When it Comes to Compliance, Good Enough Probably Isn’t
When it comes to compliance, you simply can’t be too careful. Each year, new regulations are set up to keep organizations accountable for their business practices. These regulations aren’t meant to be restrictive, but a company must be properly equipped. If not, they run the risk of heavy fines, unwanted litigation, and work stoppages.
Organizations need a multi-faceted, scalable solution that adapts with business changes and accommodates federal mandates. The first step to ensure all compliance demands are met is to create an archive of all interactions. This may seem daunting, but it is easier than you would think. Start by breaking down the modes of communication your company uses.
Many organizations find voice calls take up the brunt of their communication efforts. Implementing a call recording solution allows for all incoming and outgoing calls to be monitored, recorded, and archived. These recordings can be provided upon request, which satisfies many federal requirements.
The same can be done with instant messages and video interactions. Like voice calls, an archive can be created from any communication between agents and clients. If requested, they too can be provided without worry.
As we mentioned earlier, federal regulations continue to tighten. This is especially true for the financial industry, but still applies to almost everyone else. While recording is a first step to adherence, it doesn’t detour problems from happening. That’s where speech analytics comes in.
Coupling a call recording solution with speech analytics is the only true way to create a system for staying consistently compliant. Basically, a speech analytics solution looks at the actual words and phrases used in a conversation. For managers, this is very valuable as agent speech patterns can be identified, and potentially disastrous situations avoided.
With the ability to search through transcribed calls, a company can identify every instance where a specific word or phrase was said. On top of that, automatically generated reports can be created that show voice inflection and pauses in conversation.
All of these functions can be used to create a more dynamic training environment, which, when used correctly, will help agents remain compliant in future conversations.
Staying on top of compliance is smart. Unfortunately, too many companies overlook these key elements until it is too late. Investing in call recording or speech analytics solutions will pale in comparison to any government fine for not abiding to Sarbanes-Oxley or Dodd-Frank.
How are you protecting your organization against what is being said by your staff on their calls? Take the first step by downloading our "Words to Avoid on the Phone", and start on the road to a more compliant sales staff.