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• W91341972 abstract "Keeping Wachovia's On-Call call center in compliance takes teamwork between center staff and corporate compliance experts Setting up a bank call center is not altogether different from opening a call center for a nonfinancial services company. There are, however, several key differences: Compliance, compliance, and compliance. In establishing a successful compliance management system for a call center, it's critical that a partnership exist between the call center staff and the bank's compliance area so the system meets the needs of customers, regulators, and the bank. While banks can take different approaches to such projects, Wachovia's experience in creating its call center provides one workable approach toward managing some of the major compliance risk areas. Compliatizing Wachovia On-Call Wachovia opened its call center, Wachovia On-Call, in Columbia, S.C., in mid-1994. The center enables customers to perform nearly any transaction that they could perform at the branch, with the exception of getting cash or accessing their safe deposit box. Today, the center employs approximately 330, including 260 phone bankers, 40 managers, and 30 support staffers and is projected to handle more than 4 million calls this year. The Wachovia On-Call compliance program is a coordinated effort between call center supervisors and managers, and the compliance manager. To ensure that the call center complies fully with applicable laws and regulations, Wachovia stations a full-time compliance manager--called a unit compliance officer--at the center. This manager holds ultimate responsibility for providing compliance oversight for the call center. In addition, the manager is responsible for promoting the development of efficient and effective compliance training and monitoring systems. This includes four duties: * Identifying and documenting tbe laws and regulations that apply to call center activities, both as products change and as the laws and regulations change. * Training the staff, including providing ongoing awareness programs. * Monitoring results. (For a blank copy of a form used by Wachovia for this purpose, send a stamped, self-addressed envelope to ABA Banking Journal, 345 Hudson St., New York, N.Y. 10014, attention: Steve Cocheo.) * Reporting the results to local management and the central Corporate Compliance Unit. While the business unit compliance officer has primary responsibility for ensuring that effective compliance systems are in place, the key to Wachovia On-Call's success has been instilling the idea that compliance is everyone's responsibility. Everyone includes the phone banker all the way up to senior management. To ensure that everyone buys into this concept, compliance scores are a key part of performance appraisals and incentive compensation systems. Know your (faceless) In establishing its call center, Wachovia had to address several critical compliance hurdles. Knowing your customer was one of them. There were four comfort factors that needed to be satisfied. The first factor was putting the system in place to make sure the is who he or she says. The second was having the ability to spot suspicious behavior on the part of a person calling in. The third was the ability to manage effectively address-change requests. The fourth item was the ability to screen accounts accurately. Clearly, inherent risk exists in a system that does not rely on face-to-face identification. Wachovia accepts a certain degree of risk but, like most banks, tries to minimize that risk. This is where alternative identification procedures come into play; Wachovia uses any single or all six of the following identifiers: * Last four digits of Social Security number * Account number * Date and amount of recent deposit * Last check number written * Date of birth * Banking card number These procedures are among the reasons Wachovia On-Call has the lowest loss percentage in the bank. …" @default.
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• W91341972 date "1997-10-01" @default.
• W91341972 modified "2023-09-24" @default.
• W91341972 title "Dial C for Compliance; Keeping Wachovia's On-Call Call Center in Compliance Takes Teamwork between Center Staff and Corporate Compliance Experts" @default.
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