Each industry has particular laws, regulations, and guiding principles that set the requirements for their business practices. Failing to comply with these standards can lead to fines or even prosecution. For this reason, it is essential that every company apply tools and practices that guarantee their regulatory compliance. Through enterprise document management, these processes are not only simplified but automatic. Consider these examples.
Many regulations address the handling of sensitive information. Enterprise document management systems create audit trails for every file demonstrating that user handle documents appropriately and according to guidelines. These audit trails document every time a user views, downloads, edits, shares, or accesses a file in any way. The audit also includes a timestamp and details of the relevant user. This chronological record of changes revels security risks and inappropriate user behavior. An excellent security tool, internal audit trails also provide required information for external regulatory audits.
Regulations for many industries also require a particular sequence of benchmarks for documents to pass through in its lifetime. This means that there is a set timeline for sensitive documents from the time they are created until the time they are either archived or destroyed. Enterprise document management systems give companies that ability to automate document lifecycles. For instance, users program the platform according to how long to retain documents, when to archive or delete them, what type of storage they require, and a regular backup schedule. With regular authentication throughout the lifecycle, users can be confident that documents are moving on the correct timeline without manual monitoring.
The laws and regulation regarding data and documents frequently revolve around security. To ensure that proprietary and sensitive information is secure, files must be protected by layers of anti-theft measures. Enterprise document management software includes file-level encryption, preventing unauthorized access. Additionally, EDM requires login credentials for every user. These authentication metrics keep close control of documents and other files, monitoring every access and retrieval.
Laws and regulations frequently consume a high volume of effort in large companies. In fact, entire departments may be delegated the task of maintaining rigorous levels of compliance. By deploying an enterprise document management system, businesses give themselves an advantage. EDM is engineered to include tools and systems that prioritize security and best practices. Interested to hear more? Contact MaxxVault today to learn about compliance tools for your specific industry.