The financial year is about to come to an end. It is customary to go through an annual records management audit. Are you prepared? Why don’t you do a mock audit so that you can ensure you have everything about handling and storing files under control. Ensure your business follows the procedures for records management and meets the regulatory requirements of your industry. What is a records audit? A records audit formally reviews how your agency controls who recovers, changes, or owns a particular record. During this process, the auditor examines your files in light of both legal and practical terms and delivers a report detailing record retention or possible destruction. Records Audit Assessment – The auditor or audit committee usually assesses your business and the volume of records, types of records, industry compliance needs etc. They then either go through all of your record management procedures, or just audit a small sampling out of your records. Records Management – The audit team may check random requests like asking for a file retrieval or returning a document that was out. Whether it is sorting through piles of paperwork to find what is needed or searching through digital records management repository. Records managers or specific employees may be asked to demonstrate how records are initially created, how they’re stored, how they’re used, and eventually, how they’re discarded. Retention Schedule – A records audit reveals which documents are ready for disposal, and which are not as compliance policies keep changing. The timely and secure destruction of obsolete files keeps your records management and storage optimized, streamlined, and performing at its fullest potential. The audit team may ask for proofs that you disposed obsolete records in a secure manner. Records Management Vendor – For businesses that take professional records storage facility and records management support from vendors, the audit team may visit the facility, inspect if records management processes happen as per agreed standards, and check the effectiveness too. What Happens after the Records Management Audit? After the details and insights have been collected, the records management auditor will produce a records management audit report about how your business is effective as per the desired expectations in the records management cycle. The report will highlight what aspects of records management are functioning well and what needs to be improved along with valuable observations and insights on how to improve existing processes, save costs and minimize time spent in records management. The auditor may recommend additional audits to keep tabs on whether the correct processes are being followed and to diagnose where improvements can be made for increased efficiency. It is also a best practice that a business conducts records management audit frequently to ensure your records management meet its policies, procedures, and compliance. Whatever is said and done, there’s always room for improvement when it comes to records management. By undergoing a records management audit, many strategic decisions can be made about having record backups, digitization of files, and optimizing costs of records storage. Benefits of Running a Records Management Audit Optimize Records Storage Space. Records Management Audit reveal how best you use your records storage spaces. By disposing obsolete records, you free-up space and save on storage costs. Records Management efficiency. Audits reveal process inefficiencies and gaps. When addressing those, employees can access records more quickly and work more efficiently. Enhanced Records Security. Companies discover scope for improvement in increasing records security during an audit. Such insights will prevent data breaches in the future. Improved Customer Satisfaction. When your employees decide faster and smarter backed with reliable records, your customers are better served. Do you have an internal audit committee? The Audit team must comprise unbiased professionals who have a thorough understanding of records management, information management, and industry compliance requirements. Take professional records management assistance. Consult KAYMAN Records Management Services.