Keeping Your Business Out of Regulatory Trouble with Analytics
Every company understands the critical importance of regulatory compliance.
The consequences of being found out of compliance with regulations such as HIPAA or Sarbanes-Oxley include lengthy audits, hefty fines, lawsuits and customer distrust. These ramifications are dire and can threaten the long-term viability of an organization. But even with the best of intentions, adhering to today’s regulations is fraught with challenges. After all, there are hundreds—if not thousands—of customer interactions happening every day; and it only takes one non-compliant conversation to put an entire organization at risk. As the heart of customer interactions, the contact center is both core to compliance risk while also being uniquely positioned to help mitigate and protect today’s businesses.
One way contact centers help mitigate risk is through the practice of random sampling of customer calls. However, for every 100 calls reviewed by a compliance analyst, it is estimated that only one non-compliant interaction is caught. This means that not only are other non-compliant interactions likely to be flying under the radar, the compliance analyst is wasting a lot of time reviewing perfectly compliant calls in pursuit of the handful of errant ones. Luckily there is a better way, and that way is contact center analytics.
With a solution like Calabrio Analytics, organizations can capture 100% of speech and text interactions between contact center agents and customers. They can then apply filters for key non-compliant keywords or phrases, such as “100 percent guaranteed” or “all costs are covered,” to quickly and efficiently identify interactions that warrant a closer review. As a result, compliance analysts make the best use of their time getting ahead of issues before they spin out of control, and are able to identify opportunities for agent coaching.
To give one example, a major contact lens retailer once faced challenges in meeting compliance standards of the Fairness to Contact Lens Consumer Act (FCLCA). Under this act, they were required to attempt to verify every contact lens prescription with eye care providers before shipping lenses to consumers. The retailer had no means to automate the categorization of verified versus unverified prescriptions, leaving them unable to prove they made the appropriate efforts. They also found the inability to tracks verifications negatively impacted their time-to-ship. With Calabrio Analytics, the retailer was able to prevent up to $1.2 billion per year in compliance fines, re-allocate employee time to solving more critical business issues and fulfill their brand promise of quick delivery.
Other benefits of our Calabrio Analytics solution include:
• Advanced search capability allows you to search for interactions in which a term was not used and to find interactions that contain one or more phrases together
• Regular reporting based on key terms to analyze your business’s most frequent compliance violations
• The ability to run ad-hoc queries for new terms that have the potential of being new risk areas