Unstructured content creates risk and costs to organizations. RecordLion encourages compliant, defensible, and automated records retention while leaving end-user processes unchanged. Organizations in the financial services industry benefit from simple, pragmatic, and affordable solutions to automate compliance.
This organization wanted to ensure their critical information was properly governed and managed. Records retention policies are only effective when there is complete organizational compliance. Like many organizations, they hoped to classify, retain, hold, and dispose of large volumes of records. However, they needed a solution to apply their policies to give structure to information that was largely unknown, redundant, obsolete and trivial. The financial services company selected RecordLion to seamlessly manage their records throughout their lifecycle.
The financial services industry is heavily regulated and requires certain levels of information governance. The company was challenged with properly applying governance while also improving cost and risk stature for the organization.
Applying holds to information was a critical step to ensure the organization retained the proper records. Further, significant cost and risk mitigation was attainable by disposing of information when it outlived its regulatory and business use.
The organization was primarily focused on a SharePoint environment, but faced challenges with the native SharePoint records management capabilities.
RecordLion consulted with the organization and implemented Information Governance software. The RecordLion software is able to use a centralized file plan to ensure governance rules are applied to information according to policy. Information is retained for the proper lifecycle, held for litigation or audit when appropriate, and disposed of when the lifecycle expires.
As they grow or make changes to their environment, RecordLion is capable of scaling and continuing to provide a flexible records management solution even if new repositories are added or altered. RecordLion complements the company’s SharePoint environment and provides the option to manage records in both current and future systems.
As a result, the organization is experiencing several positive benefits including minimizing the cost-to-value and risk-to-value gaps as illustrated in the chart above. This in turn has reduced litigation and privacy risk as well as operating costs.
Further, a formal process is in place, including an audit trail that ensures defensible disposition. The organization now has the ability to successfully classify, retain, hold, and dispose their records from a centralized location.