What Electronic Tools are Available to Help Banks Maintain Regulatory Compliance in a Paperless World?
With the increased use of technology, many financial institutions are turning to paperless software as a more efficient solution for maintaining regulatory compliance standards with internal documents. However, if a bank chooses the wrong solution, the costs can substantially outweigh the benefits.Regulatory fines related to non-compliance with FINRA totaled over 60 million dollars in 2013 alone. And that does not include the additional millions levied to enforce other compliance requirements. So what are the tools needed to effectively maintain compliance?
A Secure Database
Encryption is a must. Some document management software’s systems (DMS) require external encryption protocols to maintain security. A good DMS will have built in encryption, preferably no lower than 128bit with some as high as 256 bit encryption. These DMS will not allow for â€˜back door’ review of documents and will require that each individual user sign into the software with individual logins and passwords.
Automated retention is a must for industry compliance. Depending on the specific verticals of the documents, various policies must be observed. All investment applications, marketing materials and related documents must be locked down from deletion and editing permanently. Other documents meanwhile, may have specific shredding or purging deadlines. A good DMS will allow the financial institution to automate the requirements based on the department and verticals of the documents.
Role Based Security
Tellers should not have access to mortgage documents or investment account information. Likewise non-licensed employees should not have free reign of investment or insurance solutions provided to customers. The ability to lock down the documents to users based on job function and individual â€˜need to know’ basis is critical to ensuring that private information remain private, even from a rogue employee.
Audit trails keep detailed records of every action taken in the filing cabinet and should only be available to top level administrators. This allows for overview and control of the documents and random verification that employees are utilizing the cabinet according to internal policy. Audit trails should be undeletable and unalterable.
Keeping information stored in multiple locations protects documents from loss in the case of system and server failure, and many other types of disasters. Although systematic backup of all bank systems is recommended, additional backup of documents is also recommended. Strong DMS providers will provide a backup solution as part of an overall document management package.
Having a secure means of storing information is only half of the document management equation. It is just as necessary to have a way to share that information with authorized individuals safely. A client portal is much safer than email and allows for secure sharing of documents with clients and vendors through a cloud solution. The clients log into the portal with an individual username and password and can access documents you choose to share with them.
A Comprehensive Solution
For organizations and individuals who cannot afford to risk compliance or waste time managing paper records, there is a solution that contains all these features through a single easy interface. eFileCabinet offers multiple packages designed to meet customers individual needs. eFileCabinet Professional Package includes all of the above tools to maintain compliance at an affordable Price. The Enterprise Package includes additional tools for large organizations that allow for seamless transitions including active directory, open API, and single login.
eFileCabinet’s Secure Database
eFileCabinet encrypts data both at rest and in transit at 256bit encryption. This ensures that only your authorized users have access to your database. If you choose our cloud-based services, you will have the added comfort of knowing that your data is as safe as is commercially available and you have the full convenience of anywhere access.
A must have for compliance, automated retention doesn’t have to be difficult! Through eFileCabinet, adding retention is as easy as two clicks. Managing retention is automated and you have the capability to protect your documents from being deleted or edited. Retention can be placed on individual documents or pushed down for entire sections of your cabinet and it still takes only seconds to implement. You have enough to do and don’t need to spend hours managing your document’s retention timelines!
eFileCabinet allows you to limit the viewing access to specific individuals. Additionally, by creating groups, eFileCabinet makes adding new users and the appropriate permissions as simple as choosing the group of the user; HR, Teller, Investment Rep I, Manager, Auditor, etc. Keeping your documents safe from curious employees has never been easier or faster!
In eFileCabinet, audit trails can be views only by administrators and top-level users and are accessed through an “audit trail” button at the top of the Admin tab. Your high-level managers won’t need extra training or assistance to view what their employees are doing inside of the filing cabinet. But if they do, full training and live technical support is available as part of your package!
All backups of the data base is done in triplicate. All of eFileCabinet’s backups and data centers are maintained in the United States of America and are located in different physical locations. This ensures that a natural disaster in one part of the country will not affect your data. Plus, any catastrophe that occurs in your office or city will not put your business “out of operation” while you attempt to recover data. We can immediately reinstate your data to your server if you have a desktop-based solution or you can immediately access your data through any internet connection through our cloud-based solution! There will be no “temporary shut-downs” for your institution!
eFileCabinet’s client portal, called Secure Drawer, is encrypted with 256bit encryption, allows you to manage which individuals have access to the documents you are sharing, and allows you to limit their permissions. Further, you can attach notes, set auto expirations of the documents and receive documents from your customers and other outside vendors.
Do you want to see how easy and simple this powerful system is to use? Fill out the form on this page to schedule a ten minute demo and get any additional questions answered!