The financial services industry operates in a dynamic legal and regulatory environment where expectations are constantly changing and the consequences of non-compliance are potentially crippling. Consumer litigation has exploded and the Consumer Financial Protection Bureau has sweeping enforcement, rulemaking and supervisory powers the likes of which have never been seen. Creditors are expected to have line of sight into the activities of their service providers and have modified vendor management programs to require extensive and continuous auditing of all aspects of a service provider’s operations. Regulators expect service providers to have a strong grasp of what is actually occurring in consumer-facing communications. Having solid policies and procedures is not enough. A robust quality assurance program is instrumental in ensuring front-line staff executes the vision of a service provider’s compliance management system.
1. Call Monitoring Program
When it comes to accuracy and depth of review, there is no substitute for having professional quality assurance specialists evaluate actual phone calls handled by associates. An effective call monitoring program will have well-defined findings and a meaningful scoring model that accurately reflects the risk to the business. It will be malleable to client expectations and changes in the regulatory landscape. In order to provide meaningful data, quality assurance specialists must evaluate a random sampling of calls of different types and durations so that an associate’s body of work is accurately reflected by the results of the monitoring session.
2. Speech Analytics
This powerful technology mines and analyzes call recordings for the purpose of extracting useful information about the dialogue content and the speaker’s acoustics. Speech analytics gives companies the ability to study phone calls at a high level to help measure business processes, improve training programs and assist with measuring management and staff effectiveness. It is an excellent complement to a call monitoring program as it provides insight into every recorded call made in a call center. As all calls are analyzed, speech analytics allows for targeted investigations into issues that may not be identified in the comparatively small sample size of a manual call monitoring session.
Stay tuned for Part 2.