Records Management Strategies to Reduce Compliance Risks

Are your records management strategies keeping pace with changing compliance requirements?

Most organisations maintain a mix of electronic and paper records and struggle to find a system or solution that helps them apply common records management principles to both. This has made records management more expensive and complex, because of the increasing volume of records organisations need to keep and the addition of new media types to be considered as records such as emails, faxes, electronic forms.

While the key drivers for implementing electronic records management continue to be reducing storage costs and meeting statuary compliance needs, new initiatives like e-discovery demand more than just basic searching and retrieval of relevant records. Possible discovery candidates need to be put on hold as records, de-duplicated, assessed for relevance, moved into a case management area, and on completion, released back to normal retention policies.

How are organisations adapting to changes in records management requirements?

According to a recent survey conducted by AIIM – independent research body in the document management space – 35% of the organisations surveyed have been criticised for insufficient records management and security policies. Also, recent events such as the BT fine for delays in retrieving customer records and high profile government email leaks have put extra pressure on senior managers to fill in the gaps in information management and records keeping in order to reduce business risks. 

AIIM records management survey results

Figure 1: Percentage of organisations criticised by auditors for their records management strategy, *Source: Records management strategies, AIIM 2011.

Almost 60% of the organisations surveyed see a records management system integrated with enterprise content management, document management and imaging systems as the only way forward. New age records management systems like FileStore online allow companies to:

  • Integrate with all existing imaging, content management, document management or other legacy information management systems.
  • Automate classification and electronic storage of documents secure access across distributed offices.
  • Leverage advanced functionality to help define complex rules for records declaration workflows that can run across various departments spread over different office locations.
  • Enforce standard compliance practices and reduce business risk
Developing a Recordkeeping Policy for ISO15489 white paper from Data Capture Solutions Download the whitepaper - Meeting the requirements of changing records management legislation >>

In addition to the above features, FileStore’s online version allows you to manage a secure records repository online without making any upfront investment in IT systems or resources.

To learn more about how you can implement records management best practices, please call one of our business consultants on 01753 616720 or send an enquiry using our Contact Form.

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