Compliance leaders are increasingly required to handle new sorts of risks that are embedded in technology and data as firms seek to launch new products and drive corporate growth.
Consumer contact centers in today’s digitally connected world deal with a large amount of data, requiring sophisticated systems to track behavior, response rate and communication methods. While machine learning and advanced analytics can help businesses manage and make sense out of this data, a corporation cannot afford to overlook regulatory compliance when managing such large call volumes and personal information of consumers.
Globally, compliance is a “moving target” that shifts and changes based on the industry as well as local regulation to protect the end customer. For example, globally the consumer protection rights and how companies communicate with consumers over time are taking a center stage. Failure to comply with industry norms and government legislation may lead to heavy fines and litigation, in addition to bad press.
Crucial to any business, Accenture estimates $270 Billion USD per year is spent on compliance itself. Widespread globalization has led to large multinational corporations facing challenges, such as understanding whether foreign laws apply to them and acting proactively to identify new risks that can negatively impact long-term company growth. These constant changes often require some form of re-engineering compliance procedures, however not all firms have the resources to stay on top of new legislations, let alone manage, communicate, and enforce all areas of compliance throughout their whole organization.
This is where a comprehensive and automated compliance management system comes in handy.
While compliance management is critical to simplifying operations, it is regarded and perceived differently by various stakeholders. When a company chooses compliance management, its decision-makers are involved from the start to ensure correct clarity, seek external assistance from lawyers, consultants, and most crucially, impart training to employees on all local and international regulations and laws. Particularly those that are non-negotiable.
Business leaders, including chief compliance officers (CCOs), are struggling to deal with the fallout from an unprecedented global pandemic. There is a need to continually adapt to employee and consumer requirements in the new world of business, all while negotiating ever-changing and increasing operational and financial issues. In addition to this, as businesses digitize, there is a sense of urgency to keep in place a compliance management system that saves them from a potential non-compliance lawsuit.
For the same, an effective compliance management system allows an institution to learn about the various aspects of compliance management:
· Learn about the company’s compliance obligations
· Ascertain that staff is aware of their responsibilities
· Ascertain those needs are considered in business processes
· Examine operations to ensure that obligations are being fulfilled and that requirements are being met
· Automate the tracking of employee behavior, especially in the case of contact centers, to ensure call scripts written with compliance in mind are being followed
· As needed, flag where corrective action is needed
· Ensure that policies and procedures remain updated per the latest standards and rules
Compliance leaders are increasingly required to handle new sorts of risks that are embedded in technology and data as firms seek to launch new products and drive corporate growth. Advanced technologies such as artificial intelligence (AI), robotic process automation (RPA), and regulatory technology (RegTech) are being used to simplify and automate compliance and controls testing, as well as establish governance and continuous reporting and analytics, as new intelligent technologies transform the compliance function.
Because being prepared is better than catching up after a legal incident, it is critical to develop a solid and proactive compliance strategy. An automated compliance platform can assist businesses in meeting a wide range of compliance obligations by allowing them to communicate compliance to auditors, employees, and consumers alike. Compliance has the potential to be an integral and powerful business driver, allowing them to instill trust and confidence in their customers thereby helping stand out in a hyper-competitive industry.
Source: Business World