Why Manage Compliance?
Compliance management is the process by which businesses and managers ensure compliance with certain laws and regulations. When you call a business and hear, “This call may be recorded for quality purposes,” that’s typically because that business is trying to manage compliance with call recording. Plus, businesses are often required by law to notify callers they are being recorded.
And this regulation is just one of many that businesses must adhere to. Other examples include redacting credit card CVV2 numbers from recordings and transcripts over the phone (PCI DDS). Outbound call centers must respect “Do Not Call” registries. Debt collection agencies cannot harass people for payment. And the list goes on.
Compliance in the Contact Center
Compliance rules can vary from industry to industry, as well as across counties and states. This means businesses must be especially careful about what’s said in contact centers. Failure to meet compliance regulations can have dire consequences for businesses. Not only can customers lose trust in a business if sensitive information is leaked, but businesses can also face up to tens of millions of dollars in legal fees and penalties.
While recording calls is commonly used to manage compliance, most contact center managers don’t have the time to manually listen to every single phone conversation. Yet just one mistake can be incredibly costly. Fortunately, there are tools that can help ensure and manage compliance consistently and accurately.
Call Quality Monitoring with Call Transcripts
To fully manage compliance during phone calls, managers should be able to monitor 100% of their calls. An automated quality monitoring (AQM) solution that uses speech analytics and call transcriptions can do this. AQM solutions scan all recorded calls for specific keywords and phrases.
Speech to text transcripts provide the ability to visually search and analyze all agent-customer interactions within a specified date range. By using these tools, managers can efficiently detect instances of non-compliance. They can use this information to improve training and make necessary changes to contact center scripts.
Maintaining full compliance in the contact center can be daunting, but scorecards can make the task a lot easier. Automated scorecards evaluate agents on an individual or team basis using a specific set of standards for each call.
Agents can see precisely where they fall short in maintaining risk compliance, and managers can work with them to strengthen their skills. Scorecards eliminate bias because they include the same pre-set standards for everyone. Automated scorecards help improve agent performance, quality management, and compliance.
Compliance regulations continue to hold businesses to high and exact standards. Businesses need to be particularly vigilant, especially now that more employees are working from home. Solutions, such as call quality monitoring with transcripts and scorecards, help manage compliance more fully and accurately.