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Cost-effectively cope with compliance

compliance-magnifying_glassDue to the heavy demands of rules and regulations in the financial industry, community banks are increasingly investing in technologies that facilitate security and compliance. For example, without an appropriate technological solution, compliance with section 404 of the Sarbanes-Oxley Act—which necessitates that banks document and assess every internal process to ensure that material misstatements do not occur in financial reporting—can be both expensive and difficult to implement. ECM enhances compliance with regulations such as Sarbanes-Oxley 404 in two key ways:

• Automation of internal processes enforces standardized operating procedures that ensure data authenticity, integrity and retention.

• A centralized ECM system allows banks to organize and maintain records of these automated processes in a secure, dynamic environment.

Another critical concern when considering compliance is that regulatory authorities expect banks to have business continuity plans in place in the event of a disaster or serious disruption. Nine out of ten banks have IT recovery plans in place, but risk losing their paper records in the face of fire, flood or theft. ECM eases compliance by simplifying disaster preparation and recovery and assuring the long-term accessibility of critical information.

With ECM, compliance with the myriad industry rules and regulations no longer has to complicate your business processes and consume large amounts of time and money. Overall, ECM facilitates compliance by:

• Constantly monitoring document access and retrieval to maintain the highest standards of security.

• Reducing the storage burden of complying with recordkeeping regulations.

• Expediting audits by providing regulators or loan review personnel with instant access to requested files.

• Lowering the labor and transportation costs of both internal and external auditing by enabling remote audits of branch offices.

• Cost-effectively establishing business continuity plans detailing emergency preparedness procedures.

ECM can reduce the cost of compliance by:

• Automating document retention and destruction.

• Reducing the costs of long-term data preservation.

• Managing compliance processes without interfering with lines of business.

• Lowering the costs of supervising branch offices.

• Eliminating the costs of offsite storage and lowering the costs of in-house storage.


This has been an excerpt from "Cashing In, On Content Management", a PDF white-paper discussing the strategic benefits of implementing a best-in-class ECM solution:

Streamline the loan process.
Automate collaborative business processes.
Easily integrate with existing systems.
Reduce the cost of compliance.
Improve branch management.
Decrease paper-handling costs.
Increase space efficiencies.
Download the white-paper below!

Community Banks PDF Download
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