Latest update September 30th, 2024 9:39 AM
Call Monitoring Program – Essential Elements For Effective Compliance
If you are running a business, you are probably aware that specific requirements must be fulfilled. Nothing should be neglected, from countless paperwork like business permits to financial reports. But aside from these, call monitoring is another necessary protocol every enterprise must abide by.
Mobile call monitoring is a useful tool that many businesses can benefit from. Call recordings can help them monitor the quality of work done by the team and, eventually, aid them in maintaining a high standard of service for their customers.
In addition, an effective call monitoring program allows organizations to gauge better what is happening within their call center. By being updated with what goes on, the company can take action against every adversary before it gets out of control.
Needless to say, an active call monitoring system can be advantageous for every business, especially for better understanding their consumers’ needs and satisfaction. It gives agents the right direction and ensures that clients have their concerns addressed promptly.
But besides the personal edge businesses can get from monitoring their calls, they also have to note that it is a requirement set by law. And while this should apply to companies in any industry, financial firms must take this regulation more seriously.
One of the regulators of this law in the UK is FCA or Financial Conduct Authority. Under FCA’s terms, financial companies must have internal controls to ensure their customers are treated fairly. Call monitoring was one solution that they considered to help the compliance officer determine whether financial advisors are complying with the law when communicating with customers via mobile phone.
Markets in Financial Instruments Directive II (or MiFID II) is another legislation that requires European financial institutions to adhere to call monitoring regulations. This law requires the recording of all telephone conversations and electronic communications, such as mobile calls, text messages, and WhatsApp chats.
Overall, call monitoring is a system that every business must adapt not only for their benefit but also for law requirements. This infographic from Telemessage provides a more in-depth discussion about the importance and the essential elements of effective call monitoring.
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