The financial services industry has unique challenges when it comes to keeping up with regulatory requirements, managing paper, and going digital. Information security needs are more significant for finance than perhaps any other industry, with audits being one of the greatest thorns in the side of financial organizations – specifically when it comes to document management. More so than others, the financial industry has to deal with strict audits of their operations that can lead to bottlenecks in information management. In today’s world of digital transformation, the financial services industry should look to digital options to manage their documents to minimize stress during audit-time and to increase efficiency. One of those ways is to employ a document control system.
A Document Control System Simplifies the Audit Process
Financial organizations are often dealing with massive amounts of recorded, sensitive data. When it comes to the inevitable moment that your organization will be confronted with an audit, being able to retrieve and access the relevant documents easily will save time, money, and stress.
A document control system streamlines critical documentation sources and items to enable you to control content across any location of your business. When the auditing process is in full swing, this system is a proactive one that will help you prevent issues that could creep up before they bottleneck your ability to pull relevant documents.
Electronically managed documents also enable your financial organization to be more agile and efficient during audit time. Regardless of the reason for compiling material, the right document control system allows you to categorize, find, retrieve, and produce all needed documents without having to rifle through paper in physical cabinets.
Present an Organized Financial Statement
When you’re required to put together financial statements for an audit, document control software makes this task easy. Whether an audit is being conducted to ensure your financial organization is complying with relevant regulations, or to ensure you’re keeping an accurate record of all financial transactions, you will need to compile the documentation required. Using manual, paper systems, and human resources to do so takes up valuable time and energy that could be spent on actual business tasks rather than fulfilling audit requirements.
Document control software allows your staff to get back to their work while the system pulls the relevant documents you need to prepare the statement. Electronic trails enable you to easily identify the sources you’ll need to compile.
Document management systems themselves are also compliant with many regulatory bodies, so – once implemented – the software helps you automatically stay compliant.
Say Goodbye to the Stress of Lost Paper
Manual, paper systems present more risk than they are worth, especially when it comes to retrieving the documents you need for audits. The most considerable risk to financial organizations is the loss of documents. With paper, that risk is much higher than with digital systems.
One common myth is that software or cloud-based systems present more risk than physical, manual document systems because there is no tangible way to ensure document security. However, the opposite is true. Document control software comes with backup features that you can employ to reinforce all your information whether you use such software on-premise or in the cloud.
When audit time arrives, you’ll know your financial organization is prepared with a digital resource to compile any relevant information.
Move into the New Era of Audits
Financial organizations should employ document control software not just for all the reasons listed above, but because it will make them competitive in the digital market. Manual, paper processes are a thing of the past. Explore the new world of financial audit planning and execution with document control software.