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 center is an integral part of nearly all businesses today, it comes as no surprise to discover that the contact center is also being impacted by the increasingly complex and rigid regulatory environment. Contributing to the need for compliance management in the contact center 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 anymore. 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 organizations 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. Nexidia Advanced Compliance Management speech analytics software effectively addresses this emerging need.
Nexidia Advanced Compliance Management 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, categorized and routed to the appropriate compliance officer. Violations can be escalated as necessary and are sent through an organization’s compliance management function along with an audit trail and notes from all previous analyses.
Nexidia Advanced Compliance Management represents a welcome solution to a contact center challenge that is no longer relegated to financial services markets alone and, given legislative guidelines, represents a complex and potentially costly management task. In order to offer a better understanding of this Interactions Analytics-driven breakthrough solution, Saddletree Research has recently authored a research paper that provides a detailed evaluation of Nexidia Advanced Compliance Management. To download this report click here.