Who is the Company

A brokerage firm that provides investing and trading services to 11M clients and owns more than $1 trillion in assets.

The Challenge

Laws dictate that appropriate disclosures must accompany financial product offerings regardless of the media upon which the offer is made, including web, mobile apps, or even printed material. The company’s legal compliance team faced a significant challenge in managing the many sources of disclosures from government agencies, industry boards, and commissions.

The company’s compliance team had to conduct a review and approval process for each disclosure. In addition, they had to seek legal counsel and maintain an audit trail before pushing disclosures out to the associated business units. This review-and-approval process was entirely manual, prone to errors, and incredibly time-consuming.

The company needed a robust and reliable solution that could:

  • Provide a single source for all disclosures: The document copies were available locally, online, and in emails; they were revised at different times by different people. The company needed a single definitive source for all disclosures.
  • Ensure documents were ready for publication: The company had no system to ensure if the documents undergoing editing were available for publication. Often the compliance team ended up publishing documents that combined ready-to-use with work-in-progress content. The company required a mechanism that published only the final versions.
  • Keep apps in sync: When the compliance team made critical disclosure changes, the team needed to push the changes to all affected apps and microsites. The company needed a uniform way to publish disclosure changes to its omnichannel endpoints.
  • Easily handle variation needs: Depending on the requirement, the compliance team had to translate the disclosure into another language. In other instances, the content needed to appear in an abbreviated form.

The company was looking for a partner who could provide consistent channel-agnostic content.

The Solution

After careful analysis and extensive consultation with the company, our team decided to leverage the company’s current content management system (CMS) - Adobe Experience Manager’s Content-as-a-Service feature.

The team defined a central repository for disclosures, automatically making disclosure data available to internal and external applications. AEM provided an enterprise-level CMS and allowed the team to clearly define producers (disclosure creators) and consumers (output channels). The team was then able to create and apply review-and-approve workflows to the disclosure authors. The workflow ensured real-time updates of the finalized content across all channels.

Key points of interest in the solution include:

  • A central repository: Having a central location for disclosures allows the company to build content once and use it multiple times. The company’s compliance team can assign classification tags from the central repository to facilitate organization and produce disclosure variations and translations.
  • Improved authoring experience: Previously, the compliance team had to deal with standard word processing features, such as tracking changes and resolving comments, along with cutting and pasting from one document to the next. The new solution offers a central place to produce and preview content, multi-level reviews and approval flow, status notifications, annotations, and the ability to search.
  • Web integration: AEM allows the company to easily integrate its content with both websites hosted on the AEM platform and control variations in behavior.
  • Support for external apps: The team provided a mechanism where external apps can pull content from the AEM platform securely using REST requests or GraphQL. They can find data in various formats, including HTML and JSON.
  • Advanced insights: The solution provides future opportunities for accessing catalog-based audit reports/trails.

Business Impact

The company can now confidently claim compliance and easily produce a document trail. It helps them vastly reduce their legal exposure, potentially saving millions in penalties and court costs.

In addition to reduced liability, here are other ways the solution impacts the business:

  • Consistent and error-free user experience: With the new system in place, all channels are in sync, and have only one authoritative source for disclosures.
  • Faster time-to-market: A streamlined authoring and approval process ensures that all disclosure changes are pushed in real-time.
  • Efficient audit and review: Having a central repository and tag-based search ensures ready access to all disclosures in case of an audit or a compliance review with approved versions clearly marked.
  • Consistent authoring process: AEM provides content management that tracks edits and timestamps. A single disclosure only needs to be implemented once and can be reused multiple times. The centralized approach also facilitates the development of standardized disclosure formats, leading to even greater efficiency.

Technologies Used

Adobe Experience Manager v6.5.11: A platform providing collaborative tools that manage content and provide a consistent customer experience
GraphQL: Data query and manipulation language designed for API access
REST: Methodology that uses web protocols to query remote sites efficiently
JSON: Commonly used text-based format for data exchange
Java: Widely used web programming language

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