The burden of compliance regulation regulations and legislation is growing worldwide, regardless of location or industry. There are now extremely tough penalties for directors and managers of businesses that do not comply. Whilst it is true that regulations and legislation for each country may differ, they all share two common threads:
To sumarize, all companies are responsible for retaining all forms of information and documents. The failure of retrieving documents in the case of litigation or audit can result in large fines and other penalties.
In addition to the challenge of compliance, the majority of companies also have the task of managing a vast quantity of documents. (It is not uncommon to even have archives of millions of pages). At the same time legislation is becoming stricter, which means the amount of information a business must keep and maintain is increasing.
Document management has a key role to play in the implementation of any effective business continuity program due to the productivity, accountability, and transparency benefits that can be achieved. This is particularly the case for any regulatory requirements that must be observed for legal reasons.
A document management system (DMS) brings many benefits. One of the key benefits is protecting hardcopy data which addresses the need for retention. With all documents and files being correctly indexed, it becomes simple to retrieve the documents that you need. This also supports the other critical function of legislation such as Sarbannes Oxley ‘discovery’.
For documents that are subject to a statutory retention period, the hard copies can be stored off-site with a reputable records management company. The electronic copies are available at the click of a button.