CRM: Compliance Relationship Management

At Stacks Data, we’ve been working tirelessly for nearly a decade to transform the way organizations create and respond to compliance data requests. Again and again, we’ve come up with the same basic understanding of what it’s all about: people! We often emphasize the data we collect, or the verifications we perform, over the human element but — even in the world of AI and bots — it is usually people that are the gatekeepers (and the givers) of data.

This emphasis on prioritizing connections with people over the mechanical act of transferring information back and forth has a name: Compliance Relationship Management. The similarity to the term Customer Relationship Management is not accidental. In fact, we have long said that our software (Product Sheets) , is like “the SalesForce of compliance”. We stand by that observation today.

The similarities are more than skin deep. Let’s take a look at some of the core attributes they share in common. We’ll do this by outlining the benefits and advantages of Sales CRMs, and applying them to the Compliance Relationship Management version. After that, we’ll examine what sets Compliance Relationship Management apart from Sales CRM.

Attributes of Both CRM’s:

  1. Contact management. We keep saying it - compliance data is about people. They know where to find the data, who’s in charge of it, how to verify it. Find the right person and the data will follow. Most compliance platforms ignore this to their peril. (And yours, if you’re a user.)

  2. Collaboration. Another core feature of the Sales CRM is the ability to work across teams and organizations. This is etched in the DNA of Stacks Data. Other compliance software usually overlooks it.

  3. Reporting. Always having a handle on the right data is a surefire way to win and keep more business. If your data is up-to-date, ready to use, and easily found, you can respond rapidly to any customer or regulator requests. Stacks Data makes this simple and nearly effortless.

  4. Increased customer satisfaction and retention. Win customers by getting them the information they need when they need it. It’s pretty straightforward. Keep customers by getting them the information they need, when they need it! Equally straightforward! When you have the people and the data aligned, you put yourself above the competition.

  5. Increased Data ROI. Sometimes it seems like data collection and management is “make-work”. After all, we spend so much of our time chasing after it that once we’ve gotten it the process of putting it to good use is almost an afterthought. Stacks Data helps our customers make more money by very quickly getting prospects and customers all of the information they request, often ahead of time. And we save our “outbound” customers time and money as well, by providing people-centric software and services that actually work.

If this all sounds good, keep reading! Because there are also some key differences (or unique attributes) separating the two CRMs from each other, and it’s important to point them out to avoid buying a sales CRM disguised as a Compliance one. A few of these differences are:

  1. Verification. There must be a mechanism and a process to verify compliance with whatever rules or laws you’re addressing.

  2. Audit trail. It logically follows that where there is a verification process there must also be an audit trail to vet that process.

  3. Versioning. It’s not enough to have the most recent information - compliance activities are by definition backwards looking. You need to have cover there.

Stay tuned here for more information as we continue to evolve this concept. And, of course, if you want to apply it yourself, drop us a line.

Scott Kaufman