Meeting Compliance Requirements With Document Management Software

By James True, Cabinet NG, Inc.

Compliance is of primary concern to financial service, healthcare, and government organizations. Meeting compliance regulations have historically been perceived as an onerous burden. Today, leading companies are taking a broader approach to meeting compliance and are even embracing the benefits compliance offers. Meeting compliance must be a systemic process that touches all aspects of an organization. Most governmental regulations deal with the handling of business and personal information. Regulations are designed to protect against a diverse array of risks that span different industries, disciplines, and government agencies. Most compliance regulations are the result of prior industry failings, now recognized as best practices. Many companies not subject to compliance regulations are taking the initiative to follow industry best practices anyway because of the value to operations and business reputation. For example, several manufactures electively become compliant with ISO 9000 standards in the course of good business and becoming more competitive. Similar to a restaurant displaying an excellent health inspection score, meeting compliance builds consumer confidence. Companies who embrace compliance as a positive opportunity to impact business will enjoy all the benefits it has to offer. Besides, if the business must invest in meeting compliance regulations, it might as well get the most out of its investment.

"If you think compliance is expensive, try noncompliance."

Former Deputy US Attorney General Paul McNulty

This paper is based on the three tenants of information compliance: Records Management, Data Security, and Audit. It will also highlight the value of applying an Electronic Document Management System (EDMS) as a tool to meet compliance while delivering significant improvements to operational efficiencies. Compliance is an extremely large topic and cannot be fully addressed by reading a single document. This document summarizes the key elements of applying electronic document management to satisfy compliance regulations and is not a complete or comprehensive guide to compliance.