Compliance Keeping You Up at Night? How ECM Can Help Your Company with Regulatory Compliance
With the increasing levels of compliance regulations and required audits, both internal and external, keeping track of necessary documents is more important than ever.
One of the best examples is the recent overhaul of the U.S. food-safety system, which calls for an increase in government inspections at food processing facilities and gives the Food and Drug Administration (FDA) the ability to order mandatory recalls of unsafe food. Part of the recall process requires manufacturers to provide remote access to critical records and documentation to the FDA for investigation and audit purposes.
That's a nightmare come true for food producers with scattered and disorganized document management. One that could mean disaster to the business – from lost revenue to facility closure. After all, a typical FDA recall can cost millions of dollars.
A well thought out enterprise content management (ECM) can ease minds and facilitate audits and other compliance requirements. In fact, most manufacturing organizations realize their biggest cost savings from existing auditing costs, including remote, secure access to critical documentation, after implementing a smart ECM solution.
Furthermore, the right records management solution will manage length of retention and final disposition of documents. In other words, give your document an expiration date and it will automatically delete when the date arrives (or send you an email to let you know it's time to purge the document and allow you to review and approve the deletion).
Work in financial services? Think of how much sleep you'll get knowing how your carefully considered, strategically implemented ECM solution is keeping an eye on your Sarbanes-Oxley (SOX) compliance requirements and helping you manage your compliance costs, nearly $2 million annually for companies with average revenues of $4.7 billion, according to a Financial Executives International survey.
Increases response to changing compliance regulations and instantly distributes updates
Stores and communicates changes without copying and handing out changes
Provides high-level safety and compliance dashboard to your compliance officer to reduce risk in real-time
Manages the retention of stored documents according to pre-defined rules to support compliance and minimize legal risks
Want to learn even more? Check out this blog post from Sam Mazzola, Hyland Software's director of financial services solutions, titled "Combating New Compliance Issues in Financial Services? Focus On Using Technology to Address These Three Things."
In the post, Mazzola talks about staying ahead of impending rules by using technology to aid in auditable processes and content, security and flexibility to adapt to new regulations.