The CEO of a leading Australian-based financial services organisation was concerned that its complaint handling department was not operating effectively, given the regulatory environment and the growth in publicity of financial services complaints. ParamCo was engaged to review the current practices and processes in light of the regulatory environment (including all relevant external and internal stakeholder engagement) to produce best-practice process and policies to handle complaints in a proactive and strategic manner. Within 6 months, a complete audit of the complaints handling practice was conducted and the company was given:
- A fully integrated cradle-to-grave Complaints Handling Process and Practice Manual which complied with industry best-practice as well as Australian Standards on Complaints Handling and ASIC Regulatory Guidelines.
- A set of related company-wide Policies and uniform positioning on the various issues that underpin the complaints handling process.
- Initiated program workflows with the Program Director tasked with creating a more robust content management and reporting system for complaints handling.
- Direction on operational strategy to deal with the external stakeholders which form a fundamental part of the complaints handling infrastructure.
- Assistance with the strategy on dealing with high-profile and sensitive complaints. training to support the complaints handling function within the company to drive change culture.