Compliance is one of the most critical concerns facing any company right now. Consumers are demanding more significant levels of privacy and security, and regulatory authorities are cracking down on organizations that cannot deliver. As guidelines and rules evolve, it’s not just an increase in complexity businesses need to prepare for but a rise in compliance costs.
Large firms report that the average cost of maintaining compliance is around $10,000 per employee, and price tags are even higher for highly regulated industries.
Unfortunately, companies can’t afford to cut corners with compliance. Failure to follow regulatory guidelines increases your risk of significant fines, reputation issues, and lost customers. However, there are ways to reduce the costs of compliance recording by modernizing your strategy.
Why Compliance Costs are Accelerating
Maintaining regulatory compliance has always had a significant price tag, particularly for those in the government, financial, and healthcare landscapes. However, costs have accelerated in recent years thanks to more complex regulations requiring more IT resources and innovative tools.
Companies need to monitor compliance standards across multiple channels, leverage innovative services for monitoring and testing, and stay one step ahead of potential issues. However, the costs can be exacerbated by outdated, inefficient systems.
Many businesses facing the highest compliance costs still rely on manual monitoring and testing strategies, dealing with siloed recording environments and disconnected data points, and attempting to build innovations from scratch. It doesn’t have to be this way.
How to Reduce the Costs of Compliance Recording
For most companies, adhering to the latest regulations and standards will mean investing in new technology. The key to keeping costs manageable is choosing a solution that will seamlessly fit into your existing organization, eliminate bottlenecks, and improve ROI. An example is Microsoft Teams Recording by Geomant which enables clients to improve regulatory compliance, reduce overall risk and avoid penalties, and increase the efficiency of your compliance strategy.
Some of the best ways to reduce compliance costs today include:
- Reducing the technical stack: Siloed recording environments and disconnected data cause a more significant demand for human resources and professional support. Companies need to be able to access all their data and records in one aligned environment, to streamline auditing processes and minimize potential errors. An all-in-one ecosystem that allows you to extract interactions from various locations and store them in one environment saves time and money.
- Prioritize availability: Regulatory guidelines require companies to respond to requests for information rapidly, without delays. This means they need to be able to access a compliant recording tool that offers exceptional availability and redundancy solutions. Fewer service disruptions mean fewer costs linked to unexpected downtime.
- Implement Integrations: As the communication landscape grows more complex, the number of environments companies need to monitor is growing. A powerful compliance recording platform will allow you to seamlessly integrate your IT infrastructure and data import and export options into one environment. You can link your existing tools to solutions like Microsoft Teams and ensure end-to-end visibility without extra expense.
- Discover the benefits of automation: Manual monitoring, testing, and data management processes add considerable costs to the compliance framework. Companies need an all-in-one environment that allows them to identify and receive transaction and communication histories fast, rapidly, and automatically. Automated tools make avoiding fines, penalties, and reputational damage easier with intelligent workflows.
- Simplify: The technologies companies use for compliance recording today should allow them to adhere to complex regulatory requirements without adding extra complications to the workflow. Find a tool that simplifies compliance oversites, with real-time dashboards, full-service monitoring, transcription, encryption, and access controls, all in one place.
Don’t Be Overwhelmed by the Costs of Compliance
As regulatory guidelines continue to evolve, there’s no doubt the compliance landscape will grow increasingly complex for business leaders.
However, companies don’t have to let compliance costs get the best of them. An all-in-one compliance recording solution that works with your existing tools unifies your technology stack and delivers intelligent insights can make a huge difference.
Geomant offers a compliant call recording solution designed to unify your workplace and minimize costs, complexity, and stress. We can even provide managed service packages to suit all businesses. Reach out today to find out how we can help you reduce compliance costs.