Risk management and compliance is a key focus for financial institutions today. One of the emerging areas in risk management and compliance is document management and records retention practices, driven primarily by many global and local regulations and standards around proper storage and retrieval of business records and electronic communications. A reliable Document and Records Retention (DRR) approach creates a culture of compliance to business records practices, implements corporate quality control, enforces standards and guidelines, and mitigates risk due to lost or unsaved documents.
Microsoft and its partners can help align IT and business to embed DRR best practices into your day-to-day processes and workflows, enabling you to unlock your existing investments and extend and embed. Using risk and compliance solutions from Microsoft and its partners, your employees can help maximize and extend existing technology tools to enable a simpler, more productive, cost-effective integrated approach to risk management and compliance best practices.
Today, there are a number of challenges associated with DRR:
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High costs: In the ever-changing landscape of regulatory scrutiny, your employees are constantly challenged to provide risk management and compliance in a cost-effective manner. Siloed systems that handle risk management and compliance requirements make it hard to get an integrated picture of risk exposure. Stringent legal and regulatory requirements result in higher costs.
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Information stored in different areas: The struggle to integrate structured and unstructured data in information life cycle management (ILM) is a serious roadblock. The sprawl of unstructured data such as e-mail, and the high degree of variance in that data, adds to the complexity.
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Training: Lack of knowledge and expertise in DRR, and the high cost of retraining your employees to use the tools, methodology, and processes to store, retrieve, and trace records across all channels, makes it difficult to strike the right balance between the risks and rewards of information sharing in a compliance-driven business environment.
Solutions from Microsoft and its partners can help create a culture of risk management and compliance within your organization. These solutions:
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Simplify risk management and compliance adoption. Embed document management and records retention best practices into day-to-day processes and workflows.
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Maximize investments by using familiar Microsoft Office tools. Extend and integrate existing components to maximize current investments as well as build new capabilities in a cost-effective manner.
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Integrate an approach to risk management and compliance. Help your employees position themselves effectively for new DRR regulations by collaborating on best-of-breed solutions and applications.
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Implement information life cycle management (ILM) capabilities. Let your employees create, edit, publish, archive, and retrieve documents in an integrated manner, spanning the document lifecycle.
Arthur J. Gallagher & Co Without a standardized document management system, Arthur J. Gallagher Risk Management Services (AJGRMS)—a division of Illinois-based Arthur J. Gallagher & Co.—relied on paper and disparate systems when it came to storing quotes, policies, and other documents. This reliance increased the time required to access important documents and the difficulty for individuals to collaborate on them. When AJGRMS decided to move to a service center model, it became essential to migrate documents to a centralized electronic system so they could be routed among different locations and tracked. Working with Microsoft Gold Certified Partner PointBridge, AJGRMS deployed Microsoft Office SharePoint Server 2007 to support the service center initiative, gain companywide efficiencies, enhance customer service, and improve records management of its important client documents.
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Sasfin Bank Ltd To maintain its competitiveness against much larger institutions and prepare for compliance with major new regulations, Sasfin Bank Limited needed a faster, more accurate, and more complete way of capturing, processing, and sharing customer information. The bank deployed a solution that is based on Microsoft Office SharePoint Server 2007, Microsoft Office Professional Plus 2007, and XML integration to automate processes and enhance reporting and analysis.
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Major Australian Financial Institution Rapid developments in technology and changes to the banking landscape have left many financial institutions with an inefficient IT infrastructure. For one major Australian financial institution, these changes meant it was maintaining four different intranets across three platforms. To overcome its Web content management problems, the company engaged Microsoft Gold Certified Partner OBS to find a solution that would enable it to build a single global intranet. OBS and the company developed a content management system using Microsoft Office SharePoint Server 2007 Enterprise edition. This pilot project showed the technology had the potential to significantly improve the company's intranet issues, workflows and staff productivity. Independent analyst BearingPoint measured the results of the pilot, finding that full deployment of the solution across the company's global operations could result in a saving of A$2.3 million per annum.
By implementing DRR solutions from Microsoft and its partners, you and your employees can help realize the following benefits:
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Integrate risk management best practices Simplify risk management and compliance adoption by embedding risk management practices into day-to-day practices.
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Maximize existing investments Maximize and extend your existing technology components for risk and compliance processes and workflows around both structured and unstructured data.
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Extend and embed capabilities Reusable business services that bridge systems and take advantage of existing technology investments provide access to integrated information that results in better customer insight.
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Reduce retraining efforts and resources by using familiar interfaces Familiar and easy-to-use technology lessens training burdens and increases adaptation, and results in overall efficiency and collaboration.
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