Documents and records are often the most valuable assets of a company. Businesses can cut down on office space by keeping their documents organized, accessible and secure. They can also ensure compliance with regulations, and provide accurate information to their clients and customers. However, storing the documents and tracking them can be a struggle if done incorrectly.
Secure document retention goes beyond than just archiving, coordinating and keeping documents. Businesses should think about a document management and storage solution that concentrates on authentication, encryption, security and access control, along with an audit trail. This will secure documents and documents from unauthorized access and malicious activity and will prevent breaches caused by human error.
Secure document retention is vital for financial services firms as well as advisors and credit unions that must comply with Securities and Exchange Commission (SEC) rule 4511, rule 17a-4. These rules and regulations mandate that a firm or advisor keep books, records and other information about its clients for seven years in a durable and accessible form.
It can be challenging for companies to meet and, in some instances, exceed document retention compliance standards. However it is vital to establish a system that makes it easy to meet these standards. Integrating technologies like document storage and digital vault platforms into your back and front office processes allows your staff to concentrate on the primary tasks that are in front of them without the added burden of ensuring compliance. It also reduces the chance of penalties or fines for non-compliance.
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