The Gramm-Leach-Bliley Act (GLBA) requires a lot of information from financial institutions to help consolidate and protect consumer information. Since the GLBA went into effect in 1999, it’s been causing extra work and strain on financial institutions across the country. It’s essential for every financial institution in every state to be able to comply with the GLBA– noncompliance could mean up to 10 years in prison and a million dollars in fees. That’s a pretty hefty consequence for those who aren’t prepared to collect all of the necessary paperwork. There is a great solution for complying with the GLBA: enterprise content management. It provides an efficient way to control the paperwork and save money! Wondering how something like ECM can do all that for the GLBA?
- Control – ECM gives you almost unlimited control over your documents, but also ensures that not everyone can get ahold of the paperwork and information. You can easily add security to sensitive documents so that only authorized users can access certain information. DigiTech Systems’ ImageSilo also allows you to track all activity so you know if anyone tries to access data at any point. These measures will help you to keep information secure.
- Efficiency – ImageSilo allows you to share information directly with your customers through a secure means, making it easy to distribute important information. It will also help to make employees more efficient. With all of the information literally at their fingertips, they can bring up any and all information that they’re asked for without having to spend time digging through old paperwork.
- Savings – ECMNOW! through DigiTech systems doesn’t require you to buy software or hardware. You simply pay a monthly expense to access your information. It’s a very simple system that makes accessing your information simple. Plus, you’ll save money on paper and ink costs in your office, as well as time. As anyone in a financial institution knows, time is money.
- Compliance – The best part of all of this is that it allows you to easily comply with the GLBA. All of the information that you need is quick and easy to access in the event of an audit. You’ll know exactly where to go to find information, which will show your auditor that you’re organized and prepared for any eventuality. Saving yourself from having to deal with a hefty fine or prison sentence is worth the extra investment.
Following compliance regulations doesn’t have to be time consuming or cost a lot of money. You can easily take care of all of your information for a low price. Plus, at the end of the day, you’ll have the one thing that money can’t buy: peace of mind that you know where everything is and that it’s safe. Interested in learning more about ECM for the Gramm-Leach-Bliley Act compliance? Micro Records Inc. is here to assist! We know how to help you find what you’re looking for and implement it. If you have any questions for us, please give us a call at 877.410.SCAN or visit our website today. We look forward to helping you streamline your information!
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Source: http://www.digitechsystems.com/glba-compliance/