Improvement of records management compliance (Financial company)
Issue
The company’s record retention policy did not adequately address electronic documents. Moreover, the company did not manage certain corporate records (e.g. contracts) at a central facility.
With regulatory calls for greater accountability and corporate transparency, the company was concerned about the risks inherent in its current methods of managing electronic and physical documentation. Although these records were retained in separate systems, and in electronic back-up formats, specific data was not readily identifiable and it could not be easily retrieved. When regulators requested the production of emails and other documents, the company’s management quickly realized that past policies, practices and system backups would no longer suffice in today’s environment.
Approach
Based on its broad industry experience, PricewaterhouseCoopers advised the company as it developed an enterprise-wide information retention strategy.
With our assistance, the client embarked on an integrated records management project: process improvement; new technology deployment to manage corporate records throughout the entire document life-cycle (creation through disposition); document migration from paper to electronic media; enhanced policies and procedures; improved audit compliance with new processes and business unit practices.
Client benefits
Our client improved its corporate governance and record management compliance with a positive ROI.
