Records Management Tips For Financial Institutions



Financial institutions have a unique set of challenges when it comes to managing customer data. In addition to organizational requirements, records for account holders are subject to a broad range of complex state, local, and federal regulations that govern their use. With the addition of privacy legislations, storage constraints, and costly litigation, financial institutions have a lot at stake. It's imperative that they implement a comprehensive financial records management solution to protect their interests and prevent a customer data breach.

How Financial Institutions Benefit from Records Management
A reputable records management company can help your financial institution manage electronic and physical records from cradle to grave. From moving to storage to destruction, you want to ensure your solution uses innovative technologies and best practices designed specifically for institutions in the financial industry. The right plan helps you:
• Maintain and consolidate all client account records
• Exceed all IRS, state tax commission, and local tax authority requirements
• Improve employee productivity, increase efficiency, and make bank departments more accountable
• Establish records retention schedules for all paper and electronic documents-including the development of a classification system that helps quickly identify where financial records fall in the retention schedule
• Improve workflow and ensure 100 percent compliance with all transaction processes and records
• Track required certifications and training records for state, federal, or local compliance laws

• Easily manage deposit, withdrawal, and loan records
• Reduce the liability risks of transferring physical documents between two branches
• Increase the speed of credit and loan decisions by giving bank managers quick access to records and client information
How to Evaluate a Reliable Records Solution
A records management system must be as comprehensive as it is nimble to adapt to the changing demands of the financial services industry. From staying up-to-date with compliance requirements to making records retrieval fast and easy, your financial institution needs to be able to rely on a solution that consistently meets all of your needs. Since not all records systems are created the same, look for quality indicators such as:
• Consolidation: Physical and electronic records should be easily managed in a single, user-friendly system. A records management company can consolidate all of your paper and electronic records into one system for faster access and better efficiency.
• Customization: While consolidation into one system is important, remember that there's no such thing as a one-size-fits-all records solution. You only want to work with a management company that truly understands your needs and goals, and then designs a solution that is tailored for your business. Scalability is also important so your records management system can easily grow with you.
• Security: A reputable records management company strives to reduce the amount of liability your financial institution takes on at every turn. From conducting employee background checks to providing offsite storage, you should be able to depend on the records company to secure all physical and electronic records at every step of the process.
A breach of customer records can cripple a financial institution overnight. If you don't have the right systems in place, you're bound to become another statistic. If your financial institution has been searching for a secure and compliant records system, look no further than Admiral Records Management. Admiral offers customized solutions designed to better manage financial records throughout their life cycle. From creation to archiving to secure disposal, Admiral provides your institution with the records services you need to thrive.
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