Hearsay Systems announced several enhancements to its compliance platform that aim to ease the back-and-forth between compliance teams and advisors by making social media reviews as easy as one or two clicks.
The new features – developed with input from Hearsay’s data science experts and powered by predictive analytics – provide compliance and supervision teams with automated, more expansive compliance coverage across social media content. These new features are available now on the Hearsay platform.
“In processing almost 700,000 profile changes each year from our customers, Hearsay identified new efficiencies we could build in our product to help alleviate some of the pain in the back-and-forth between compliance administrators and their advisors,” Robert MacCloy, vice president of engineering at Hearsay, said in a statement. “Our team worked closely across functions and with our customers to develop these new features from the ground up.”
According to Hearsay, the enhanced compliance features help reduce time friction and make communication easier between compliance and the sales field.
For advisors, new tools – like the “two-click” profile review, one-click “accept” of suggested content changes, and reminder emails – mean faster and more efficient communication with compliance.
Hearsay client Jordan Martell, vice president and managing counsel at Thrivent Financial, has already found the two-click review to be helpful.
“When it comes to digital engagement, speed is crucial,” he said in a statement. “Compliance administrators using Hearsay’s two-click reviews can make quick suggested edits to Facebook, LinkedIn and advisor website profiles, so new representatives can get up and running on these channels much faster.”
The new two-click profile review allows advisors to have their profiles approved in as little as two clicks or interactions with the compliance team.
In addition, an advisor will now be able to accept in-line recommended changes to profiles and content with one click.
The new features also send emails to advisors with updates on the status of their review and action reminders.
For compliance teams, new tools – like automated and prioritized review, simplified and cost-effective sampling, and expanded content review – let them do more in less time.
For example, predictive analytics help identify which issues are likely to be of highest risk, so that supervisors can focus on those high-alert items first.
The new tools also aim to decrease the cost and effort of traditional email-based supervision by using a single platform wherein supervisors can review a percentage of content based on type (links, photos, text, etc.). This kind of sampling also helps identify which content types are more likely to need more or less supervision, so administrators can become more productive over time.
Hearsay also expanded the compliance coverage across Facebook and LinkedIn so supervisors can monitor more social content and reduce the risk of potential infractions.
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