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.
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 However, the costs can be exacerbated by outdated, inefficient systems.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.
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:
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.