Equity and integration
In view of factors such as investor demand, public awareness, social unrest and the priorities and directives of government authorities, regulators focus on supervision and law enforcement issues related to consumer and investor protection, and expand the application of fairness provisions to all consumer touchpoints.
Embed fairness considerations throughout the customer journey, covering product / service design, marketing / advertising, information disclosure, services and customer interaction (including complaint management), and prioritize fairness.
The concept of fairness is no longer limited to the fairness of loan conditions and products, but covers all channels and contacts.
Implement centralized processes and simplify all customer facing communication.
No matter in what form or channel, communication should be clear, accurate and complete, and sufficient information should be disclosed to ensure that consumers understand relevant information, alternatives and / or conflicts of interest.
Strengthen complaint management process, technology and data analysis; Summarize the problems, find the root causes, and deploy simple and effective response measures.
Complaint management is an essential aspect when regulators evaluate the enterprise's compliance management system, because it may indicate potential new risks, management or structural defects, third-party supplier problems, or that the enterprise has recurring problems or needs to improve products or services.
Set clear and measurable goals of diversification, equity and inclusion; Develop indicators to measure and monitor progress and incorporate them into management's work objectives.
There is a growing public demand for financial services institutions to promote racial equality and inclusion, which is consistent with investor needs, public awareness, social unrest and the priorities and directives of government authorities. Financial institutions are bound to face increasing pressure.
