Regulatory changes and stringent regulatory scrutiny, disruptions, volatile economic conditions and cyber threats are getting complex each year. Businesses need to form and activate internal audit and external audit committees that helps companies operate trouble-free.
1. Analyze Records Management Metrics in line with Goals
Firstly, go through the metrics that have been laid out to measure records management last year. Analyze how best the company was able to achieve them. What are the areas that scored well? What are the areas that still need focus? Also assess if those goals are in line with the futuristic roadmap and near-term goals of the company. If not, please start with reimagining the KPIs and KRAs of Records Management with a fresh perspective in a new Financial Year.
If not there is a measurement in place, also make sure to define key metrics for records management success in discussion with the management and line of business leaders.
2. Update company’s risk profile to reflect changing compliances
Each year, the policies, governance and regulatory framework gets changed. Based on that newer conditions are being imposed on businesses to conduct their operations and possess necessary documentation as prescribed. Keeping pace with this is difficult for large companies and they operate across nations and in multiple geographic conditions where rules are different between central and state governments. Make sure your audit committee stay on top of these and update stakeholders the criticality of risk management capabilities.
3. Understand how new technological developments and trends impact the company
With an unexpected development like Working from home that was imposed on millions or organizations world-wide, businesses were literally figuring out alternative means of giving document and record access in a secure manner to non-secure work environments. Staying up to date and being prepared for meeting such scenarios is key in making your records management program a success. The amount of incidents happen with respect to data privacy and security is another challenge for organizations. The records management audit committee should be anticipating all forms of possible threats to their records and accordingly take necessary prevention methods.
4. Assess Organization Discipline
On an overall basis, many records management programs fail mainly due to the people problem and not any technology problem. More than anything the discipline of the people across the enterprise, who ultimately drive records management program are responsible. This has been the finding of many audit committees across the world.
Thus the Audit committee must assess the amount of trainings that business users of the records management program went through. Strengthening knowledge dissemination and constantly measuring the efficacy of these trainings through group exercises will be the only way a company can bring organization discipline. It is also imperative to assess the audit committee team’s composition, expertise and engagement to achieve desired level of adoption of records management.
5. Analyze Expenses and Reassess Records Management Budgets
After all its Finance that matters to support these strategic initiatives in any business. Audit last year’s budget and actuals. Analyze each line item and understand how best the budgets have been good enough to support desired level of records management success. For any positive or negative deviation from planned budgets, identify the root-cause and accordingly roll-out an optimized budget to fund the program. Ensure an adequate focus on the financial reporting processes that helps in tracking budget and arrive at an informed decision.
Often times it is required to get fresh perspectives on how you lead your records management program. Consult well-established records management companies like Kayman Vaults in Chennai, India who can guide you with optimal budgeting, records audits, records storage and records management.