Compliance Risk Management from a Distance with Automated Quality Management (AQM) | CallFinder
Home CallFinder Blog Compliance Risk Management from a Distance with Automated Quality Management (AQM)

Compliance Risk Management from a Distance with Automated Quality Management (AQM)

April 08, 2020 by Morgan Pulitzer

compliance risk management using an AQM solution
When Bob Dylan wrote “The times, they are a-changin’,” it’s hard to say if he ever suspected they would change this much. Because of the COVID-19 pandemic and social distancing, most business transactions must occur online or over the phone. Customer service is more important than ever due to the growing uncertainty and fear during this pandemic.

This presents a unique challenge for business owners and employers who are now faced with the difficult task of monitoring agent interactions and script compliance from a distance. Fortunately, compliance risk management is easy with a cloud-based, automated quality management (AQM) solution. Plus, using an AQM solution can monitor 100% of agent-customer interactions and ultimately minimize the following common risks:

Heavy Fines Due to Non-Compliance

For heavily-regulated industries, it is imperative that all agents maintain script compliance. Each script is usually approved according to national, regional, and local laws and regulations. Failure to follow those scripts can result in costly legal ramifications. Most businesses cannot afford the cost of a potential lawsuit or fines. Compliance risk management then becomes the number one priority for these businesses under constant scrutiny.

But even before COVID-19 moved agents to remote work environments, companies were using outdated methods to ensure script compliance. Manually listening to a handful of calls does not provide an accurate evaluation of an agent’s overall performance, especially non-compliant agents.

An AQM solution with call transcription can quickly search every agent-customer conversation for specific words and phrases in the script. Automated scorecards can then score that agent or agent team on how well they followed the script. This information is vital to proper agent training. By tracking which agents go off script and how often, companies can easily reduce the risk of litigation, protecting both the agent and the business.

Losing a Customer Because of One Bad Call

In addition to legal fees, businesses cannot afford losing a customer, especially if it can be prevented. And in such a stressful time, understanding and responding to customer needs is more important than ever. All it takes is one bad interaction to lose a customer.

When customers feel truly heard and appreciated, they are more likely to maintain their brand loyalty. That’s why it’s so important for agents to consistently deliver an exceptional customer experience. Speech analytics helps guarantee that agents are prepared to address concerns and provide excellent service no matter where they are located.

Agents Who Quit After a Bad Experience

Agent attrition is the third costly risk for businesses. According to IMCI, businesses “consistently undervalue the true financial toll that attrition takes.” Now that agents are working from home and have more flexible schedules, they can establish a better work/life balance. Although this has been shown to improve morale and job satisfaction, even agents who work from home can get discouraged without feedback on their performance.

A cloud based AQM solution gives supervisors the right data to assess their agents’ interactions with customers. When supervisors get an accurate sense of an agent’s strengths and weaknesses, they can provide more valuable feedback. This helps agents feel more appreciated and more likely to want to continue to do their jobs well, and less likely to search employment opportunities elsewhere.

In order to remain both relevant and successful, businesses must adapt to changing times. A cloud-based AQM solution is ideal for monitoring work-from-home agents because it requires no new hardware, and it is easy to implement and maintain. Businesses can lower risk while increasing customer satisfaction with an AQM solution that includes onboarding and continuous support from the solutions partner.

Using CallFinder for Compliance Risk Management

Are you concerned about your compliance risk management during these changing times? Are you monitoring script compliance by listening to just a handful of calls? See exactly how CallFinder can help by scheduling a custom demo of our automated quality management solution with one of our AQM experts.

Share: