Call Compliance: Do You Share a Dark Secret with Dr Who?
Call Compliance: Do you have something in common with Doctor Who? We’re not talking about a juicy BBC contract, attractive ‘companions’, a taste for eccentric scarves or needing to carry a screwdriver with you at all times.
The issue relates to tape – and some serious problems with it. And if you work in the financial sector, then this article is especially for you.
When Did Things Go Wrong?
For the world’s favorite timelord, things went wrong between 1967-1978 – the early years of the TV series. Back then, BBC engineers either destroyed or wiped large quantities of videotapes and films to make way for new material. Almost 100 Dr Who episodes were lost forever. Well, almost.
Once in a while, old episodes re-surface from private collections and other places around the world. For example, nine were discovered in Nigeria, including Patrick Troughton’s six-part story The Enemy of the World. Discoveries like this trigger wild excitement among the doctor’s devotees.
Things Are a Bit Different Today…
It’s easy to laugh at the engineers’ decisions back in the day. But they weren’t breaking any laws. And no-one saw any need to keep the tapes, apparently.
Today, losing recordings would be devastating for TV producers. But the consequences for not following call compliance can also be extremely serious for any companies – especially for any financial institutions that fail to record and preserve customer calls.
Call Compliance: Regulations are Getting Tougher
Regulations are getting tougher for investment banks, traders, retail banks, insurers and financial services companies of every description. Companies must be able to demonstrate call compliance at any moment.
Losing tapes, finding your calls have be wiped, or failing to locate recordings can lead to fines, sometimes running into tens of millions. Then there’s the risk of bad publicity, shaming on social media and serious brand damage.
Individuals face the risk of dismissal too for failing to adhere to call compliance regulations. And not just among compliance teams. Operations staff and senior decision-makers can be dragged into inquiries. Even PR people can be at risk if they make a hash of the media response.
Fortunately, it doesn’t have to be this way. Eckoh is providing its financial customers with three new solutions that overcome the call compliance problems.
Call Compliance: Things are Getting Easier
Put simply, there’s a new tool that checks calls are actually being recorded properly. Another retrieves calls from tape securely – saving hours of time. And a third tool lets you locate specific calls – among tens of thousands of recordings – very quickly.
What’s more, you don’t need to rip and place any equipment. The software simply overlays your existing kit. It’s highly-automated, easy to use and saves you money immediately.
Crucially, it also provides peace of mind that you fully adhere to call compliance, should the regulator come knocking … which, for some, might feel like a fate worse than the arrival of the Daleks, Cybermen and Zygons rolled into one.
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