Complying with Regulatory norms is essential for running a business. As these regulations become more rigid, document-based and process heavy organizations start facing numerous operating challenges. These organizations have to meet their customer’s demand while not compromising on other security standards. Thus, it becomes quite obvious that winning the compliance battle is not an easy task and when it comes to satisfying customer’s need there is a very thin line between the former and the latter. A CCM Software can perfectly fill this gap by delivering communications that are highly relevant and compliant.
Regulatory Compliance is accompanied by technology fragmentation and rigid processes which leads to operational inefficiencies and management incompetence. This can lead to delayed service and create product complexity which is considered as one of the major barriers to providing great customer experience. Since customers expect immediate access to information; the fragmented technology slows down the delivery process and makes it difficult for organizations to build a bond with customers.
Here are a few challenges that organizations might be facing with their compliance technology in overcoming regulatory risk and increasing agility of their organizations:
1. Physical and digital communications – Communications sent through email and print can be highly affected via privacy and security norms. Regulatory acts like HIPAA in the US and Financial regulations in the UK protect customer data; privacy and accuracy of information and any violation of these acts are accompanied by the heavy penalty. Organizations need to ensure that the data being sent through print and email meets the regulatory standards and is highly secure. If not, the organizations need to access their communication strategy and take the following steps:
- Check that the digital and printed communications are relevant and highly safeguarded.
- Audit the communications at regular intervals to prove its authenticity and safety.
- Build an audit trail for quality assurance or hire a team of highly proficient auditors who can access the quality of the document.
2. Risks of Outsourcing communications to a third-party vendor – Organizations have been struggling with overcoming regulatory compliances when it comes to implementing customer communication strategies. This has drastically affected their agility and the capability to deliver innovative products and experience as per the customer’s needs. Also, these organizations have to depend on third-party vendors for getting their communications printed which may not be as per the legal norms. The other subsequent challenges with third-party outsourcing are:
- The documents delivered may fail the quality test as there can be instances where the messages are printed incorrectly, and the document is not as per the required standards.
- Third-party vendors are answerable on delivery deadlines and standards set for every communication. Organizations must regularly follow up with them to check as to when was the document produced or inducted into the postal system.
- Organizations that are providing third-party vendors with their customer’s data can increase the risk of data theft and security.
However, with an agile and compliant CCM software, built to deliver highly efficient customer communications, organizations can simply overcome these challenges. By logging into the software, organizations can make changes in the existing documents or create a new document as per the regulatory compliances.
3. Legacy platforms – Organizations either outsource their digital and print communications or handle it via in-house applications. Both the processes involve several compliance risks and with a legacy solution in place, the situation becomes more exigent. Though there are several practices that can help in reducing the risk factor, the best solution is to adopt an agile compliance technology that caters to all your customer communication management needs while taking care of the printing and distribution requirements.
FCI, a customer communication management company is highly committed to implementing, maintaining and offering a fully secured ecosystem. All the confidential information is reviewed with appropriate security measures to protect the information from unauthorized use or accidental modification.
To know more about FCI, visit: https://fci-ccm.com/
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