During a recent compliance examination, regulators cited the bank for violations of various marketing regulations. How should the compliance professional FIRST respond?
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A. B. C. D.D
In this scenario, the compliance professional has received a citation from regulators for violations of marketing regulations. The FIRST response of the compliance professional should be to review the marketing materials and applicable regulations to verify the finding. This is option D.
Option D is the most appropriate response because it enables the compliance professional to get a clear understanding of the issue at hand by reviewing the actual marketing materials and comparing them with the relevant regulations. This will help to identify the specific violations and determine the corrective actions that need to be taken.
After verifying the finding, the compliance professional can then determine the appropriate course of action to address the violation. This may involve implementing new policies and procedures, developing training programs, or taking corrective action to address the specific violations.
Option A, contacting the bank's marketing manager, may be a good idea after the compliance professional has reviewed the materials to get more information or clarification on certain aspects of the materials or regulations.
Option B, developing a policy requiring that all marketing materials be reviewed and approved by compliance before being published, may be a good idea as a long-term solution to prevent future violations. However, it may not be the most urgent or appropriate response immediately after receiving the citation.
Option C, setting up a training class for the marketing department, may be a good idea to ensure that the marketing department is aware of the regulations and how to comply with them. However, it may not be the most urgent or appropriate response immediately after receiving the citation.