Pain-Free Audits: Your Key to Records Management Success
When you perform a careful audit of your records management program’s key performance aspects—including destruction timeliness and compliance with laws and regulations—you’ll almost always find room for improvement.
Wheatgrass juice, watching your home team get clobbered, and audits: all things so distasteful you couldn’t imagine doing them willingly. But wait, that audit isn’t on your taxes; it’s a thorough review of your records management program.
That’s no better, you say? Well, let’s go under the hood to see what goes into planning an audit to measure your program’s efficiency and compliance. We promise it won’t hurt a bit—really.
If you need more of an incentive, consider this: In 2008, the University of Iowa studied more than 1,700 bankruptcy cases that involved home foreclosures. The study found that in more than 40 percent of these cases, the property’s original promissory note was missing. That’s right: Hundreds of cases of severe finance loss, all because someone at the office dropped the ball on recordkeeping.
Could your company suffer because of bad records management? Don’t wait to find out. Take some proactive steps to ensure that your program is meeting your designated objectives.
Create Clear Policies
You can’t start playing a game if you don’t know the rules. Before you study the effectiveness and compliance of your company’s records management system, consider setting some baseline measurements—the basis of your program policies. Also consider creating a clear set of policies–and share them with all employees who deal with this data each day.
Search for Completion
Once you’ve got your standards in place, it’s time to study your records management system. First check: Are your records complete?
Files can be incomplete if they are not as detailed as they should be. For example, an employee who takes information from customers may routinely skip a few items. Even worse, files could simply go missing. Perhaps one of your team members, in an effort to save time, keeps a selection of crucial records at his or her desk. That’s a big problem for anyone else who needs this information.
Ensure Records Accessibility
The reason you store records is to provide for their future use. How accessible are they? Your audit should ensure that regularly updated indexes are in place so you can quickly retrieve needed information. While you’re at it, check that records are stored to afford a painless discovery process.
Lock Up Security Breaches
One critical item to assess is your record management program’s security. A wall of cardboard boxes next to the copy machine doesn’t cut it. Be sure that files containing personal customer data, for example, are protected. If your industry is subject to governmental privacy regulations, such as HIPAA policies, you should keep records safe from prying eyes.
Create Enforcement Systems
An audit is the perfect time to put some electronic locks in place. Investigate technology systems or partners that let you track access to stored data and also monitor files or compliance with retention policies. An automated system that destroys outdated files on its own could save you a lot of headaches down the road. You want a system that’s flexible enough that you can modify it easily when regulatory or business requirements or personnel change.
Look for Outside Help
There’s no reason to go the do-it-yourself route if you don’t have the resources or knowledge to complete a satisfactory audit. In fact, there can be big advantages to hiring an outside team. A third party is more likely to find critical errors that in-house auditors might sweep under the rug. Find an expert, experienced company that will work with both your IT department and your records management team to not only audit your system, but also to create a strategy to fix all errors.
Audits may sound scary, but they’re not when you’re in charge of them. Vigorously test your records management program to be sure that you can address problems before they reach a critical stage.
Creating a Well-Organized Data Collection
There’s no denying that records are crucial for businesses of any size, but that doesn’t make storing them any easier. In the process, your company needs to satisfy legal requirements, stay accountable for past business decisions and plan for the future.
A successful records management program:
- Stores contents securely. Your records are valuable, so store them in a secure, tamper-free environment.
- Follows policy. Not only do you need a well-devised storage and archiving plan, you must also follow it diligently.
- Shreds unneeded materials. Store the information you need, and be sure to destroy unnecessary records.
- Uses the best systems. Some records are on paper and some are digital. Use the right storage and access control systems for each medium.
Iron Mountain Suggests:
Auditing Yourself Is Audit Insurance
While the main purpose of a self-audit is to make sure you don’t get stung by an outside audit or by legal actions, you’ll find more benefits than that. Namely:
- Storage savings. Preserving data you no longer need? You may be able to save on storage costs by destroying unneeded records. Check for data retention compliance during the audit.
- Increased efficiency. When employees can access records faster, they can perform more functions in a day. Study not just what records are stored, but how they’re stored.
- Stronger security. Companies often discover lax security during an audit, which could possibly save you from data breaches in the future. Be sure access is limited to authorized personnel.
- Happier customers. When your employees can access data more quickly, they often improve their levels of customer service. Look for ways to speed up retrieval to spur staff productivity.
Do you have more questions about your firm’s records management options? Read additional Knowledge Center stories on this subject, or contact Iron Mountain’s consulting services team. You’ll be connected with a knowledgeable product and services specialist who can address your information management challenges.
Related Content:
Most Businesses Require Holistic Approach to Records Management
How Records Management Could Protect Against Lawsuits
The Why and How of Creating an Entirely New Role in Your Organization to Master Records Management