As regulatory technology continues to anticipate and solve for compliance management, senior risk leaders now have the option to manage their compliance programs on a multi-channel level. Investing in and using a multi-channel compliance program provides you with the ability to monitor all of your communication channels synergistically, like your call centers, your email campaigns, your customer service chats and your social media posts. This comprehensive approach helps to not only mitigate risk, but also helps make data-driven decisions while improving internal efficiencies, which fundamentally drives revenue for your business.
1 | Mitigates Risk & Protects Your Brand
Proactively tracking and monitoring any one communication channel for regulatory and brand compliance mitigates your risk, but monitoring across all of your communication channels mitigates risk ten-fold. Using a multi-channel compliance program allows you to monitor for the same regulatory and brand compliance guidelines across all channels in which you’re interacting with consumers.
2 | Provides Impactful Data
A multi-channel compliance program gathers data from all of your communication channels and then provides you with purposeful data, trends and clear insights in order to take action, make better business decisions, and drive better opportunities. This data provides a more clear look at which channels and products are performing the best from both a compliance and marketing standpoint, and can help you better understand your internal teams, partners, reps and/or agents.
3 | Improves Internal Cross-Department Communication & Efficiencies
A multi-channel compliance program creates efficiencies between internal legal, compliance, sales and marketing teams. This type of program compiles data from all communication channels into one platform for consistency and alignment of compliance KPIs across departments. Once data is gathered and analyzed, it can be utilized to shape common business goals and KPIs for each department to work towards. When all departments are on the same page, your company can execute quicker and more effectively, giving you a competitive edge.
4 | Drives Revenue
By utilizing a multi-channel compliance program, you significantly decrease the amount of time it takes to monitor and remediate compliance violations, enabling your compliance team to be more efficient. It provides the ability to expand communications across several channels without the added workload of having to manually monitor each one. Now, the time and resources previously dedicated to manual compliance monitoring can be reallocated towards bigger business objectives. This ultimately improves your speed-to-market pace while accelerating sales and driving efficiencies without worrying about putting your company at risk.