Benefits of Using a Complaint Management System to Manage RG 271 Compliance

In their quest to achieve RG 271 compliance, many Australian financial services organisations are implementing complaint management systems (CMS). Providing the transparent consistency of process that RG 271 requires, the right CMS can underpin robust regulatory compliance while streamlining and improving the end-to-end customer complaint journey.

But what are the benefits of implementing a good complaints management system? When it comes to implementation, how can you ensure that you’re up-and-running with your CMS of choice quickly and, most importantly, effectively?

Why Implement a Complaint Management System (CMS)?

One of the most valuable benefits of using a CMS is the consistency of process for every customer complaint. Pre-defined workflows ensure that complaint handlers can not only log complaints simply and rapidly but that any escalations are managed correctly too, with the built-in ability to route complaints accordingly. Alerts ensure that the right activities relevant to a specific complaint are carried out, that the correct forms are completed within particular timescales, and that formal responses are issued within mandated timeframes too. Additionally, considerations such as customer vulnerability are taken into account, with the CMS signposting the necessary next steps to safeguard vulnerable customers.

The right complaints management system makes sure all this happens, providing an auditable and traceable record of all interactions and actions along the entire length and breadth of the customer complaint journey. Additionally, the most effective CMS will enable you to report both internally and externally that all these steps are taking place, satisfying internal reporting requirements and the evidential requirements laid out by ASIC too.

Adding Value with a Complaint Management System

While some organisations have tried to customise existing customer relationship management (CRM) tools and ticketing systems to help meet their RG 271 responsibilities, this approach ultimately isn’t cost-effective and certainly not future-proof. On the other hand, the right CMS represents a much longer-term solution, as well as adding value to the business above and beyond compliance.

A complaint management system is so much more than a system of record, instead acting as an early warning or early response system. By tracking and enforcing necessary actions, it helps to mitigate risk, making sure mandatory steps are taken within compliant timeframes. It also helps to reduce costs, automating time-consuming and often error-prone processes, improving throughput and operational efficiency while freeing-up the team to focus on more value-add activities. And, a CMS is often the key to identifying product and service improvements, providing insight into the customer journey that’s unavailable elsewhere in the business, and informing tangible improvements right across the organisation.

Hit the Ground Running with the Right Complaint Management System Implementation

As the pressure is on to ensure RG 271 compliance, financial services organisations are looking for a relatively fast implementation when it comes to going live with a CMS. As with all projects, communication is key, keeping all stakeholders in the loop as to what’s happening. Customers might need to know that there’s a new system to handle their complaints, users will need training and decision-makers should be prepared for a change in the reports they access.

Aside from good communication channels, another crucial aspect to get right from the outset is choosing a solution that meets your specific business needs. However, as we all know, not all organisations have the same requirements, so you need a system that you can customise. That’s not to say that heavy customisations should be the order of the day, an approach that definitely does not lend itself to timely implementations. Instead, what you need is a system that you can customise without impacting on the core compliance capabilities that come as standard with the right complaint management system.

Configurability alongside out-of-the-box compliance functionality really is a must. Your solution of choice should enable RG 271 compliance while giving you the freedom and ability to customise day-to-day features, such as field labels, business-specific functionality and branded communications templates. Ultimately, you need a system that underpins compliance while meeting the needs of your business. It’s only by doing this that you’ll derive the maximum value from your CMS, not only in terms of compliance but to deliver the reporting functionality and in-depth insights that can make such a difference to your entire business.

Satisfying regulators and satisfying customers aren’t mutually exclusive. With the right complaints management system in place, you can align people, processes and information, achieving successful, fair outcomes for customers while fulfilling even the most stringent regulatory requirements and deriving optimum value from your complaints data.

Use our compliance calculator to see just how RG 271 compliant your business is, download our Complaints & Case Management Buyer’s Guide or contact us today to see how our complaint management system, Aptean Respond, can help.