The Gramm-Leach-Bliley Act was enacted on November 12, 1999. In addition to reforming the financial services industry, the Act addressed concerns relating to consumer financial privacy. The Gramm-Leach-Bliley Act required the Federal Trade Commission (FTC) and other government agencies that regulate financial institutions to implement regulations to carry out the Act's financial privacy provisions (GLB Act). The regulations required all covered businesses to be in full compliance by July 1, 2001.
The FTC is responsible for enforcing its Privacy of Consumer Financial Information Rule (Privacy Rule) which requires financial institutions to give their customers - and in some cases their consumers - a "clear and conspicuous" written notice describing their privacy policies and practices.
But Companies can’t simply print and send a written notice– they have to actually operate in accordance with their published privacy policies and practices. This translates into the need for clearly defined standard operating procedures that employees consistently execute in order to fulfill the Company’s obligation to protect a customer’s private information.
Organizations faced with regulatory obligations related to the FTC Privacy Rule can use RightProcess to manage their policies and procedures in an efficient and cost-effective manner. The process of distributing the right policies and procedures to the right Call Center Agents is streamlined and fully automated eliminating the previous burden and risk associated with high turnover rates. Employees can easily sign off on the procedures and take associated tests from any computer at anytime. The real-time data empowers management with proof of their efforts to meet their regulatory obligations.
Click here to see a complete list of the RightProcess features and functionality.
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