What do you really know about compliance?

Mike Hutchison sets the record straight about 5 of the most common myths surrounding compliance.

1.    My manual audit team’s efforts are good enough.

The Truth: Having a manual audit team is a start, but the reality is that they are only able to monitor a very small sample of interactions.

In addition, they spend a lot of time listening to an entire call, to find the one section where a violation may have taken place.

2.    Monitoring a sample of my calls is sufficient, it represents the whole.

The Truth: This can be a dangerous attitude in today’s tightly regulated world, when every infraction counts.

It’s imperative that every interaction be monitored so you know with certainty that no violations occurred.

3.    I’m not in a regulated industry, so compliance doesn’t affect me.

The Truth: Compliance is about more than just industry violations.

Corporate and brand standards are just as important, and having a system in place that ensures these values are upheld on every call and by every agent is an integral part of protecting the customer experience.

4.    Real-time alerting is enough to make me compliant.

The Truth: By the time a real-time alert has happened, the violation probably already occurred.

In addition, many companies believe that they can send alerts to supervisors so that they can intervene when needed to correct inappropriate behaviour. But often the supervisor to agent ratio may not make this possible to maintain at a consistent level.

Real-time alerting can help remind and reinforce appropriate behaviour, but should be paired with post-call analytics to measure agent adherence, augment coaching and maintain policy adherence.

5.    I’m already recording. I could provide the audio requested by a regulator if required.

The Truth: Regulatory agencies often ask for large quantities of audio that they want delivered in a short amount of time.

Are you sure you could extract and deliver the volume they want, of the call types they want, if you aren’t already categorizing calls?

What’s more, wouldn’t you want to know what’s in them before turning them over, so you don’t have to worry that you’re about to be fined for an infraction?

Analytics can help to remove the anxiety associated with an audit by helping companies ensure they’re prepared.

With thanks to Mike Hutchison, Vice President of Business Operations and Sales Support at Nexidia