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| Ask the Expert |
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| John Schmidt |
| Business Development Manager |
What makes a financial firm different from other types of companies? |
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| Financial firms are highly regulated. After very public collapses, like Enron in the early 2000s and the banking system a couple of years ago, regulations have gotten stronger and tighter. Sarbanes-Oxley and SAS 70 are two of the most influential regulations. Both require that all records, including electronic and traditional paper records, follow strict procedures to protect PII (personally identifiable information). Every step in a record’s chain of custody must be strictly recorded and audited. General procedures, including hiring practices, security procedures, management policies, audits and training are closely monitored. Not only do these regulations affect financial firms, they affect many of the firms’ vendors, including records management companies. |
| How does GRM Document Management adapt their policies and procedures to work with financial firms? |
GRM has long been at the forefront of security procedures and accountability. Our flagship facility services Wall Street and New York’s financial district. Our financial clients were the impetus in designing our procedures. GRM’s systems are SAS 70 compliant, as confirmed by an independent audit of both our digital and core services. While we are proud that our procedures are up to strict standards, we have never stopped there. GRM constantly upgrades and reinvests. In fact, GRM invests the highest percentage of revenue toward facilities, hardware and software upgrades of any records management company.
GRM’s Solutions Group is specifically dedicated to corporate governance and changing regulations. We are able to work with financial firms to help determine best practices in working toward compliance. The Solutions Group specializes in expert understanding of current regulations, awareness of pending regulation and knowledge of industry trends.
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What services are best suited to the financial industry? |
GRM has multiple services that are suited to the financial industry. Most of our financial clients have numerous paper documents. Our secure, climate controlled records facilities are the perfect place to store sensitive financial data. Our eAccess records management system ensures complete chain of custody tracking. eAccess can help maintain a financial firm’s strict retention schedule by tracking destruction dates for each file or box.
Inside a financial firm, document management needs can be as simple as search and retrieve, officially finding and reproducing to more complicated document collections, supporting eDiscovery and litigation matters. GRM has a full range of services from scan on request, to hosting, to EDD and brings them under one roof to financial firms, thus enabling firms to turn to one vendor for all of the document management needs.
GRM’s vaults provide the highest level of security, climate control and fire protection in the industry. The vaults serve as repositories for computer backup
tapes, microfilm and microfiche, film and vital records.
GRM also provides world-class image conversion in all facilities. Imaging conversion can be provided directly on site for clients that request such services. GRM’s hosted Online Record Center offers a highly secure, trackable, auditable online portal for all digital records. The Online Record Center allows collaboration across multiple locations and internally, within departments. All records are strictly password protected.
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| News and Events |
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| GRM Risk Mitigation Webinar |
 GRM Document Management is hosting a Risk Mitigation Webinar on January 12th, 2011.
The Webinar will demonstrate clear and
cost- effective strategies to mitigate risk.
The discussion will include:
• Better understanding of your Information Management System
• Decision making based on knowledge rather than guesswork
• Long-term Strategy and Roadmap for Moving Forward
• Maximizing Information as Asset; Minimizing Information as Liability
• Improved Governance: Best Practices
• Reducing Risk from Lawsuits and Investigations
• Avoiding Compliance Fines and Penalties
• Reducing Costs through Legally Defensible Retention Program
The Webinar will be moderated by Larry Reynolds, VP of Sales for GRM Digital and 25-year veteran in Info Tech.
The presiding speaker will be Fred Diers, VP and General Manager of GRM’s Solutions Group. Mr. Diers has 35 years of experience in Records & Information Management and is a former President of ARMA International.
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| About GRM New Users Can Register Here>>
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| GRM is the premier provider of records and information management worldwide. Driven by its customers, GRM can be found in nine major marketplaces with that number growing each year. The company’s unique ability to administer superior service, exceptional personnel and tailored solutions provides partners the technology of a global enterprise combined with the individual attention of a local operation. |
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| Financial |
 The financial sector is perhaps the most at-risk industry in the world. Anything from a receipt to an email to a fax must follow stringent procedures to maintain best practices. In order to avoid potential risk, including litigation, plummeting stock prices and government fines and sanctions, each record must show fully auditable chain-of-custody tracking, from inception to disposition. Retention schedules must be precisely followed.
It’s often difficult to navigate the regulatory waters, especially when the tide seems to constantly change. Sarbanes-Oxley changed that tide in 2002 as a response to the accounting scandals of Enron, Tyco International, WorldCom and others. Just this year, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in response to the banking industry troubles of 2007 and 2008.
Regulations are not the only risks facing the financial sector. WikiLeaks made headlines this month when it was revealed that they held private documents belonging to Bank of America. Bank of America’s stock took an immediate hit. Those documents could only have come from one place, an employee or former employee. In the past, misplaced laptops and lost hard drives, all containing confidential information, made bold headlines. Each time, the company suffered a drop in stock price, loss of consumer confidence and a risk of litigation. Legal fees for many of these companies were in the millions.
The answer to the pressing challenges of the financial sector is not to respond to leaks and violations, it is to prevent them. While no company is free from risk, with effective preparation, risk can be mitigated. First, there must be a comprehensive examination of current practices. A strict plan should be established. Training procedures must be instigated, followed and regularly enforced.
GRM Document Management has established a new division called the Solutions Group. The Solutions Group is dedicated to helping companies mitigate risk, improve compliance, prevent damaging leaks, minimize legal fees and protect stock performance. The Solutions Group will thoroughly evaluate an organization’s records practices and make recommendations based on their findings as well as on corporate culture, ensuring a realistic plan. They will help train and act as consultants throughout the implementation.
The Solutions Group is headed by Mr. Fred Diers, GRM Vice President and General Manager. Mr. Diers has 40 years experience in records risk mitigation. Mr. Diers can be reached at fdiers@GRMDocument.com or call (201) 798-7100 x 359. |
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