Document retention is a big issue in the financial industry, with agencies from the Federal Deposit Insurance Corp., the Financial Industry Regulatory Authority and the Securities and Exchange Commission requiring accurate records from the past five or more years in order to maintain compliance.
Implementing document management software is not yet a legal necessity, but that could change during fiscal 2016, as the SEC plans to bolster oversight by adding 225 staff members.
Many major institutions have already rolled out paperless platforms, which make audits by the SEC and other regulatory bodies run more smoothly.
More Than Just Going Green
Last year, Canon Business Process Services performed a study that found that more than 62 percent of respondents still manually handle more than 75 percent of their annual invoice volumes. Human resource records can become even bigger headaches when continuing certifications, tests, and specialty training must be tracked in addition to regular personnel records. read the rest here