3 Core Elements for Contact Center Compliance - ConnectFirst - ContactCenterWorld.com Blog
Contact centers are under increasing pressure to uphold compliance regulations. With the customers’ Quality of Service and Service Level Agreements on top of governmental regulations, businesses can find it challenging to maintain compliance in every single required domain of operations. Some might even ask — how bad would it be to oversee some of the regulations and take the risk.
The Cost of Non-Compliance
Contact center compliance is an expensive investment. Analysts estimate that companies can collectively account for around $20 billion of compliance spending each year. These can be required by a specific industry or governmental interest (like Freedom of Information Act) or be cross-industry (like PCI Security Standards). And together they amount for a hefty check for a single company with spending on technology, experts, and training for compliance growing each year.
However, the losses from non-compliance are far greater. From a single TCPA violation with a fine of $500 up to a PCI breach that can cost $25,000 per day – business cannot sustain positive financial balance, let alone flourish if these fines are commonplace.
The Three Core Elements for Contact Center Compliance
A rundown of all the contact centers standards will make your head spin, with such elegant names, like SEC 17a-4, HIPAA, FDA/21CFRp11 among the many others. That’s why we’ve decided to focus on the three core areas that will enable you to secure compliance.
1) Recording all contacts and customer interactions
Storing literally every single interaction you make with a customer is your safety net. Apart from the utility of this data and its various business applications, it ensures that you don’t get sued or have rock-solid evidence of compliance if you do. The Do Not Call or Telemarketing Fraud Prevention Act standards are effectively mediated with this capability. Data storage solution capable of handling massive volumes of data is crucial to this approach, making unlimited data storage a very strong proposition in the current market.
2) PCI standards
Failure to adhere to the PCI standards is arguably the most costly. There is hardly more sensitive information you will be dealing with than in the Payment Card Industry, with possible exceptions to be medical records and personal information. Heartland Payment Systems, a leading US payment processing provider, felt the damage of non-compliance in 2009, when a data security breach resulted in a total of $170 million lost, an increase in customers churn, stock price fall of 78% and delistment from Visa and MasterCard. PCI compliance could not prevent all of the problems — but it could mitigate nearly all of them.
3) Safe Mode
Finally, despite companies looking for the biggest outreach and hold on to every potential customer – knowing who you definitely should not call is a great way to avoid some of the most common contact center violations — TCPA and National Do Not Call Registry. Having “smart” customer lists, the so-called whitelists and blacklists that are dynamically updating is a lifesaver for many contact centers. This is the first step to targeting marketing. Knowing who not to call can save you more money than getting those extra cold-calls under your belt.
Publish Date: May 31, 2016 5:00 AM
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