The Importance of Regulatory Compliance in Business
All organizations must adhere to a set of guidelines, rules, and regulations that are specific to their industry as part of their operations. Violation of these standard regulations often results in lawsuits, federal fines, and social media backlash. But compliance is often a moving target. Government regulations change. Best practices evolve to meet changing technology.
To maintain compliance and avoid putting your brand at risk, organizations have to understand the ever-changing regulatory environment and monitor changes closely. You must also adapt, and any business partners you entrust with customer data have to update their protocols, training, and technologies accordingly. Here’s what you need to know about why this is so important to businesses and customers.
What Is Regulatory Compliance?
Regulatory compliance is having a consistent standard of adherence to:
- Laws established by government agencies
- Industry-specific regulations
- Guidelines and best practices for your industry
- Regulations established by a certifying entity
Depending on your industry, these regulations can vary widely. For example, depending on your industry, you may be most focused on varying types of compliance:
- HIPAA for Healthcare. HIPAA requirements apply to private practice, hospitals, and treatment centers.
- FERPA for Education. FERPA regulation applies to universities, trade schools, private and public schools.
- PCI Compliance. PCI is relevant for any business that handles credit card payments. PCI compliant companies include eCommerce, Brick-and-Mortar, Online Software, and Service Providers.
- SOC 2 Compliance. SOC 2 governs businesses that handle customer information. SOC 2 compliance applies to any organization that collects customer information in any capacity.
And these regulations not only apply to the company itself. Any business associates, partners or other third parties with access to protected information must be equally compliant.
Why is Regulatory Compliance Important?
What Are the Benefits of Compliance?
1. Increased trust among customers.
2. A more compliant culture.
3. Continued meeting of qualifications.
4. A great story to tell.
5. Cleaner data.
6. Efficiency and scalability.
How Do Global Response’s Compliance Services Stand Out from Other Call Center Outsourcing Companies?
Your call center partner should be your ally in your compliance efforts. Here are just some ways that Global Response delivers on its promises.
At a basic level, firewall adjustments, system updates, and encryption are some of the resources available to ensure a call center is fully compliant. Global Response goes beyond the basics:
- Fully integrated technology, including a customer relationship management system that balanced security with accessibility and delivers the right customer experience.
- Customized call center workflows that minimize the number of interactive checkpoints necessary for resolution. Because of this, you have greater control over the information generated and shared during the customer service process.
- Industry-leading hiring, training, and culture-building programs to ensure that every brand specialist managing customer interactions is not only compliant but also empathic, mindful and passionate about your brand.
Beyond generic compliance, let’s look at Global Response’s industry-specific knowledge, experience and certification across several important industry verticals and compliance types.