Keeping track of the retention policies of organizational records (documents and other content) can be a huge headache. Just ask any Records Manager. This does not have to be the case anymore though. Electronic Records Management systems make this tedious task much more manageable and efficient. Records Management goes far beyond just making sure that records are stored away in a safe place. If an organization is in a regulated industry, each of one those documents must be properly disposed of in a timely and compliant manner and a history of actions taken on those documents must be provided to auditors to prove compliance. Failing to meet these stringent retention policies can result in heavy fines mandated by regulatory bodies such as the SEC, FINRA, and the Department of Labor, to name a few. Too often, organizations have outdated records management policies and procedures and, on top of that, addressing these concerns is not very high on their to-do list.
Finding Records Quickly
Digital records can be found instantly, from any device, because they are indexed with metadata fields and OCR’d for full text searchability. The next time an auditor tries to stump you, you’ll be able to throw that document in their face in a matter of seconds, along with a full audit trail of actions taken on it throughout its lifecycle.
Complying with Retention Schedules
A capable ERM can automatically file records in a record series from the moment of capture. Filed records will inherit the retention policy that has been applied to that series. Furthermore, when the time comes to take a disposition action on certain record series, the ERM will automatically email the Records Manager, informing them that a disposition action is required on those records. Easy peasy.
Preparing for Audits
With ERM, ‘preparing for audits’ will be a thing of the past. By using ERM, an organization will inherently be prepared because everything the auditors want to know is already being tracked and taken care of. Records are being disposed of in a timely manner thanks to automated disposition notifications, and an audit trail of actions has been kept since the moment of a record’s capture. All that has to be done is to run a quick search to find the requested records. Viola! Invest in a proper Electronic Records Management system today and your Records Manager will worship the ground you walk on.