Call Monitoring Program – Essential Elements for Effective Compliance

Step one in collecting data is recording your call monitoring results and secure SMS monitoring. By reporting data, you can analyze your data by a client, collector, or date range. In other cases, it may be necessary to update training materials, policies, procedures, and work instructions to ensure that firms follow all guidelines. It is also recommended not to forget to document the results of your analysis and what you did to remediate those results. Such things are considered as strategies to comply with such regulations.

Since many regulators need proof that demonstrates behavioral compliance when talking to the consumers, implementing a call monitoring solution should be considered. The financial sector aims that stringent requirements such as archiving solutions, call and text monitoring, and even for other instant messaging apps such as WeChat compliance are vital to keep illegal activities from occurring.

Numerous companies have used instant messaging apps to communicate with clients. Many traders and bankers in the financial sector find WeChat and other instant messaging apps an easy way to communicate with their clients. This is because many of their clients prefer these over other methods of transacting business.

Companies that use instant messaging apps can be subject to serious compliance risks because some are not compliant with most regulatory requirements.

To deter unconscionable behavior within financial institutions, it is essential to move from reactive to proactive call monitoring. The firm should invest in a speech to text analytics capable of converting voice communications into readable texts for further analysis.

Advanced companies also use Natural Language Processing (NLP), machine learning, and other methods to identify customer and representative behavior based on their language. This allows for contextual understanding and the alerts will be lessened.

For more detailed information about this topic, you can see this infographic from TeleMessage. 




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Terri Nichols