Top 4 Critical Components of an Effective Call Monitoring Program
by Sarah Harvey / March 12th, 2015
Are you looking to gain insight into how you can establish an effective call monitoring program for your organization? Are you curious about what the best practice are for developing a call monitoring program according to CFPB regulations? This webinar will provide an overview of the top four components of an effective call monitoring program and will help answer questions about the structure of your program, the components of your scorecard, and how to understand and use call monitoring analytics.
What are the Top 4 Critical Components of an Effective Call Monitoring Program?
We believe the top 4 critical components of an effective call monitoring program include:
- Structure and Oversight: The Quality Assurance (QA) Department is a vital importance to everyone who performs any sort of collection work. You must have a strong and knowledgeable QA manager, one who had adequate knowledge of the laws, knowledge of the client requirements, and the collection process. The QA Department must also determine the best practices for collecting samples of calls. Most importantly, however, all policies, procedures, and work instructions must have documented expectations.
- Management of Staff: Educating, training, and mentoring new and current staff is imperative in establishing an effective call monitoring program. Creating a multi-level approach to monitoring, such as including collection managers and utilizing speech analytics, will also support an effective call monitoring program.
- Scorecard Components: The best practices in development are risk assessment, consumer complaint statistics, CFPB complaint statistics, overall consumer lawsuits, separate compliance with quality objectives, and utilizing a weighted score of components based on risk level and exposure. However, whatever components of a scorecard you use can always change based on assessment needs.
- Reporting and Analytics: Gathering and making use of the data is essential to establishing an effective call monitoring program. By evaluating trends, implementing corrective actions, and communicating the results with the compliance committee and the executive management, the Chief Compliance Office can ensure that the call monitoring program is compliant with CFPB regulations.
To learn more about what you can expect working as a Chief Compliance Officer or for ways that KirkpatrickPrice can assist you in establishing an effective call monitoring program, watch the full webinar. For more information, contact us today.
