It is fair to say that businesses have to tread carefully when navigating Australia's regulatory environment. Depending on your industry or sector, the penalties for not complying could be as minor as a fine or as major as suspension from an association.
According to EY, one of the top global risks among businesses is the uncertainty surrounding different regulation and compliance issues.
As such, businesses must find creative and logical ways of remaining within the boundaries of compliance. One way of ensuring your team is always doing the right thing is by recording the teleconference.
By having a downloadable record of what was said and by whom, your business can continue to meet its regulatory obligations.
So, how can a recording help with compliance?
1) Confirming a verbal contract
Based on EMC's Managing Compliance and Risk with Call Recording, one way that this technology can help with compliance is when negotiating contracts.
It is very easy for a customer to confirm a deal across the telephone and then not pay for the service claiming that the conversation never happened. However, in many cases, having a recorded call which outlines the terms and conditions and payment details, can act as evidence if it was ever disrupted in court.
Of course, a verbal contract is legally binding.
2) Specific project details
Many businesses are constantly working on projects of various scopes and sizes. While this is good for the bottom line, it can be difficult to remember specific project details such as timeframes and responsibilities.
The last thing that businesses want to do is get into an argument with a client. As such, having a recording of every conversation with a client can ensure that your team doesn't miss anything that could compromise the end project.
For more information about recording your next teleconference, contact our expert team today.