Embracing electronic records management for improved agility and efficiency
Records management in financial institutions is often a neglected and underrated function. With regulations and compliance becoming more and more complex and demanding, enterprise data management has to evolve continuously. Financial institutions must proactively implement an agile, robust, extendible, and adaptable electronic records management system to address the existing and evolving regulations.
Business drivers: Records management system provides an integrated view of business processes enabling regulatory compliance, litigation support, and audit conformance.
Record-keeping standards: A variety of standards need to be taken into context while implementing an efficient and effective banking records management system.
Solution implementation approaches: Three approaches can be followed for implementing an enterprise-wide records management solution - physical, virtual, or a centralized file archival approach.