1. Protecting Business Assets While Enabling Performance
Addressing Risk Management and Customer Retention
Brian Spencer, President

2. Risk Management Risk Management is:
Mitel Template for 2008
4/7/2019
Risk Management
Risk Management is:
The identification, analysis and management of the risks threatening the assets of an organization
More simply put:
Determine what your risks are, then decide on a course of action to deal with those risks
If you can’t identify your risks, they can’t be dealt with!
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3. Risk in an Economic Downturn
Mitel Template for 2008
4/7/2019
Risk in an Economic Downturn
Risk management awareness at all time high
New regulations and tougher enforcement will be a mandate going forward
End of the road for deregulation across ALL industries
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4. Recent Enforcement $2.25M HIPAA Settlement $2.25M FDCPA Settlement

5. Focus on Accountability
It is no longer good enough to simply acknowledge and/or fix a problem
Members of society and government are demanding higher standards of ethics, transparency and accountability
Somebody must take responsibility, and ultimately it comes down to the CEO

6. What can a CEO do?
The CEO is responsible because it is the system of processes, technology and oversight that enforce compliance and responsible practices
So ensure the necessary systems and processes are in place!

7. Specific Business Vulnerabilities
Medical information
ID information
Financial information
Privacy
Depends on industry
Healthcare, collections, telesales, finance, utilities and others
Regulation Compliance
Acceptable service levels
Proper transaction handling
Customer Retention
Hiring
Termination
Benefits administration
Human Resources

8. It is a Balancing Act
Privacy
Documentation

9. Conflicting Requirements
Privacy
Documentation
Retain little or no data
Severely restrict access to any retained data
Only allow access as needed with complete audit tracking
Retain everything
Allow access to anyone who may deal with compliance and customers
Permit access frequently as integrated customer service process

10. Proven Management Methods
Start with a fundamental understanding of explicit regulations governing your organization
Be aware that many regulations affect voice communications and assume fault if no documentation exists

11. Proven Management Methods
Combine with compliance requirements other management tactics based on risk assessment:
How sensitive is the data you collect from customers?
Can processes be rigid without affecting customer retention?
Etc.

12. Proven Management Methods
Document and deploy policies using processes and technology to support the risk management plan
For telephone-based communications this is where voice documentation becomes relevant

13. Voice Documentation
The process of creating a media document from a telephone call
Record the call into an audio file
Embed all available communication data into the file with time context (i.e. internal parties, external parties, transaction data, etc.)
Securely store the media file with retention and access tightly defined and logged for auditing

14. Addressing Risk Concerns
Mitel Template for 2008
4/7/2019
Addressing Risk Concerns
Voice documentation allows organizations to:
Ensure compliance with SOX, HIPAA, TSR and other industry regulations through automatic capture of required communications
Balance privacy and compliance documentation by selectively documenting or NOT documenting targeted calls or portions thereof
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15. Addressing Risk Concerns
Mitel Template for 2008
4/7/2019
Addressing Risk Concerns
Deploy policy controls to ensure highest levels of privacy and security while enabling documentation review
Deliver access via encrypted media streaming so it can be later restricted without loss of control
Completely audit for both compliance processes and customer retention policies
Control data archiving and retention via age policies
Implement and monitor strict communications processes related to regulated information and transactions
Rate adherence to process so as to target training and convey compliance levels to upper management
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16. Customer Retention in a Downturn
Mitel Template for 2008
4/7/2019
Customer Retention in a Downturn
American consumer confidence is now at a fourteen year low
64 percent of US firms say customer experience plays a critical role in their 2008 strategy, up from 38 percent in 2007
Service now trumps price as the top reason consumers purchase from one company versus their competition
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17. Addressing Customer Retention
Mitel Template for 2008
4/7/2019
Addressing Customer Retention
In an economic downturn, businesses change from “growing” to “harvesting”
To accomplish this, smart businesses aim to:
Grow existing customers
Emphasize service for existing customers
Optimize IT investments
Streamline processes to achieve maximum efficiency
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18. It Starts with the Customer
Do you understand what the customer perceives as a high level of service?
Once you do (and you must) how do you deploy initiatives to consistently deliver?
What can you do differently to affect delivery?
Rank these by magnitude of effect, time to implement, cost to implement

19. Quality Assurance
At some level it is critical to evaluate the use of processes in actual customer communications
This requires the act of listening to actual calls either live or historically
Otherwise, all the work to modify processes to achieve what your customer wants is wasted, because it won’t happen!

20. Addressing Customer Retention
Mitel Template for 2008
4/7/2019
Addressing Customer Retention
Establish performance standards and metrics for customer-driven processes
Systematically evaluate employee performance
Base training, promotions, and changes on hard data
Voice documentation solutions allow organizations to:
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21. Addressing Customer Retention
Mitel Template for 2008
4/7/2019
Addressing Customer Retention
Improve operational efficiency through reduced errors and wasteful practices
Control training costs by focusing on those demonstrating ability
Control personnel costs by retaining top performers while reducing non-performers
Voice documentation solutions allow organizations to:
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22. Final Results
Proper balance of addressing privacy risks with compliance and other documentation requirements
Complete knowledge and mitigation of compliance risks
Aggressive management of customer defect risks with focus on improving retention to maximize results

23. Thank You