The number and scope of global regulations and requirements facing contact centers and financial traders is increasing. The risk and compliance area of your contact center or trading environment is constantly under review and scrutiny. It’s more important than ever to make sure your organization is up to date and compliant at all times, or face heavy penalties.
The Asia Pacific region
The APAC region is home to some of the world’s fastest growing economies and businesses, and key to the world’s technological, business and innovation value chain.
With information constantly moving across borders, jurisdictions such as mainland China, Japan, Taiwan and South Korea are pioneering technologies and processes that leverage personal information for their continued economic success.
Sydney, Hong Kong, Singapore and Tokyo are global banking and business hubs. Malaysia, India and the Philippines and are leaders in global business support. APAC’s continued participation in the global market at the digital coal face means a rapid development in privacy law and governance. For a comprehensive update on the country by country privacy laws, DeLoitte has published the Asia Pacific Privacy Guide.
India is the largest provider of outsourced services in the world, meeting over 50% of demand worldwide, and the size of this market is forecast to grow even further.
However, with competition emerging in other markets across APAC and MEA, providers in India are focused on remaining competitive on cost, as well as innovating and looking for ways to add further value. Many providers are looking to leverage rising technologies, like automation and AI, as a way to streamline integrated service offerings and deliver an enhanced end user experience.
Outsourcing services to call centers in the Middle East and Africa (MEA) has seen a boom in recent years. Low telecom rates and the pool of educated multilingual agents has seen many enterprise organisations based in the US, Australia and countries across Europe outsource their contact center requirements to countries such as Egypt, Israel and Dubai.
Depending on the industry and/or geographical location of the parent company, customer interactions and information must be handled in accordance with different regulatory requirements. Ensuring this information is protected when they are recorded, in transit, and archived needs to be a priority investment for contact center managers and IT decision makers within these emerging markets.
What does compliance look like for you?
With differing rules and regulations across the globe, organizations need to evaluate their compliance recording strategies.
Banking, financial services and insurance (BFSI) organisations, healthcare providers, and many service providers are obliged to implement call recording and communication capture technology for complete compliance. This is not just about telephone calls. It involves more channels than ever, and a broader scope of interactions including voice streams, text, video, screen activities and content-sharing.
With evolving regulatory demands and increasing use of new UC technology, particularly with the recent surge in remote working architectures, organizations are augmenting their communication capture. AI, automation, machine learning and other emerging technologies are being used to sustain compliance from the trading desk to behind the scenes.
The true cost of non-compliance
The penalties for non-compliance go beyond high monetary fines. Breaching privacy regulations can lead to the decimation of a business’s reputation from which they may not easily recover. It’s more important than ever to mitigate risk and avoid liability issues.
Many businesses operate under the assumption that calls are being recorded properly and regulations are being adhered to - when they aren’t. Some of the most problematic issues include:
- Playback quality of recorded calls is poor and inaudible.
- The inability to search and playback recorded calls due to inefficient archiving.
- New technology being incompatible with other systems.
- Cost cutting by not updating technology when needed.
- Insufficient staff training.
When calls are not recorded in line with compliance regulations, this can lead to:
- Business disruption when operations are shut down.
- Revenue and productivity loss.
- Breach of trust internally and externally.
- Customer disputes which can escalate into legal cases.
- Prosecution of business executives.
From Cisco to Avaya, our solutions give you the peace of mind that regulations are being adhered to and the proper measures are in place to prevent, report and mitigate problems quickly and accurately. You can:
- Minimise risk, secure in the knowledge that your call recordings are meeting policies and requirements in real time.
- Streamline operations by quickly and easily validating your call recording obligations.
- Get an independent source of truth for calls, recordings, archiving and auditing.
- Reduce costs by avoiding expensive outages, reducing mean time to resolution and accelerating problem solving.
IR’s contact center and call recording solutions, available as part of IR Collaborate, not only help with compliance, but also allow your organization to assess, review, calibrate, and improve all business processes, with end to end visibility across your entire multi-vendor contact center ecosystem.