Outside assistance is often beneficial here; an impartial appraisal of your past business and/or processes from a dedicated compliance expert can save you time and money when it really counts.
3. Look forward
After settling the complaint, your next priority should be learning all you can from the case to unearth any deeper issues and allow for improvements that will reduce the likelihood of similar negative outcomes.
So, now’s the time for honest reflections regarding what your business should be doing differently next time, such as:
- Are your products and services flexible enough to meet your clients’ needs?
- Do gaps in your guidance mean key risk factors are overlooked?
- Are departmental siloes leading to miscommunication or relevant information not being relayed?
Here it’s especially important to not get distracted by surface-level details and instead focus in on the bigger picture – remember, you’re looking to treat the root cause and not just the symptoms.
Ultimately, the difference between a business that does right by its clients and one that doesn’t is their willingness to listen and improve from past oversights.
And that’s why it’s vital to approach complaints with an open mind and accommodating attitude.
Neil Dethick is an associate director at compliance consultants TCC Group