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Records Management Benchmarking:

Records Management Benchmarking:. Choosing a Standard Presentation by Martin Bradley. The Compliance Environment.

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Records Management Benchmarking:

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  1. Records ManagementBenchmarking: Choosing a Standard Presentation by Martin Bradley

  2. The Compliance Environment In a January 2005 survey of 1,300 chief executives, the threat posed to business growth prospects by overregulation topped the list of concerns - for the second consecutive year* *PricewaterhouseCoopers' 8th Global CEO Survey: Bold Ambitions, Careful Choices

  3. The Regulations • Basel II • Sarbanes-Oxley • MiFID

  4. Basel II Requires allocations of capital to be made to cover credit, market and operational risk, and oblige internationally active banks (and other financial firms in the EU) to make detailed calculations on all transactions and on actual or potential risk incidents.

  5. Sarbanes-Oxley Requires companies and their auditors to assure the public that their accounts are accurate, have not and cannot be tampered with and that all incidents that may impact the accounts are beingreported

  6. Basel II / SOX Records Management Requirements Governance Record keeping Risk management Documentation

  7. MiFID Part of move towards a pan-EU transparent market in instruments Focuses on the interactions between investment firms and their professional clients Replaces the Investment Services Directive (ISD), which has been in effect since 1995 Part of EU Financial Services Action Plan, designed to produce a single European market in financial services and to harmonise regulations for all EUfirms as well as foreign firms operating inside EU

  8. What do MiFID / Basel II / SOXhave in common? All require risk techniques to achieve their ends. To achieve their risk measurement and assessment controls they need core data and, in all cases, this is provided by transaction data, recorded incidents and documented processes

  9. In other words… Good Records Management

  10. Records Management Statistics • Offices worldwide used 43% more paper in 2002 than they did in 1999 • The average organisation makes 19 copies of each document, loses 1 out of every 20 documents and office workers can each spend 400 hours per year looking for lost files. • Between 1% & 5% of all documents are misfiled • When e-mail is introduced into an office, the percentage of printed documents increases by 40 per cent.

  11. Incidence of having written document policy* Sector Total % Professional Services Public Sector Finance IT Yes No *Drury Research

  12. Document Disposal when legal retention period is uncertain* Store it indefinitely Ask advice on how documents should be stored Store it for a year Dispose of it anyway Dispose of it when think its appropriate Other Don’t know *Drury Research

  13. What is a Record? • Information created, received and maintained as evidence and information by an organisation or person, in pursuance of legal obligations or in the transaction of business – ISO 15489 • Format and Medium not primary issue: Identify what are Records and include them in Records Management Policy

  14. Records Management Policy • Assigns responsibility • Covers all records • Identifies Records at creation and follows their life-cycle • Sets out Retention Periods • Ensures Security and Business Continuity • Enables legal destruction of listed records

  15. Creating a Records Management Policy • Survey and List all Records • Create File Series Taxonomy • Decide on Retention Periods • Assign Responsibility • Index and reference records – create metadata • Electronic Records mirror Hard Copy • Accreditation and Audit

  16. Choosing a Standard • ISO 15489 – Records Management Standard • BIP 0008 – Admissibility of E-Records • BSI PD 5000 – Admissibility of Emails • MOREQ/MOREQ II • ANSI/ARMA 5-2003 – Vital Records Protection

  17. ISO 15489 European Standard Flexible Best International Practice Certification available

  18. Benefits • Legal compliance • Administrative efficiency • Public Perception - ISO Accreditation • Cost savings – manpower and storage • Business continuity through Vital Records

  19. Further Reading • Archives Ireland: www.archives.ie • NSAI: www.nsai.ie • BSI: www.bsi-global.com • ISO: www.iso.org • ARMA: www.arma.org

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