Meet Compliance and Regulatory Policies
Many financial services companies scramble to comply with new regulation, like SEC 17a-4c, and maintain compliance with legacy regulations, like Dodd-Frank Act, SOX, Know Your Customer (KYC) and other legislation as they grow. In addition, a changing corporate landscape can drive major efforts in IT governance.
Flexible information management tools will support your any number of policies and allow you to manage existing and future regulatory compliance with confidence, and protect you from unnecessary exposure.
Technology that allows you to easily aggregate and share process performance data is essential. If you don’t know where your processes are failing to meet compliance, you can’t fix them. Similarly, visibility into who, how and when content is interacted with is critical. It’s important to have a highly accessible and configurable content analytics platform to expose the precise information you need to detect risk immediately.
Support Granular Information Security and IT Governance
If you can’t configure your information management software security with ease and precision, then you can’t have visibility into performance or activity. More importantly, you can’t protect yourself against legal exposure. Systems that support robust configuration help you enforce the controlled collection of information. They also help you standardized formats and data management, which promotes infosecurity.
Manage Retention & Disposition
From a risk management perspective, disposition can be as crucial as retention. Managing the lifecycle of your data and documents does not have to be complex and expensive. A simple, automated solution can pay for itself many times over.
Have a Dedicated Process for Records Requests
If you are plagued with requests, it may be worth investing in a solution that integrates any type of content—data, documents, email, assets and more—with line-of-business systems and databases to auto-fill, verify and authenticate requests. Smart systems can help meet deadlines with automatic confirmations, status updates and reminders, auto-redaction, storage of completed requests, trackability and more.
Facilitate Powerful Search, Consumption and Delivery
Whether you are producing a report, audit results, images or data, it’s important to have a system that supports flexibility and speed. Some options might include:
- Automatically convert document formats upon import or during workflow
- Monitor databases and configure to automatically react when criteria is met
- Search, collect and package actionable content into “time-bombed” mobile repository
One example is the ILINX Event Tracker. We provided this solution for a large financial institution which is using it to stay compliance by meeting criteria specified in SEC 17a-4c regulations. It provides a reliable tool that creates non-rewritable and non-erasable formats of broker-dealer event records for storage on electronic media.
Check out the 5 other posts in this series:
Ingest and Process Secure Data, Documents and Payments Real-Time During Customer Transactions
Extend Online Invoice Upload Capabilities to Business Partners
Advanced Automation and Robotics Process Automation (RPA) Maximize Efficiencies
Integrate Data from All Systems to Optimize Business Process Management (BPM)
Control the Flow of Information and Access to Manage Risk and Identify Problems