Purpose of functional area
The purpose of the Compliance and Regulatory team is to ensure business is compliant with applicable legislation and regulations.
Inputs: How it impacts CVM
- Regulatory requirements significantly affect customer data collection, handling, communication strategies, product offerings, and pricing structures.
- Regulatory requirements significantly affect customer data exchange with third parties.
Impact of collaboration quality on CVM team results
Lack of alignment with Regulatory and Compliance team results in delays and obstruction of work in CVM and may result in launch of non-compliant initiatives that may incur significant penalties.
CVM work related to function
- Ensuring CVM operations are compliant with all applicable laws and regulations in:
- Data collection and Privacy
- Customer communication
- AI and ML use for Customer profiling
- Pricing and Promotion mechanics
- To comply with internal and external audit requests
Outputs: How CVM impacts this area
The CVM team manages several regulatory-sensitive areas:
- Customer data, subject to strict privacy regulations.
- Predictive models and AI, with significant AI regulation implications.
- Pricing and promotions, governed by commercial and consumer protection laws.
Key handshakes to consider
Collaboration with the regulatory and compliance team is a must to manage risks inherent in CVM initiatives. The teams should focus on ensuring CVM tactics are aligned with legal requirements and industry best practices:
- Applying GDPR principles in customer data management and campaigns.
- Ensuring transparent and compliant customer communication practices.
- Following relevant regulations in the area of AI and ML
- Following relevant regulations in the area of customer profiling
- Structuring product and pricing strategies in compliance with non-discrimination and consumer protection laws.
- Leveraging technology solutions for continuous monitoring and compliance assurance.
Previous: Collaboration With Security Team