives, who run the risk of exorbitant fines and jail time for failing to conform to recent mandates, writes Marketing Operations Management's Chetan Saiya. Accountability for corporate compliance and risk -- areas that once were reserved for the upper echelons of an organization -- are making its way to the marketing department largely because of their sizeable budgets and the enormous effect their actions have on both customers and shareholders alike...
Areas of Compliance Problems
* Racial bias - companies are forced to look seriously at marketing process re-engineering to protect their organization’s reputation and to avoid the financial risk associated with racial biases
* Erroneous representation - use next generation marketing solutions, marketers can eliminate misrepresentation errors as these technologies automatically account for the planning, reviewing and tracking of marketing campaigns. Further, because these solutions support automatic data gathering, the marketing department can now generate status reports and track efficiencies to avoid erroneous representations.
Marketing Expense Tracking and SOX - The recently enacted Sarbanes-Oxley Act (SOX) requires that a company report on the effectiveness of their internal controls as it relates to their financial reporting. Crucial to effective internal controls is ensuring that computing systems protect the integrity of corporate, financial and customer data.
Like it or not, marketers will forever play an instrumental role in an organization’s ability to remain in corporate compliance. Granted, most marketers will argue that they are unfit to take on the job of corporate auditor. However, by understanding where the risk lies and by leveraging technology to institute checks and balances that monitor spend, while promoting a corporate-wide communications culture, they may find that that the road to compliance is much easier than once thought."