5-Factors-to-Consider-when-Creating-a-Cloud-Based-Records-Management-StrategyEstablishing a comprehensive cloud-based information management strategy can help your financial services company deal with compliance issues more effectively and can ensure fast and convenient access to records and data from the initial onboarding process through the entire client relationship. As the ways in which your company receives information continue to proliferate, the challenges associated with managing this rapidly expanding data inflowinflux have also increased significantly. Developing a set of best practices and a consistent strategy for managing incoming information can provide you with the tools and workflows needed to stay compliant and to provide access to needed information quickly and efficiently.

These four steps will help you get a handle on incoming information to promote greater productivity for your financial services and compliance staff.

Step 1: Analyze the Issue

Taking time to consider the various ways in which data enters your company and addressing each of these methods during the planning stages can ensure that no elements of information management are overlooked. Selecting employees who are integrally involved in compliance and in customer service can ensure that both of these operational areas are represented during the in-depth analysis of incoming data. This process can also help you identify the most appropriate individuals to deal with policy questions and concerns and to develop training programs for information management and governance activities.

Step 2: Establish a Consistent Policy

By setting up a policy that governs the intake of information at your institution, you can ensure full compliance with all applicable federal regulations. This policy should offer both descriptive and prescriptive information:

  • It should explain why the policy was created and give reasoning behind the various requirements and procedures.
  • It should also describe in detail each activity to be included in managing incoming data at your institution.

Be sure to consider all possible ways in which data enters your financial services company. Some of the most common formats for this information include the following:

  • Voice recordings and voice mails, which must generally be transcribed to print form for optimal usefulness
  • Emails and instant messages
  • Contract documents and memorandums
  • Online intake and onboarding forms
  • Chat transcripts from online interactions

Finding ways to convert these points of data into a common format can streamline access and ensure easier retrieval for compliance and customer service needs.

[For more on considerations, check out our blog article "5 Factors to Consider when Creating a Cloud-Based Records Management Strategy"]

Step 3: Training and Adjustment

To ensure the most effective implementation of your information management policy, proper training must be provided for all employees involved in collecting or receiving this information. Assigning a key person responsible for fielding questions regarding the policy can help to ensure increased understanding on the part of your employees and greater buy-in for your policy. If any parts of your information governance strategy are not working as expected during the training process, this is an ideal time to make any needed adjustments or to correct issues with converting and storing documents to ensure accessibility.

Step 4: Work the Plan

Once you have established a plan, train your staff and do all the due diligence associated with these tasks, it's time to put your information governance strategy into action. Working with a qualified consulting company to develop secure cloud storage solutions and login technologies can take some of the pressure off your in-house IT staff. Additionally, cloud-based technologies can provide remote access from anywhere your employees happen to be. This can ensure rapid responses for customer inquiries and federal information requests even when key staff members are out of the office.

Partnering with firms that specialize in assisting companies in managing information in the modern regulatory environment can allow your company to institute a comprehensive information governance program that fits the way you do business and provides support for all your compliance and customer service requirements. You need both experience and expertise to manage information effectively in the financial services marketplace.

A Field Guide to Enterprise Records Management