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Complying with government and corporate
regulations is an ongoing challenge. In addition to
establishing internal controls around content, records management is
key -- from routine retention to the prospect of rough and tumble
discovery. |
The stakes are high.
Businesses, particularly public companies, face an alphabet soup of
compliance requirements deriving from the Securities and Exchange
Commission (SEC), Sarbanes-Oxley, the
Patriot Act, Basel II, HIPAA, Check 21 and DoD 5015.2 -- just to
name a few.
Compounding the problem, the recent passage
into law of the Electronic Signatures in Global and National
Commerce Act authorizes the legitimacy of electronic signatures
in online contracts. This means that more and more people will be
performing transactions such as mortgage loan applications,
insurance contracts, and prescription drug fulfillment, using
electronic signatures. The digital signature alone is often a larger
file than the document to which it is attached.
In addition, under the rules of the U.S.
Securities and Exchange Commission (Ruling 17a-3 and 17a-4), brokers
and dealers are required to retain copies of all customer e-mail on
non-changeable media for a minimum of three years. Some types of
correspondence have a seven-year retention period; medical records
are stored for 20 years; still others must be maintained
indefinitely.
q
SEC Rules 17a-3 and 17a-4
Requires monitoring and archiving of
inbound, outbound and internal electronic communications
q
NYSE Rule 342
Restricts content of electronic
communication between Registered Reps and Customers
q
NASD Rule 342
Restricts content of electronic
communication between Registered Reps and Customers
q
Sarbanes-Oxley
Requires monitoring and archiving of
electronic communications between Management and Board Members
q
Patriot Act
Requires corporations to know who they
are doing business with and terminate/report transactions with Watch
List entities
As a result, businesses across industries will
need to maintain electronic document trails that may rival
paper-based processes, all the while adhering to strict auditing and
legal mandates that dictate the long-term retention of documents.
Yet, conflicting company policies often require the deletion of
burgeoning in-box files and attachments after a specified length of
time.
Comply ... and reap the rewards
Companies dealing with compliance requirements need a robust
Enterprise Content Management (ECM) solution to help address
these requirements. The solution must address unique business needs
and general industry trends. It must also enhance, not drain,
ongoing business operations.
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control information through
compliance life-cycles
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increase accountability
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implement and document legal
holds/suspensions
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increase compliance efficiency and
spur productivity for compliance report creation, discovery and
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boost the return on technology
investment
You've got questions, we've got answers.
Contact PriceCompete today for
compliance anxiety relief with a FREE
Executive Assessment.
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