It Management Benchmarking

							Records Management
   Benchmarking:
    Choosing a
      Standard
 Presentation by Martin Bradley
 The Compliance Environment
In a January 2005 survey of 1,300 chief
executives, the threat posed to business
growth prospects by overregulation
topped the list of concerns - for the
second consecutive year*
*PricewaterhouseCoopers' 8th Global CEO Survey: Bold
Ambitions, Careful Choices
     The Regulations
• Basel II
• Sarbanes-Oxley
• MiFID
                 Basel II
Requires allocations of capital to be
made to cover credit, market and
operational risk, and oblige
internationally active banks (and other
financial firms in the EU) to make
detailed calculations on all transactions
and on actual or potential risk incidents.
        Sarbanes-Oxley
Requires companies and their auditors
to assure the public that their accounts
are accurate, have not and cannot be
tampered with and that all incidents
that may impact the accounts are being
reported
 Basel II / SOX Records
Management Requirements
•Governance
•Record keeping
•Risk management
•Documentation
                     MiFID
•Part of move towards a pan-EU transparent market in
instruments
• Focuses on the interactions between investment firms
and their professional clients
•Replaces the Investment Services Directive (ISD), which
has been in effect since 1995
•Part of EU Financial Services Action Plan, designed to
produce a single European market in financial services
and to harmonise regulations for all EU firms as well as
foreign firms operating inside EU
What do MiFID / Basel II / SOX
      have in common?
  All require risk techniques to achieve
  their ends. To achieve their risk
  measurement and assessment
  controls they need core data and, in all
  cases, this is provided by transaction
  data, recorded incidents and
  documented processes
 In other words…

       Good
Records Management
Records Management Statistics
 • Offices worldwide used 43% more paper in 2002
   than they did in 1999
 • The average organisation makes 19 copies of
   each document, loses 1 out of every 20
   documents and office workers can each spend
   400 hours per year looking for lost files.
 • Between 1% & 5% of all documents are misfiled
 • When e-mail is introduced into an office, the
   percentage of printed documents increases by 40
   per cent.
Incidence of having written
document policy*
                              Sector

            Total                  Professional   Public
                    Finance   IT
             %                       Services     Sector




     Yes
                              44

              63                       62          60


                     88




      No                      56

              37                       38          40


                     12
                                                           *Drury Research
  Document Disposal when
  legal retention period is
  uncertain*
Store it indefinitely                                             53%

Ask advice on how documents
                                                      29%
should be stored


Store it for a year                        1%

Dispose of it anyway                       1%

Dispose of it when think its appropriate
                                           1%

Other
                                                14%

Don’t know                                 1%

                                                            *Drury Research
        What is a Record?
• Information created, received and
  maintained as evidence and information by
  an organisation or person, in pursuance of
  legal obligations or in the transaction of
  business – ISO 15489
• Format and Medium not primary issue:
  Identify what are Records and include them
  in Records Management Policy
  Records Management Policy
• Assigns responsibility
• Covers all records
• Identifies Records at creation and follows their
  life-cycle
• Sets out Retention Periods
• Ensures Security and Business Continuity
• Enables legal destruction of listed records
         Creating a Records
         Management Policy
• Survey and List all Records
• Create File Series Taxonomy
• Decide on Retention Periods
• Assign Responsibility
• Index and reference records – create
  metadata
• Electronic Records mirror Hard Copy
• Accreditation and Audit
        Choosing a Standard
• ISO 15489 – Records Management
  Standard
• BIP 0008 – Admissibility of E-Records
• BSI PD 5000 – Admissibility of Emails
• MOREQ/MOREQ II
• ANSI/ARMA 5-2003 – Vital Records
  Protection
            ISO 15489
•European Standard
•Flexible
•Best International Practice
•Certification available
                 Benefits
•   Legal compliance
•   Administrative efficiency
•   Public Perception - ISO Accreditation
•   Cost savings – manpower and storage
•   Business continuity through Vital
    Records
          Further Reading
•   Archives Ireland: www.archives.ie
•   NSAI: www.nsai.ie
•   BSI: www.bsi-global.com
•   ISO: www.iso.org
•   ARMA: www.arma.org