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Secure Document Retention for Financial Services Firms

Documents and records are a company’s most valuable assets. By keeping them safe, centralized and accessible, businesses can reduce their office space usage and ensure compliance with laws and provide accurate data for their customers and clients. However, keeping track of and storing the company’s documents can be challenging if not done correctly.

Secure document retention goes beyond than simply archiving, organizing and document storage. Consider an organization and storage solution that focuses on authentication, encryption access control, security and access control and an audit trail. This will shield documents from malicious activity and unauthorized access as well as human error.

For financial services firms such as credit unions, advisors, and banks that must adhere to the Investment Industry Regulatory Organization of Canada (IIROC) and Securities and Exchange Commission (SEC) rule 4511 and 17a-4 Retention of documents in a secure manner is vital. These regulations and rules require that a firm or advisor keep records, books and information of its clients for seven years in a dependable and accessible form.

It isn’t easy for businesses to adhere to and, in some cases surpass compliance with document retention standards. However it is essential to have in place an infrastructure that makes https://dataroomcorp.com/best-practices-for-secure-document-retention/ it easy to comply with these standards. Implementing technology such as digital vaults and document storage platforms into your front and back office processes allows staff to concentrate on the primary tasks at hand, without the responsibility of meeting compliance requirements. It also reduces the risk of fines or penalties for non-compliance.

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