It goes without saying these days that compliance is a key component of a sound business and not a “nice to have” anymore. Regulators like the CFPB and the FTC don’t discriminate between growing and established businesses when it comes to compliance and protecting consumers. When rules are broken - knowingly or not - the business and its management always pay the price. For marketplace players, including those in the sharing, gig, on-demand, peer-to-peer and collaborative economy like Instacart, Sittercity, Lyft and AirBnB, compliance adherence is comprised of user safety and trust, permits and background checks, as well as marketing and sales compliance.
With the ever-growing compliance considerations of the marketplace ecosystem, how can an organization keep up and ensure that they are staying within the regulations? The answer: RegTech. Regulatory technology is both cost-efficient and able to identify and mitigate the challenges in managing compliance risk. At PerformLine, we built the leading sales & marketing compliance platform that features full crawling and discovery capabilities, real-time risk analytics, workflow & remediation tools. Our technology monitors across all channels of supply-side and demand-side recruitment to ensure regulatory and brand compliance for players in the marketplace ecosystem. This includes: all web traffic (job sites, blogs, affiliates, etc.), contact centers, chat, email and social media.
PerformLine is no rookie when it comes to the sharing, gig, on-demand, peer-to-peer and collaborative economy. We work with one of the largest ridesharing companies to help them mitigate their risk and ensure brand safety across several communication platforms. Because of our leadership and experience helping companies manage compliance in the space, Paul Monticello, from PerformLine, was asked to speak at the Marketplace Risk Conference alongside other influential experts to discuss the regulatory landscape for these marketplaces. Paul was joined on stage by former COMPLY2019 speaker alums Alix Rosenthal, VP Compliance from Lyft and Derek Smith, Associate General Counsel, Homes from AirBnB for a discussion about how exactly the regulatory environment is changing for marketplaces across the industry.
"The ability to monitor and discover concerning content not only helps you mitigate your compliance risk exposure, but it's also a competitive advantage, allowing your marketing team to create more content and get it out to market quickly, and confidently." - Paul Monticello
It’s no secret that regulations have increased significantly for the gig economy, and will only continue to increase over time. It's important, now more than ever, for the gig economy and other industries alike to anticipate and prepare for what possible regulations might come into play.
Ensuring that your company is within regulations across all customer communication channels is vital in order to avoid costly fines and brand damage. Most recently, social media has become a big focus point for regulators as they start to crack down on social media influencers. The FTC mandates that influencers should clearly disclose their relationships to brands when endorsing products through social media. The FTC went as far as issuing Endorsement Guides suggesting no ambiguous messaging regarding the relationship and incentivization for the influencer to publish specific advertisements on behalf of the brands they are partnered with.
The gig economy players also face scrutiny pertaining to WEB published marketing and sales content for the acquisition of new users or representatives of their platform. A RegTech use case is predicated around PerformLine’s ability to monitor a brand’s web presence in their recruiting and referral efforts for new users and workers via affiliates and job boards. Our software crawls both known and unknown domains on the web to identify the presence of required disclaimers or find banned language often used in the recruitment of gig workers and may be considered deceptive or misleading around earnings, hourly limits, employment, payment frequency, etc.
From a brand reputation standpoint, it’s important to monitor call centers and chat centers. Speech Analytics tech can help discover script adherence misses from a compliance or customer service standpoint, identifying opportunities for agent coaching to provide the customer the best possible experience - leveraging tech to be a competitive advantage while aiding to adherence of regulatory issues.
"Think about every time you call customer service - the agent you speak to can very well dictate your opinion on that organization and determine if you choose to work with them or not." - Paul Monticello
Monitoring marketing and sales communications across all interaction channels is vital to ensure compliance, including on the web, call centers, chat centers, emails and social media. Utilizing RegTech like PerformLine’s multi-channel platform can help large companies in the gig economy and beyond discover and monitor their brands across all five of these platforms and maintain compliance at scale. Want to learn more about how PerformLine can help mitigate risk? Speak to an expert today.