INTRODUCTION & BACKGROUND
A large, “household-name” direct selling company found itself lagging behind the changing trends in technology – a development that nearly brought the company to its knees.
CHALLENGES
Failure to Adapt
Represented by hundreds of thousands of contractors around the globe, the company was unprepared to deal with an endless barrage of criticism, levied by both field interests and regulatory bodies, and traveling at lightning speed through the advent of the internet and social media.
Wasted Resources
In an attempt to find the quickest path to mitigate its reputational challenges, the company’s leadership developed a compliance department and added a robust headcount to support it. Soon, the department employed 11 well-paid, dedicated staff members who spent their days engaged in menial activities – like “googling” the company’s name — for compliance-related keywords.
Vicious Cycle
Faced with continually rising costs and the leadership team’s inability to envision a complete picture of cases in the field, several employees were laid off, hired and laid off again, ultimately exposing the company to an ever-increasing number of compliance issues.
STRATEGY
Analyze the Problem
Upon its engagement, Momentum Factor conducted a thorough examination of the company’s current risk mitigation efforts. It soon became evident that the company’s risk mitigation profile could be managed by FieldWatch – Momentum Factor’s signature compliance monitoring and brand protection solution.
Compliance Automation Software
FieldWatch works by automating the most tedious aspects of a company’s healthy compliance function, freeing up personnel to define and strategize procedures to streamline a company’s response to reputational risks.
CONCLUSION
With the help of FieldWatch, the company dramatically improved its monitoring process and field focus – with less risk. By shifting its human resources to case management, education, and field training, FieldWatch reduced the cost of the company’s compliance, all while minimizing compliance risk. Now, the company was able to determine the time it took to resolve incidents, and the number of high-risk cases versus low-risk cases, all through the power of FieldWatch analytics.
NEXT STEPS
Want to keep your business compliant and avoid regulatory risk? Contact our team today to put the power and protection of FieldWatch in your corner.
