Mitigating compliance risks with ECM
Organization faces a plethora of compliance requirements that can significantly increase costs of managing and securing information. Consequently, organizations are always on the lookout for new ways to keep such costs down or under control. One of the most recommended tools that organizations are currently exploiting to optimize how they handle their data and information is Enterprise Content Management (or ECM). Besides lowering costs associated with information management, ECM also provide seamless ways of mitigating compliance risks.
Quick Record Access and Management Solution
It is often a big challenge to keep track of your organization documents and to access them whenever they are needed. Quick document access simply means timely dispotion which in turn translates to prompt meeting of compliance deadlines. And meeting your deadlines translates to no penalty risks or legal issues associated with non-compliance.
To fulfill the various regulatory compliance requirements, your employees will also need to fill or complete certain internal documents. For big organizations, tracking all the employees’ responses from the various documents that they need to complete/fill to adhere to compliance standards can be daunting, especially with paper or email responses. However, by using ECM, storing your employees’ responses becomes simple and easier, particularly with content tracking, authorized access and encrypted files.
One of the biggest monsters in the compliance arena is thwarting the government compliance requirements—W4 forms, HIPAA, I-9 and SEC rules all require digital records to be accessed whenever necessary. This can be a challenge if you don’t have an effective way of managing your organization records. ECM provides an easy platform for setting up your organization’s files and folders, especially where confidential information or data is involved. Audit logs, for instance, allow your organization to establish reliable, consistent, and accountable process for prompt responses.
With few compliance challenges, your organization benefits from less stress because they have an opportunity to easily retrieve and track data and other contents when needed. In other words, your staffs are relieved of tedious processes of locating, searching, and retrieving documents giving them ample time to perform other important roles. With a strong enterprise content management coupled with an effective customer communication management platform, your organizations will not only mitigate compliance risks but will also protect its the reputation and mitigate any potential data losses.