Speech Analytics Assists Compliance

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Paul Stockford explains how speech analytics software addresses the new urgency of regulatory enforcement in the USA.

At the moment, I can’t think of very many industries that haven’t been affected one way or another by today’s regulatory environment. Once limited to such industries as food and drug manufacture, industry regulations now extend across commerce boundaries to touch nearly every aspect of corporate life.

Because the customer contact centre is an integral part of nearly all businesses today, it comes as no surprise to discover that the contact centre is also being impacted by the increasingly complex and rigid regulatory environment. Contributing to the need for compliance management in the contact centre is the Affordable Care Act (ACA) of 2010 and a number of consumer legislations that have extended privacy and other regulatory restrictions to a variety of industries.

Perhaps one of the most important changes in the regulatory landscape came with the introduction of the Dodd-Frank Wall Street Reform and Consumer Protection Act of July 2010. With its passing, the Dodd-Frank required that many businesses have had to learn how to be more responsive to potential compliance violations while proactively acting to prevent violations before they happen.

Regulatory enforcement has taken on new urgency since the passing of Dodd-Frank. In the past, companies being investigated for compliance breaches typically had months to respond to charges of regulatory violations. Not so any more. Compliance managers today must respond to potential compliance breaches in a matter of days rather than months.

Enforcement of Dodd-Frank legislation has made compliance management a deadly serious business with harsh penalties imposed upon those organisations that are complacent about it. It is also driving the need for technology that enables compliance managers to proactively address regulatory issues rather than reactively addressing violations. Speech analytics software, such as Nexidia Advanced Compliance Management, effectively addresses this emerging need.

The software provides a unique compliance management functionality that uses specific compliance procedures to drive the application and identify potential compliance breaches. Once identified, the compliance breaches are flagged, categorised and routed to the appropriate compliance officer.

Violations can be escalated as necessary and are sent through an organisation’s compliance management function along with an audit trail and notes from all previous analyses.

Paul Stockford

Paul Stockford

The software represents a welcome solution to a contact centre challenge that is no longer relegated to financial services markets alone and, given legislative guidelines, represents a complex and potentially costly management task.

Saddletree Research has recently authored a research paper that provides an evaluation of Nexidia Advanced Compliance Management.

Click here to download the report

With thanks to Paul Stockford at Saddletree Research

Author: Megan Jones

Published On: 7th Oct 2015 - Last modified: 18th Dec 2018
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