Records retention schedule and records management policies are paramount for effective management and compliance of financial information!
The primary purpose of a records retention schedule and records management policy is to protect financial information from being retained unnecessarily, by providing guidelines on how long each type of information can be kept, procedures for disposing of records when they are no longer required, and in compliance with current laws. Holding onto records for extended periods increases security risks, storage costs, and potential non-compliance with regulations, increasing the chance of fines and sanctions, and ultimately damaging brand reputation. With our support, your financial organization can effectively manage, retain, and dispose of records, facilitating efficient operations, regulatory compliance, and safeguarding sensitive data.
Build a bespoke records retention schedule in minutes!
Get access to financial industry-specific retention obligations regardless of where you operate.
Make informed decisions about the ideal retention period for your records and easily put it into practice.
Safeguard confidential financial information by securely disposing of records when it is no longer needed.
Facilitate the analysis of customer satisfaction and financial transaction services, enabling financial organizations to identify areas for improvement and make informed decisions to enhance the quality of services.
Ensure compliance with laws worldwide, including GLBA, SOX, CPRA, CCPA, and regulations issued by authorities such as the SEC, FDIC, FRB, FINRA, OCC, etc.
Defensible disposal is the goal of managing the information lifecycle in an organization!
To achieve this, it is essential to have a Records Management Program in place with appropriate buy-in and support. With a compliant Records Management/Information Governance Program in place and supporting tools, it is possible to ensure privacy and retention obligations are met, information is protected, and disposal of records is executed when eligible and required.
Storing versus disposing
Confidently decide what to do with your records by making a comprehensive records retention schedule that helps you comply with laws and regulations around the world. Knowing the rules about how long a record should minimally or maximally be stored is crucial. For example, in litigation, having the right information available can be the difference between winning or losing a case.
Minimum retention periods
Get insight into when laws require you to store the records.
Maximum retention periods
Learn when laws require you to delete the records.
Statutory limitations
Gain an in-depth understanding of when it is essential to keep records in view of legal holds.
Why choose filerskeepers?
Gain comprehensive guidance with a free kit
Receive a tailored kit that includes a detailed project plan, use cases, budget indications, and persuasive arguments for implementing effective information governance and records management.
Build a bespoke retention schedule and policies
Let us help you build a personalized retention schedule. Our team will also collaborate with you to provide policies, procedures, and valuable governance advice to support your records management process.
Ensure defensible disposal
We will work closely with your legal and tax teams to develop an inventory of holds. Our expertise can help you create a strategy and process to ensure consistent application and release of holds, facilitating defensible disposal.
Strategic roadmap
Our experts will conduct a thorough scan of your system and records landscape, enabling us to develop a roadmap tailored to your organization’s needs.
Streamline your systems
Following the roadmap, we will initiate the process of cleaning and remedying your systems to ensure that your records are organized, accessible, and compliant.
Empower your stakeholders
We prioritize the training of relevant stakeholders in your organization to help your team confidently navigate compliance requirements and achieve effective records management.
Benefits of Proper Records Retention in Finance!
Efficient management of records
Following a records retention policy makes record management easier, more organized, and efficient. This leads to quicker access to relevant data and a faster resolution of claims and legal disputes.
Streamlined operations
When financial records are managed effectively, it reduces the time and effort required to find specific information, enabling faster decision-making and smoother day-to-day operations.
Compliance with regulations
Having a comprehensive records retention schedule and records management policies ensures that the organization remains compliant with laws and minimizes the risk of any penalties, fines, and legal consequences.
Improved audit trail
In the event of an audit or investigation, having a clear records retention schedule and well-documented policies demonstrates a commitment to compliance. It provides an audit trail to prove that the organization has followed the required procedures for retaining and disposing of financial records.
Protected sensitive records
Effective records management policies include security measures to safeguard sensitive financial information, minimizing the risk of data breaches and unauthorized access.
Enhanced data privacy and trust assurance
With the growing emphasis on data privacy records management policies ensure that personal and financial data is handled following privacy regulations, protecting the interests of clients and customers; and building trust with clients, regulators, and stakeholders by meeting strict legal and ethical standards.
Comply with the Gramm-Leach-Bliley Act (GLBA) and more!
The Gramm-Leach-Bliley Act (GLBA) is a federal law in the United States that requires financial institutions to protect the privacy and security of customer financial information. The GLBA applies to a wide range of financial institutions, including banks, credit unions, securities firms, and insurance companies.
The GLBA has many implications for financial industry records management. For example, financial institutions must:
- Develop and implement written information security programs to protect customer financial information from unauthorized access, use, disclosure, disruption, modification, or destruction.
- Train their employees on the GLBA’s requirements and the institution’s information security program.
- Dispose of customer financial information in a secure manner.
The GLBA is a crucial piece of legislation in the financial industry that requires financial institutions to develop privacy policies, implement security safeguards, and retain records related to privacy practices. It is enforced by the Federal Trade Commission (FTC), the Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC). Compliance with GLBA is essential for financial institutions to protect consumer data and avoid legal repercussions.