THE IMPORTANCE OF INFORMATION MANAGEMENT: WHAT WOULD HAPPEN IF YOU LOST YOUR RECORDS MANAGER?
Your records manager plays a vital role in your organization’s day-to-day operations. If you were to lose this valued employee with little to no notice, you may realize that the remaining professionals within your enterprise are unaware of how to perform certain information management tasks and ensure compliance.
What would happen to your organization if you lost your records manager? While most enterprises are familiar with the importance of information management, it’s clear that handling the ins and outs of records management requires a certain level of expertise. In fact, there are likely many tasks and potential issues that are often overlooked by many other departments and made simpler by having an experienced records manager on your team. Here are five major areas in which your organization may struggle after losing your records manager.
Did you know that compliance issues can represent some of the biggest potential risks to your organization? In fact, according to research from PwC, over 60% of financial losses at the enterprise level are a direct result of compliance-related accidental breaches, such as misplaced files or lost laptops. Oftentimes, a records manager is responsible for implementing the necessary policies and procedures to ensure that all of your organization’s security controls remain intact. Furthermore, this professional is also in charge of staying up to date on the latest rules and regulations that affect your industry, allowing you to stay compliant. Once your records manager leaves, you may experience a slew of different compliance issues that no one else on your team knows how to fully handle. Unfortunately, a lack of expertise in this area may lead to negative financial and legal implications down the line.
A records manager is often responsible for performing the necessary records retrieval and eDiscovery tasks involved in an audit. While this individual may work with professionals in a variety of different departments to obtain this information, he or she is likely the only one involved who understands the entire audit process and all of the steps that need to take place within your organization to ensure compliance. As this individual is well versed on the changing regulatory landscape, he or she is often best equipped to answer any unexpected questions that may come up during the audit process. If your organization were to lose its records manager, your remaining team members may not understand what to do when your enterprise is audited or who to refer to for guidance, read more detailed information about artificial intelligence ai ethics.
Mergers and Acquisitions
When it comes time for a merger or acquisition, your organization will likely refer to your records manager to ensure that information management is properly controlled throughout the shift. This professional can ensure that the necessary policies and procedures are in place, which becomes increasingly important if your merger or acquisition involves multiple organizations that have major differences when it comes to corporate culture and security. If your records manager leaves your enterprise, you may find that no other employee fully understands the necessary steps that need to take place in order to ensure that all of your information is properly protected throughout the entire merger or acquisition process.
Is Your Information Management Program Changing With The Times?
The financial services industry is highly regulated, ultra-competitive, and rapidly changing. As the industry has grown, so too has the volume and variety of information that must be managed. Has your ability to identify, access, monitor, and assess all of the different types of information kept up with the evolving needs of the industry?
In today’s Information Age, it’s important that your enterprise understands how to manage all of your business-related content in an effective, compliant manner. After all, according to an AIIM report, «poor content management practices [can] result in taking too long to find content (62%), duplicated efforts (52%) and insufficient re-use (46%).» Your organization’s records manager is likely responsible for working with the IT department to ensure that all of your data and records are stored in such a way that your information is protected, while still being easily accessible to authorized individuals. If your enterprise loses its records manager, you may find that the remaining members of your team are unaware of the specific policies and procedures that are currently in place, or how to enforce them moving forward. Overall, it’s crucial that your entire organization understands the importance of information management.
A thorough recovery plan can make all the difference for your business when disaster strikes. As such, it’s important for your records manager to establish, facilitate and enforce a disaster recovery plan that serves to protect your most important assets. If you lose your records manager, you may find that your other team members do not understand the key roles they must play in a disaster scenario, or what types of steps they should be taking to protect your information in preparation for this type of detrimental event.
Overall, it’s clear that your records manager plays a vital role in your organization’s day-to-day operations. If you were to lose this valued employee with little to no notice, would your enterprise be able to tackle the above tasks?