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?
Improved customer trust
Companies who prioritize compliance—and demonstrate that to their customers—earn customer trust. Customers who can trust a company or brand spend more, purchase more frequently and also tell (on average) more people about their experience with the company. After all, customers want to work with and purchase from brands they can trust—so if you earn their trust, you can directly impact your bottom line.
A culture of compliance
Companies who prioritize compliance send a message to employees about the importance of complying with regulatory statutes. As a result, employees have more incentive to be mindful about their own participation in compliance and are more engaged in compliance procedures.
Clean data is essential for delivering exceptional customer experiences, and yet, so many companies overlook this benefit when prioritizing compliance. In order to deliver a great customer experience with personalized and effective experiences, you need to be confident in your data. Compliant companies have systems in place to ensure data is collected, analyzed and stored accurately, allowing you to be more effective in your marketing and customer experiences.
Efficiency and scalability
Being compliant allows you to be more efficient and scalable with your processes. How so? Compliant companies are able to streamline their processes, while still being confident that customer data is safely and accurately stored. As a result, you can maximize your efficiency while delighting customers—and keeping their data safe.
Ready to perfect your CX?
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.