Seven Elements of a Robust Quality Assurance Program Part 2

Part 1 of this series discusses the business need for a robust quality assurance process and identifies effective call monitoring and speech analytics as critical components. This part will identify three additional critical components and discuss the value they add to a robust quality assurance process.

1.  Call Monitoring Program (included in Part 1)

2.  Speech Analytics (included in Part 1)

3.  Reporting
A robust quality assurance process will produce a mountain of data which can be invaluable for improving business processes and customer service.  However, raw data is of little use without reporting that can transform it into actionable information that guides executives in making informed decisions.  Regular reporting aids in the early detection of problems in the collection process and the identification of root causes of issues that need to be remediated.

4.  Continuous Calibration
Human beings are a critical component of any quality assurance process.  Even the best defined expectations can be subject to multiple reasonable interpretations.  It is important to have constant interdepartmental dialogue to ensure operations, compliance and training are on the same page as to what the expectations are for the associates on the floor.  This can take many forms.  Some companies opt to have designated calibration sessions where operations, compliance and training meet to grade and discuss a sampling of calls.  At CBE, the most effective way we have found to ensure continuous calibration is through our objection resolution process.  If operations management disagrees with a quality assurance finding, they have the ability to raise an objection.  This prompts a dialogue between operations management and compliance management which results in more clearly defined expectations.  In the event changes need to be made operationally, training is engaged to roll out the change to the floor and ensure documentation is appropriately revised.  The objection resolution process can also serve to introduce accountability to the quality assurance specialist to ensure call evaluations are being performed in accordance with defined expectations.

 5.  Compensation Policy Factoring Quality
Recent regulatory scrutiny directed at some of the largest financial services companies in the world demonstrate the power of a company’s compensation incentive program in driving employee behavior. As such, the Consumer Financial Protection Bureau expects supervised entities to institute incentive programs that include effective controls to mitigate risks to consumers. While the CFPB does not mandate any particular compensation structure, it is generally understood employee incentive programs should place an emphasis on compliance in a manner sufficient to ensure employees are properly motivated to adhere to all applicable federal, state and local laws and regulations. Incentive programs should be well documented and periodically audited to ensure compliance.

Stay tuned for the last part of the series.


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