The volume of compliance actions continues to grow in heavily regulated sectors, as does the number of sectors with compliance activity. In fact, many companies have received regulatory orders requiring them to monitor 100% of their communications interactions. This in turn is putting a heavier burden on Compliance and QA teams trying to keep pace with regulatory developments, enforcement activity and the amount of content that needs to be reviewed for compliance.
With over 20+ years of experience in telecomm and technology, I’ve increasingly seen companies struggle with the need to balance increased revenue and customer satisfaction demands against the growing spectrum of regulatory compliance demands. As the challenges continue to grow, I’ve seen how partnerships with 3rd-party compliance solution providers are powerful resources for meeting those colliding demands.
Here are three powerful things I’ve found that 3rd-party compliance platforms provide:
1. A Standardized Approach to Applying Compliance Rules
With the same set of people monitoring communications interactions with customers, companies can ensure they have a team dedicated to applying all compliance rules in the same way, removing any uncertainty or ambiguity. When there is a dedicated, independent team using compliance monitoring technology with an expert-driven process and methodology, the resulting standardization and focus can drive increased compliance performance, without sacrificing similar efforts for customer satisfaction. Over time, with this steady, focused effort in place, adapting to new and changing regulations becomes a much easier process.
2. Eliminates the Opportunity for Bias and Increases the Efficacy of a Compliance Program
The bias use case alone brings the fundamental value of a 3rd-party monitoring partner to light. Internal QA teams may work or socialize with the people whose work they are reviewing, which eventually and unintentionally may form bias for many reasons. (Even compliance professionals have friends!)
What 3rd-party monitoring does for them is provide a check and balance—one that is dedicated to regulatory compliance and is exposed to many different types of regulation across many industries, ultimately providing a more comprehensive context of evaluation.
Internal QA doesn't need to be replaced—they do great work! But the best way to eliminate the opportunity for bias is to utilize independent reviewers who can provide objective feedback to company representatives. Together, compliance teams can work with 3rd-party monitoring partners to close the compliance loop on all communications channels.
3. Utilizes Compliance Subject Matter Experts
3rd-party compliance monitors typically have dedicated teams and individuals whose responsibility it is to research, monitor and evaluate new and existing regulations, as well as new and pending regulatory actions. Understanding how and why regulations are developed and applied can be a significant benefit to companies that are building compliance monitoring programs, evaluating existing programs and building technology that aides in the process of both.
A 3rd-Party Monitoring Solution
PerformLine's regulatory expertise spans multiple industries and the application of multiple regulations. Our technology is designed to optimize the process of monitoring and remediation in a manner that delivers a continuous loop of improvement to both process and the people engaged in the process. Learn how PerformLine's cloud-based solution for monitoring and remediation of B2C and B2B marketing and advertising communications streamlines companies' regulatory and brand compliance processes.
Join Susan Terry for an in-depth discussion on 3rd-party monitoring partnerships. She will be hosting a webinar on Wednesday, December 14 at 2pm EST. Register today.