The expanding market for compliance technologies

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Compliance is a comprehensive mandate that spans several industries and functions and is covered by a large number of different software solutions. One category includes solutions for corporate governance, risk and compliance (EGRC), which are also referred to as integrated risk management (IRM). These products take a holistic view of compliance and try to implement it across the company. The EU GDPR has produced compliance products that focus on data protection and others that focus on specific issues such as workplace safety and health care. These software products represent a global market that is expected to grow to over $ 50 billion by 2024 Markets and markets and more than $ 60 billion by 2025 Grand View research,

Multiple roles

As high as these forecasts may be, they could actually underestimate the market because some software products that are not classified as compliance products also play a role in this role. They are used in business scenarios that pose a particular regulatory challenge. However, the products also offer advantages that go beyond their original purpose. One example is voice analysis technology, which ensures that contact center agents who make phone calls comply with the guidelines. This process has multiple layers, including transcription and semantic analysis, that use AI and machine learning. Once the language analysis process is set up for compliance, it can be used for other business purposes.

Airline contact centers are a typical business environment in which language analysis technology is used for compliance purposes. Travelers who miss a flight because their arrival is delayed often turn to a contact center to plan a new flight. Various interactions are possible. First, the person wants to reschedule a flight and may have a route preference. Luggage may need to be reloaded. The agent may offer an upgrade as compensation, and then logs out after asking the customer if they need additional assistance. At every stage, the agent must adhere to airline guidelines and a variety of industry regulations.

The conversation can be recorded in minutes or in real time. The information is then stored in a database. This process seems easy, but in fact not only the words are saved during a 10 minute conversation. Approximately 10,000 data points are generated. The database contains not only the words, but also information about how they were spoken – for example, the volume – and even the time interval between the words.

To analyze whether corporate policies and regulatory requirements are being met, the data needs to be concentrated on a much smaller number of important points: did the agent provide his name, did the traveler learn that the call was recorded? and offer suitable solutions? The content of the traveler's conversation could also be analyzed for further insight. For example, were any competitors mentioned and was the conversation warm or hostile?

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