CASL Messaging Provisions and Challenges in Specific Vertical Sectors:

Challenges and Solutions in Financial Institutions

Presented by: Monica PapendickApril 30, 2014

4/14/2014

CASL: Top Challenges in Financial Institutions and Strategies for Managing Them

Operational and Leadership Challenges:

Communication to Executive Leadership about CASL:• Explain CASL in one sentence • Explain “why” in a relevant way • Aim for consistent messaging “up the chain” about risks, recommendations and project progress

Project Management: • Timing (compliance deadline v. uncertainty about requirements)• Enterprise v. line of business approach • Role sort: lines of business, project leads, Legal Department, Compliance • Approach for “current state” (inventory and analysis)• “Legal Log” – centralized repository for questions, recommended approaches and best practices• Compliance governance structure post July 1, 2014

Legal Challenges:

Unclear Legislation Re Messaging Provisions– Interplay between exemptions and Section 6.6. – Scope of exemptions and partial exemptions: decide which ones are worth leveraging and leverage them consistently – Collecting express consent: mobile sales forces, investment advisors, trade shows: be creative! – Due diligence – best practices v. practical: consider whether communication is ‘one to one’ or ‘one to many’

Risk Assessment and Risk Mitigation Strategies – Documenting risks (interpretation risks, operational risks) and mitigation strategies– Technology solutions v. manual processes and procedures – how can compliance can risks be mitigated?– “Iterative” approaches to CASL compliance– Decision trees, processes and procedures, training programs – Governance

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