Oxygen Technical Services Ltd

Document Management Helps Finance-Related Businesses Thrive

After the emergence of COVID-19, many businesses have shifted to a remote work force in a bid to continue to provide goods and services uninterrupted. Even advisory firms are finding lower barriers to remote work, but not without some adjustments to long-term strategies.

For finance-related businesses, these strategies should take into account all of the touchpoints for business success, including an updated plan for business continuity and collaboration, the provision of technology to allow for proper auditing and workflows, and proper security for a more digital presence.

Since finance firms deal with an incredible amount of documents, many containing highly sensitive data, it is critical to have a strong records management technology that will allow for proper and secure information governance, even when employees are working remotely.

A document management system (DMS) can help provide structure, procedures, and processes to allow employees to securely share, manage, and store necessary documents in a secure and compliant environment.

Document Management for Finance-Related Businesses

The finance business is demanding and complicated, with advisors expected to understand current financial strategies as well as the latest regulatory rules and compliance instructions.

The key to a productive financial business is to be able to organize massive amounts of files and information in a secure manner.

A document management system (DMS) is the perfect way to perfect document digitization protocols that give your employees the information they need at their fingertips — while protecting it from hackers and other cyberthreats.

Here are three solid benefits a DMS can bring to your financial firm:

1. Collaboration in Real Time

Our world is increasingly uncertain, making financial professionals key players in keeping investors and businesses healthy, despite economic challenges.

That is why many financial teams are turning to collaborative strategies to help clients avert resource misallocation, overspending, and other less-than-optimal financial habits.

A DMS organizes the entire document lifecycle from intake to archival and provides version control to make sharing and collaborating easy — and error-proof.

2. Accurate Auditing and Streamlined Processes

Financial firms are familiar with the notion of auditing — a task at which DMS’ excel. A robust DMS can provide an audit trail of every change to a document, including edit history, so your firm is able to track access to data and how it is being used.

This knowledge dovetails nicely into workflow enhancement processes, allowing decision-makers the transparency they need to make informed decisions that can further amplify productivity.

Understanding how your staff is using data assists in fine-tuning processes and enabling strategies that allow for better results for staff — and clients.

3. Optimal Security for Better Compliance

Finance is one of the most highly regulated industries, especially where data privacy is concerned. Just a few of the compliance standards financial firms must follow include:

• General Data Protection Regulation (GDPR)
• Gramm-Leach-Bliley Act (GLBA)
• Payment Card Industry Data Security Standard (PCI DSS)
• Sarbanes-Oxley Act (SOX)
• Basel III
• Payment Services Directive (PSD2)

If your firm does not handle data correctly, it can put you at risk for fines, lawsuits, or even being shut down completely.

A DMS offers security protocols that specifically target regulatory standards to ensure your business is operating within compliance of the proper laws.

Integrated access controls provide ultimate command over documents and data and are easily changed as employees leave, change roles, or work from a new location.

First Phase Data Helps Finance Firms Transform Digitally

At First Phase Data, our team of document management experts help tailor our cutting-edge DMS solutions to your current needs — including the support of a remote workforce during the ongoing COVID-19 crisis.

When you partner with us, we can expertly assess your current infrastructure and offer targeted solutions that touch directly upon your specific challenges, needs, and goals.

Our DMS options assist with the growing trend of digital collaboration in the field of finance to keep your workforce productive and secure and your margin of error minimal.

In addition, we support your firm with a range of audit reporting standards, access control, and stringent security protocols to ensure you have the highest level of data security and compliance for safe, worry-free digital operations.

Help your staff — remote or in-house — reach new levels of productivity and accuracy. Contact First Phase Data today and let our document management experts create a state-of-the-art targeted to your specific needs.