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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?

Regulatory compliance ensures your organization is able to mitigate risks, and continues to meet qualifications. Compliant companies and those who work with them can run at peak performance, saving you costs while keeping customer data safe and satisfied with their brand experience.

What Are the Benefits of Compliance?

1. Increased trust among customers.

This influences everything from revenues to the cost of hiring to marketing costs. Customers buy more, buy more frequently and want to share their positive experiences on review sites and with friends. 

2. A more compliant culture. 

Employees are engaged and mindful about their responsibilities to customers and the company

3. Continued meeting of qualifications. 

If you’re certified by an organization, you want to maintain that certification. This might also apply to meeting qualifications to continue taking a certain credit card.

4. A great story to tell. 

Businesses today need a story. Part of this narrative is how much you value customers and that you go to great lengths to keep data safe but also accessible when needed. 

5. Cleaner data. 

This benefit is so often overlooked. A compliant company is a company that’s more confident in the data they collect and manage because they have systems in place to ensure its integrity. Better data means you’re able to more confidently deliver the right customer experience.

6. Efficiency and scalability. 

Compliant companies and those who work with compliant partners can run at peak performance, saving you money while keeping customer data safe and customers delighted with their experiences with your brand. A streamlined company is easier to scale without putting customer data at risk in the process.

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.

HIPAA (Health Insurance Portability and Accountability Act) is a national legislation that sets data privacy and security provisions for protecting medical information in businesses where medical information is stored. 
Global Response has state-of-the-art systems and infrastructure in place to protect your health-related business. And while you may or may not give your HIPAA call center access to actual medical records based on HIPAA need-to-know guidelines, it helps to have a skilled HIPAA compliant customer service representative prepared to handle sensitive and urgent matters.

FERPA (Family Educational Rights and Privacy Act) was established to protect the privacy of students as it relates to their educational records. Global Response is a FERPA compliant contact center. We have the people, technology, FERPA training programs, and procedures in place to meet FERPA regulations and deliver a compassionate and compliant customer experience.

PCI DSS (Payment Card Industry Data Security Standard) is a set of payment card industry data security standards formed by major credit card companies and administered by the Payment Card Industry Security Standards Council (PCI SSC), with the objective of safeguarding credit and debit card transactions against data theft and fraud. PCI compliant companies must work with PCI compliant partners.

Global Response is PCI DSS Level 1 certified. This means that not only does Global Response undergo an internal audit, an external auditor has also reviewed our systems, controls and card data environment to establish compliance. We take pride in protecting your business and customers from a data breach.

SOC (Service Organization Controls) 2 is a standard set of systems designed to keep businesses’ and customers’ data safe. Global Response is uniquely positioned to offer your business a SOC 2 Type 2 partnership. With trusted expertise in many industry verticals, Global Response understands and is prepared to meet your business’ needs by designing a customized security architecture to meet compliance.

Across industries, Global Response goes beyond meeting compliance standards to build customer trust and satisfaction. To learn more, contact us for a consultation.

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