The term "compliance" refers to the need to meet regulations regarding the handling of personal data and correspondence. The increase in regulatory compliance, due to corporate accounting scandals that took place over 10 years ago, means that organizations today are under pressure and are expected to be accountable for the mail they send out. However if handled properly, compliance can in fact open up new businesses opportunities.
Revenue Growth with Compliant Mailing Hardware and Software
The general feeling is that regulatory compliance is a burden. However if mail service providers can prove to their customers that they have hardware, software and processes in place that are compliant they will be able to prove to their customers that they have sent the right mail to the right people. This will help them build trust and this will open up opportunities for business growth. Enterprises dealing with outbound mail in-house, will also benefit from compliance processes as they will not have to pay lots of people down the line to manually check what the system automatically does well.
Offering regulatory mail compliance solutions enables you to differentiate yourself from the competition by offering a service that is more secure. The ability to offer 100% integrity all the way through the system, from the moment a document is created, to the moment is it mailed out to the right person, is an enormous competitive advantage.
Fine Avoidance with Compliant Mail Processing
Automating compliance processes for physical mail communications guarantees accuracy and improves record-keeping. This could have an impact on the bottom line, helping you avoid fines for infringing data protection rules or sending out unsolicited marketing messages. In the UK consumers can opt out of receiving marketing communications by post with the Marketing Preference Service (MPS). Furthermore the Department for Culture, Media and sport in the UK can make it easier for the Information Commissioner’s Office (ICO) to impose penalties of up to £150,000 (approximately €197,000) on enterprises that break the law. At a time of rising concern for data protection and a growing intolerance of unwelcome sales and marketing mailings, it is crucial for organizations to avoid the costs of bad publicity.
The Growing Importance of Regulatory Mail Compliance
Mail compliance will continue to be an area of growing concern in the future and this will be reflected in the budgets and resources allocated to compliance related challenges. Highly skilled manpower such as Compliance Officers or Compliance Mangers will be key to managing the complexity of the increasing number of rules and regulations as regulatory expectations change.
A change in mindset will be required if enterprises wish to continue operating in highly regulated sectors and avoid facing legal action and financial penalties. Organizations that value data security and offer document integrity during the entire mail preparation and processing operation will be well-equipped to assess the risks, speak knowledgeably with compliance regulators and compete in this continuously changing environment.
