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Navigating the Modern Complexities of Compliance

What Is Compliance?

Compliance involves taking steps to ensure the company and its staff are acting in accordance with all internal policies and rules as well as external laws and regulations relating to your industry.  Now, let’s shed some light on why compliance is so important and why having the right tools can help manage the complexities associated with those efforts.

Why Is Compliance So Important?

If a business needs to be successful, meeting compliance needs is paramount. Here are four main reasons why compliance is important:

To Establish Customer Trust and Brand Loyalty: When it comes to expanding your businesses, reputation matters a lot. If your business fails to meet its compliance obligations, then it can jeopardize customer trust and loyalty and will have a cascading effect across all business functions and profitability. 


To Improve Operational Processes:
When compliance is done the right way, it increases employee efficiency because they are trained properly on how to do their jobs effectively. This in turn results in overall improved operational processes for the business.

To Boost Profits: A compliant business avoids penalties which ultimately leads to a higher profit margin. Many studies conducted over a period have confirmed that companies with strong governance and compliance procedures perform better than their counterparts.

To Reduce Unforced Errors: Healthy compliance within an organization can help reduce internal disputes and unforced errors. By tracking core metrics to pinpoint areas of under-performance and friction, a lot of misunderstandings and disputes can be prevented.

Ways SpiceCSM Can Help With Compliance Needs

Many businesses use SpiceCSM to efficiently become and stay compliant with certain laws or business protocols. Here are some ways by which SpiceCSM is helping clients meet their compliance needs:

 

Guided Workflows: The guided workflow tool offered by SpiceCSM allows customers to add checks and balances to their business processes. This ensures that data is captured correctly, and the right steps are taken to conduct business. The company also ensures things are done in the correct order, or that prerequisites are completed.

In addition, credit card numbers or any other sensitive data entered via the process workflow interface can be custom redacted to the last 4 digits (or any desired redaction format) before the data is submitted to the SpiceCSM platform.

 

Helping With Legalities Around Recorded Calls: Most Contact centers and businesses rely on recorded calls to provide support in training and product or service important. Recorded calls are also pivotal for gathering metrics and data from various channels to improve customer service and build a robust customer experience strategy. But is there a legal risk to recording calls?

 

This is where SpiceCSM comes into play as many of their clients use Spice to 'verify' the 'this call is being recorded' disclaimer is read to a caller beforehand. To ensure this step is conducted properly, they are provided with a check box to proceed. Workflow can also trigger to mask call recordings by integrating with a supported phone system.

Managing Call Restrictions: Certain types of activities may have special restrictions, such as certain types of calls that are only permitted twice a week. SpiceCSM works hand in hand with ACD’s/Dialers to help ensure the specifics behind outbound calls, such as determining “when” outbound calls can be made.

 

By using the SpiceCSM process management tool, businesses are offered a great option to customize calling cadences and therefore remain compliant.

 

HIPAA Compliance: Healthcare industries must comply with HIPAA privacy rules. Since SpiceCSM is HIPAA compliant, it helps health-related businesses keep up with the legalities and privacy laws surrounding HIPPA compliance.

 

PCI Compliance: SpiceCSM has customizable controls and functionalities that are PCI compliant. While SpiceCSM does not process payments, the company has all the necessary tools to help businesses interact with 3rd party payment processors in a way that they remain PCI compliant.

 

Hosting:

SpiceCSM is hosted in the Amazon Web Services (AWS) platform, which is certified as a PCI DSS Level 1 Service Provider, which is the highest level of assessment available.

 

 

References and Citations

https://www.powerdms.com/policy-learning-center/what-corporate-compliance-is-and-why-its-important

https://www.aresriskmanagement.com/why-compliance-is-important/

https://en.wikipedia.org/wiki/Health_Insurance_Portability_and_Accountability_Act

https://digitalguardian.com/blog/what-pci-compliance

https://www.oxial.com/all/why-compliance-is-important-for-businesses-of-all-sizes/

Don’t forget to head on over to our Blog to read more about How a CRM is Critical to The Customer Journey.  If you want to learn more about how SpiceCSM is helping transform organizations and customer experiences, contact us for more information.

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