Contact center risk management is a primary concern for businesses in the business process outsourcing industry. BPOs must ensure that their processes and procedures adhere to regulatory requirements and best practices for data privacy, shareholder rights, customer service, safety standards, and more. Depending on the type of services being provided and the relevant laws of their country, business process outsourcing companies may need to develop special compliance plans to ensure adherence. They may also be required to provide regular documentation and audits of their own internal activities to ensure compliances with regulations such as the TCPA, ITAR, or GDPR. By taking comprehensive action related to contact center risk management, businesses in this industry can protect themselves from potential liability while continuing to focus on delivering quality services to their customers.

Contact centers for banking and other financial services organizations face unique risks when dealing with customers. To mitigate compliance risk, contact centers must adhere to certain regulations, such as adherence to established contact center operational procedures, customer sentiment analysis, and prevention of social engineering scams that put customer data at risk.

Much of this responsibility falls on contact center supervisors and their agents, but there are also specialized software platforms like LiveVox that are designed specifically to help contact center staff remain risk free. Platforms like LiveVox can monitor customer interactions throughout the entire customer support lifecycle to ensure that all activities meet organizational standards.

Another great compliance risk prevention tool used in banking call centers is speech analytics.  Speech analytics and sentiment analysis allow banking call centers to analyze customer sentiment, moods, and tone of voice during contact interactions and then store them in the contact center customer database to proliferate reports out to other departments and alert leadership when deviations from standard operating procedures occur. In short, contact center risk management requires awareness of pertinent regulations along with specialized software tools like LiveVox to ensure service delivery remains compliant at all times.

Good contact center risk management and customer experience go hand-in-hand. Customer support teams must adhere to strict compliance standards to mitigate contact center risk and ensure consistent service delivery across all channels. Compliance standards may include protecting customer data, having established contact protocols and identifying scalable contact policies when engaging customers through digital channels such as chat, email, or social media. Having clear guidance on contact center risk management ensures that customer issues can be addressed in a timely fashion, while creating positive customer experiences at each interaction.

Maintaining contact center risk management and achieving customer experience excellence is a challenge for many customer service organizations. To ensure compliance with regulatory standards, customer support teams must have access to all the necessary contact information, including contact history and contact context, which is why we at LiveVox built a customer identity layer directly within our platform. 

In order to stay on the right side of compliance risk in customer support call centers, the platforms used for customer engagement should be able to quickly respond to customer inquiries in order to resolve any potential risks that could affect the contact center operations. Companies must have policies in place that meet specific industry regulations such as GDPR (EU General Data Protection Regulation) or HIPAA (Health Insurance Portability and Accountability Act) as it relates to contact centers and customer engagement, so employees can easily work within those guidelines.

Additionally, giving customers the option of self-service satisfaction surveys helps ensure quality control across all interactions. By monitoring customer service standards through detailed contact reports and survey results, companies can better prevent future contact center risks for their organization.