Inventory Audit: Choose Your Way to Prove Compliance
Failing audit qualifications and
facing regulatory actions are
two of the top risks companies
cite as concerns from a failure
in information governance.
Source: Aiim Industry Watch, “Information Governance – Records, Risks And Retention In The Litigation Age.” March 2013. Www.Aiim.Org/ Research; N=500.
Demands are increasing for the proof
of security and protection of the assets
that you manage and protect. Regulatory
demands and sensitivity around your
customers’ information in your safekeeping
are driving requests for greater reporting
verifying the location and physical integrity
of your inventory.
You need to be able to demonstrate control
over the physical assets that you manage
and performing physical inventory audits
can help show proof of a well-run records
and information management (RIM)
program. But conducting physical audits
presents a number of challenges. You want
to comply with these requests with ease,
but in order to do so, you need a solution
that’s tailored to your organization.
How This Affects You
- You may need to comply with auditors’ requests to verify inventory
location and integrity.
- You might need an easy way to respond to your customers who
want proof that their records are being properly stored.
- You are tasked with proving good control over your records and
information management program.
- You may need to make sure you can prove the soundness of your
program in a cost-effective way.
What If You Could ...
- Choose the inventory audit method that balances the right
combination of speed and cost for your specific situation?
- Receive reliable asset audit reporting fast, with minimal hassle?
- Demonstrate compliance in your inventory?
- Leverage the latest asset tracking technology?
Inventory Audit: Choose Your Way To
Only Iron Mountain offers you choices for how you will
audit your inventory depending on your needs. You’ll
be able to satisfy audit requirements by providing proof
of your assets in Iron Mountain’s record centers and
verification of their physical integrity in one of the
Physical Scan: A cost effective physical barcode scan
where you’ll receive a statistically significant check on a
subset of your inventory. This type of methodology allows
for a large population of cartons to be checked quickly with
minimal set-up time, ensuring an appropriate sample size
that accurately represents the total population of
Radio Frequency Identification (RFID): If your
organization requires a 100 percent inventory check,
you can leverage the latest asset tracking technology to
perform fast and repeatable audits.
How It Works
You schedule recurring or request on-demand audits of your inventory that is stored offsite with Iron Mountain.
- Proactive annual audit and/or event-driven audit
- Verification choices — eyes-on check of assets’ integrity or remote RFID-based location verification
- Program management for RFID tagging of assets
- Analysis of issues and consultation/actions for enhancements
- Results reported back to you at the end of each audit
- Account team works with you to define audit scope
- You confirm or provide audit list for audit teams
- RFID asset tagging commences (if applicable)
- Visual integrity of carton is checked as cartons are tagged
- Audit is performed; status provided to you throughout the audit for longer term cycles
- Audit closes; report reviewed with you and research no-finds (if any)
- Overall target asset count and audit find rate by market
- Detailed cause analysis on any missing inventory
- For markets with less than the target find rate, we’ll remediate causes and check for similar at-risk inventory
- Recommended next steps including follow-up audits
A multinational bank acquired a financial services firm and needed to apply a retention policy to the acquired firm’s records. In order to get a good basis for the bank’s newly acquired inventory, Iron Mountain conducted a physical scan audit to identify which accounts had good inventory integrity and which were below standard. Iron Mountain physically scanned a statistically relevant sample of records across multiple record centers where the acquired firm’s records were stored. The bank used the results of the audit to prioritize their retention policy efforts without having to audit the entire inventory.
- Reduced costs for the bank by focusing on accounts with poor inventory integrity
- The bank is now confident about their inventory across their entire account
- Greater defensibility with proof that their inventory was audited and is being managed properly.
What You Gain
- Ability to choose which audit solution best fits your needs.
- Confidence in responding to auditors and other stakeholders.
- Proof of effective program controls in place.
- Access to the latest technology for fast, repeatable audits.