How to Use a Record Management System to Improve Your RIM Processes

Businesses keep physical and electronic records for a reason. Records contain the answers you need to move your company forward. But are you sure you can find information quickly when needed? Also, are you confident that the data you hold, including your customer’s personal information, is protected from accidental disclosure?

A records management system allows you to find the information you need to run your business while reducing costs and increasing efficiency. Business continuity can be impacted if the information you need is not available 24/7. It’s time to stop searching for information and manage company records in new ways.

What is a record management system?

A Record Management System (RMS) is the management of physical and electronic records throughout their life cycle. This management activity includes creating, maintaining, destroying documents, and systematically controlling records and related business processes.

A records management system typically includes records management software with expert training for compliance standards applicable to the business sector.

Record management systems reduce the cost and complexity of records management and compliance risk.

What is a record management system used for?

Ensures compliance

From small to medium businesses, companies of all sizes often struggle with maintaining records management compliance. A well-maintained records management system helps organizations avoid penalties if they are audited by regulators, auditors, and other regulatory bodies.

A records management portal allows you to:

• View a live audit trail
• Manage eDiscovery issues
• Set up legal holds to suspend the destruction of specific files
• Perform an updated inventory check every time a file is accessed or modified
• Identify records that have reached the end of their retention schedules
• Distinguish between unrecorded content and recorded content
• Identify the owner of the record

Automates retention

The backbone of a Records and Information (RIM) program is a solid retention policy for both paper and electronic documents. Based on this, you can implement a compliant RIM program.

Companies should strive to provide the right tools for compliance officers and end-users. By integrating workflow automation into your RIM program, your employees have access to tools to set up compliance processes while removing the burden of manual retention.

Automation helps streamline the management of information life cycles, so you can:

• Create and maintain a centralized data retention policy
• Apply information governance policies, regardless of format and location
• Update retention rules through an enterprise content management system
• Filter and search for documents when needed for eDiscovery, FOIA, or other purposes 

Improves security

Large-scale data breaches appear to be standard, with an average data breach cost of $4.24 million. Not only are they costly, but breaches may also impair your company’s reputation.

Electronic records management provides easy but effective security, such as encryption. Controlled access to applications and recordings prevents your information from ending in the wrong hands.

To improve organizational security, look for a RIM system to enable your organization to:

• Manage user credentials
• Control file permissions across your company
• Encrypt data in both sending and transmitting
• Improve business continuity with data backups

Reporting and Accountability

70% of risk and compliance professionals say the pandemic has increased their reliance on technology to improve decision making, performance monitoring, and risk management. If your organization cannot effectively measure or report performance, there is no way to determine if changes are needed.

With electronic records management software, you can quickly and directly access valuable data and analyze stored records at any time. Make intelligent business decisions by analyzing information from document creation to the disposition of records.

Integrating document management software into your business also means access to certain features that can help improve your operations.

• Automatically generate inventory checks and activity logs for actions performed on records
• Run destruction reports identifying records at the end of their retention schedule
• Gather insights and trends
• Track inventory changes over time to assess possible improvements
• Fine-tune descriptions and search options

Choose the right records management platform for your business

Records management systems help companies reduce healthcare, financial, consumer, and other information risks. Partnering with a RIM provider will ensure secure storage, access control, information lifecycle tracking, and destruction.

Do you have a problem with managing your records? Our information management services can help you save time and money. Call 1-877-898-7450 and speak to one of our specialists to see how our records management system can save you time and money.