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Improve Compliance and Customer Service by Managing Complaints with Enterprise Risk Management

Forecasting the Next Decade of Enterprise Risk Management

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December 04, 2019

Improve Compliance and Customer Service by Managing Complaints with Enterprise Risk Management

ERM-Manage-Customer-ComplaintsLosing customers is the last thing you want. It’s important to listen to their complaints, because they provide important feedback. They can also provide insights into what your organization does well and where you need to improve. Customer complaints and claims are also powerful risk indicators.

Complaints can reveal non-financial risk trends and broader service issues before they become systemic problems. By actively managing complaints, you can improve underlying compliance controls, customer service and retention. You can also avoid regulatory fines and damage to your organization’s reputation.

Pull value out of customer complaints with an enterprise risk management (ERM) solution. With the right tools for tracking and reporting issues and incidents, you can listen to customers to remain competitive.

 

Identifying Conduct and Reputational Risks 

Although not always the case, customer complaints generally result from an organization’s conduct and processes. Although underestimated until recently, company behavior that results in poor outcomes for customers has become a top concern for government officials and executives.

Conduct risk can result in regulatory fines and incur costs for remediation. To add insult to injury, it can also damage an enterprise’s reputation and bottom line.

Companies that practice effective customer complaint management can detect the root causes of conduct and reputational risks. These risks should be monitored and addressed to prevent other related incidents from occurring in the future. This reduces the number of unsatisfied customers, increases customer loyalty and provides a competitive advantage.

 

Resolving Complaints

The right ERM solution can track, monitor and report on customer complaints quickly and efficiently. The Procipient® Enterprise Risk Management solution provides issue and remediation tracking tools that provide support as you:

  • Monitor social media to track when today’s customers use this very public venue to complain
  • Monitor activity from all reporting sources for themes and areas that need focus
  • Identify the cause of repeat complaints
  • Identify, when possible, who is making the complaint
  • Build out workflows for the remediation process
  • Provide status updates on where the complaint or incident and its remediation actions are in the pipeline

Automated ERM systems reduce the amount of resources spent on manual processes. With a simplified process, you can focus on improving customer satisfaction.

It’s also your prerogative to keep the customer in the loop throughout the remediation process. Simply notifying them that the complaint has been processed can be enough to maintain the relationship.

 

Learn More

Customer complaint management is crucial to retaining loyal customers. With Procipient® you can pinpoint these complaints without relying on a trail of breadcrumbs.

The ERM/GRC solution prioritizes and assign tasks, incidents, issues and remediations. Then it tracks them to completion. This helps your enterprise take corrective action and make necessary improvements.

Comprehensively addressing complaints should be done with plenty of forethought. Request a demo of Procipient® today to learn how its incident, issue and remediation tracking capabilities provide a well-defined process for keeping your customers happy.

 

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