Managing Compliance in a Multichannel World. From Risk to Reward in Three Steps

Transcription

1 Managing Compliance in a Multichannel World From Risk to Reward in Three Steps

2 Table of Contents The Constant Battle 3 Three Steps From Risk to Reward 4 When is 100% Not Enough? 5 NICE Engage Platform: How it Works 6 - Monitoring for Analysis - Compliance Policy Enforcement - Interaction Retrieval for Complaint Resolution and Regulatory Requests NICE Engage Platform: Why it Works - Security - Business Continuity - Periodic Health Assessments - Designer Tools 9

3 3\13 The Constant Battle Compliance with consumer regulations is becoming increasingly complex, especially when it comes to multichannel customer interactions. And if not managed well, the legal, reputational and operational consequence can be destructive to your enterprise. Nowhere is this more true than in customer service, espcially the contact center, with all of the fallibility and unpredictability of human interactions.yet, regulatory compliance need not feel like going up the down escalator - a constant battle just to stay. Over 1 billion dollars compliance infraction penalties in the US financial industry, 2014 With the NICE Engage Platform, some the most powerful recording and retrieval technologies come together for optimized compliance and responsible business conduct. The solution protects your company, guides your employees, and creates a more perfect customer experience.

4 4 \13 3 Steps From Risk to Reward NICE Engage changes compliance risk into operational reward. The Recording Tool Compliance Failures and interaction analytics help shape an effective compliance policy, including the automation of errorprone processes. Real-time guidance makes sure your agents take the nextbest action for compliance. shape an effective compliance are proactively detected while customer complaints are more quickly addressed. You can then make sure corrective measures are precise and implemented effectively. This three-pronged approach creates a 360-degree feedback loop of improved compliance and a better customer experience, but it all starts with comprehensive interaction recording Systemic Compliance Risks are identified in high-level compliance management system (CMS) data analysis. These gaps can then be easily closed long before they become compliance failure.

5 5 \13 When is 100% Not Enough? Interaction recording is the key to getting maximum benefit from any CMS. The problem is that, generally, those companies that think they are recording effectively - are not. Even when a company is performing to the current industry standard, with 100% of calls into the contact center recorded, that are too is insufficient. NICE Engage Platform provides a multi-channel recording solution, acrossthe - board compliance assurance, regardless of communication channel, time or location. SMS IVR Mobile Inbound and outbound calls? Walk-ins at company brancahes Video IM Chats Telephony What s Next? With nice engage platform, your compliance managers can see potential compliance risks otherwise hidden in multi-channel interactions. they can also identify compliance best practices for each communication channel

6 How it Works 6 \13 Monitoring for Analysis Interaction recordings reveal the factors that shape compliance. Regular and in depth risk assessments reveal hidden practices, such as sub-optimal work processes, that increase the risk of compliance. Data mining for interactions that contain regulation violations uses speech analyticsbased search tools. A single, highly dynamic dashboard displays compliance and other metrics from all channels, comparing them coherently to provide useful statistics. Customizable and actionable data reports can be created as needed.

7 How it Works 7 \13 Compliance Policy Enforcement For agents, real-time guidance signals the next-best-action. Mission-critical compliance procedure are automated to avoid human error. On the management level compliance quality monitoring tools rank and evaluate agent or team performance. Relevant and timely compliance coaching can be designed and necessary operational changes quickly implemented. Real-time alarms are triggered when compliance exceptions or failures are detected.

8 How it Works 8 \13 Interaction Retrieval for Complaint Resolution and Regulatory Requests Smart, consistent tagging of recordings across all channels allows fast retrieval. Bulk retrieval can be based on rich queries. Detailed recordings are persuasive evidence of compliance,indicating adherence to regulations and appropriate disclosures, serving as a defense against claims of misrepresentation, or proving client consent. Retrieved interaction data results are ranked by relevancy, allow previewing, include a method to select specific results, and offer action options (such as sharing insights, creating a new search, triggering a QM process, etc.). Recording retention periods can be customized for specific interactions and channels, and changed as needed, to suit any regulatory environment. Fast retrieval can mitigate the risk of complaint escalation and earn regulatory benefits.

9 Why it Works 9 \13 Security End-to-end media encryption of recorded interactions - from the point of capture, through storage, transfer, retrieval and archiving. Customer data protection meets thehighest standards of regulatory compliance.

10 Why it Works 10 \13 The solution includes: A manager of managers dashboard. Business Continuity Crucial interaction management infrastructure is resilient across data centers and all channels. Full data center failover protocols. Recording server resiliency mechanisms. Local and geo-clustering for all components.

11 Why it Works 11\13 Periodic Health Assessments A regular risk-based sampling of interactions. Detailed records of agent behavior and customer service processes. A robust infrastructure testing program for all customer-facing sites. Oversight of third-party contact centers. Operational and support solutions can be regularly re-aligned forgreater compliance.

12 Why it Works Designer Tools 12 \13 Automated NICE Engage tools can be fine-tuned to align with your specific industry s compliance protocols.

13 About NICE NICE (Nasdaq: NICE) is the worldwide leading provider of both cloud and on-premise enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 22,000 organizations in more than 150 countries, including over 80 of the Fortune 100 companies, are.using NICE solutions