Is Your Information Management Program Changing With The Times ?
Meeting the Challenges of Today’s Financial Services Industry
The financial services industry is highly regulated, ultra-competitive, and rapidly changing. As the industry has grown, so too has the volume and variety of information that must be managed. Has your ability to identify, access, monitor, and assess all of the different types of information kept up with the evolving needs of the industry?
Key Considerations For Financial Institutions:
The more complex your business becomes, the more important it is for you to have clarity around all of your information. While every institution is focused on becoming paperless, this transition can create challenges, particularly when so much information is being produced by different and disparate lines of business. As you navigate your way around the business need for operational efficiencies and the regulatory need to manage your information securely, you need to:
- Control Your Information Across Business Lines
With increasing pressure from multiple regulatory agencies, the need for an Information Governance Program continues to evolve from a “nice to have” to a “must have.” In addition to regulatory pressures, legal discovery requirements continue to become more standardized, with courts and regulators having less tolerance for noncompliance to established standards and commercially reasonable expectations. An active Information Governance Council, with executive support, can help tie the various business lines together under one program, eliminating information silos.
- Look For A Financial Services Solution
Your information management program must support a multifaceted business. It is no longer acceptable to simply store records. Your business demands an information management program that delivers security and compliance across all media types, while leveraging the value of the information to help make business decisions. Whether it is understanding the modern workflow at today’s retail branch, or traversing the intricate requirements of the mortgage industry, utilizing information solutions tailored for financial services allows your program to adapt with the business.
- Carefully Manage Those That Manage Your Information
As regulators like the Office of the Comptroller of the Currency (OCC) and the Federal Reserve issue guidance on how financial institutions must assess, contract, and monitor their third-party relationships, many institutions have also found that the path to an effective information management program is through better vendor management. Yet, storing information across multiple vendors, governed by different policies and procedures, may lead to legal and compliance risks. This also creates an inefficient model that requires countless vendor audits and the review of disparate programs.
As you review all of your vendor programs, you need to keep the regulators’ guidance in mind. Ensuring that your critical third-party vendors share their strategic vision and align with your records and information management program not only helps you better manage your information, but also proactively prepares you to support your audit and security needs.
The Financial Services Industry Is Evolving; Your Information Management Program Should Evolve With It.
Working with Iron Mountain, you can:
Develop And Implement Retention Policy
Retention policies for the financial services industry vary by location (state, federal, and international). The Iron Mountain® Global Research and Policy Center solution was developed for financial services companies to consistently apply retention policy, while keeping your policy up to date with the ever-changing regulatory environment.
Optimize Retail Document Workflow
Iron Mountain® Retail Branch services provide an efficient way for branches to manage information and repurpose existing real estate for more revenue-generating services. Our Check and Teller Storage and Destruction services allow tellers to reduce time spent on back-office processing and increase time spent interacting with customers. For banks consolidating their branch network, our Closing and Consolidation services provide expert personnel and secure transportation so that your teams aren’t distracted from daily responsibilities.
Access And Protect Mortgage And Loan Files
Iron Mountain® Mortgage and Loan services protect highly sensitive loan documents and collateral files throughout their lifecycle, while facilitating secure conversion and access. In the instance where mortgage-servicing rights (MSRs) are being transferred, our proven methodology helps mitigate the risk of lost information and expedite the transfer, regardless of media type. The Iron Mountain© Automated Mortgage Classification service can also help make your electronic loan files easier to access regardless of the current format.
Digitize Your Records
Iron Mountain® Document Conversion services provide scanning, indexing and classification services for many of the most information-intensive workflows in the financial services industry. We offer both manual and automated classification services, processing millions of financial services documents annually.
Secure Your Vital Records
Iron Mountain® Vital Records Vaults provide heightened security for your most valuable records such as sensitive human resource documents or loan collateral. Our vault solution is ideal for financial institutions looking for advanced security features including: two hour rated firewalls, CCTV on key access points and dedicated dual access controls.
Leverage Expert Staffing
Leverage our knowledgeable records and information staff at your locations to help build your program or supplement your existing group. Our experts provide reliable staffing that can accelerate your program by streamlining the process between your information program and Iron Mountain.
Why Should You Choose
Iron Mountain is a leader in records and information management solutions, with over 65 years of experience in servicing the needs of banking customers. We are dedicated to understanding the financial services industry and have developed industry-specific solutions to enable your institution to manage information throughout its lifecycle, consistently, across the globe. Leveraging our scale, we deliver solutions that are secure, compliant and cost-effective.
- More than 2,500 financial services institutions, including 48 of the top 50 U.S. banks, use Iron Mountain’s solutions and services
- Continuous audits and reviews ensure that your program meets compliance requirements
More than 1000 facilities in 36 countries
- Responsive & flexible services tailored to meet your needs
- Close proximity to your location for quick turnaround
- Next-day, half-day, & emergency retrieval services available
- Offer expertise and solutions unique to the industry
- Work with industry publications and advocacy groups
- Provide guidance and program benchmarking including: Information Governance
- Key Performance Indicators
- Risk and Controls
Business As Usual Is No Longer An Option
Working with Iron Mountain, you can:
An enterprise-wide, policy-driven approach to managing information will:
- optimize capacity
- reduce redundancy and complexity
- decrease costs
A well-applied information management program can:
- improve security and compliance
- better enable discovery management
- support enterprise-wide Information Governance
Consistent policy and procedures can help you:
- enable better access to your information
- apply retention policy across the enterprise
- speed up response time to regulators
For more information, or to accelerate your journey to building an enterprise-wide Information Management program, contact Iron Mountain at 800-899-IRON (4766). For access to additional tools and insight, visit: www.ironmountain.com/solutions/financial