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An organization’s ability to ensure security and compliance is imperative for its reputation. Customers will not trust organizations with their time, money, or documents if they cannot protect them–and word travels fast.
The following are some compliance features that transactional document management systems offer to increase security and reduce the risk (and costs) of non-compliance:
- Image recognition software: This software can help you identify and secure sensitive information, such as credit card numbers or Social Security numbers. Keeping this information in paper documents that are difficult and more costly to protect is a risk an organization cannot afford to take.
- An audit trail: This feature can track who accessed what document and when– helping you ensure that delegated tasks are being completed and that sensitive information is protected. It is almost impossible for organizations to track who last accessed or changed a paper document.
Transactional document management solutions include features that improve both security and compliance. While these two factors are critical for all organizations, they can be used to meet the specific needs of various sectors. For example, the Health Insurance Portability and Accountability Act (HIPAA) and the Sarbanes-Oxley Act exist in the United States. These acts impose strict security requirements for businesses that handle health information or financial documents. Any misstep while handling these documents could result in losing trust, customers, and even operational elements of your organization.
Regardless of which sector your organization operates within, there are security and compliance guidelines that you must meet. The failure to do so is costly, with the potential of fines and lawsuits becoming more likely with paper-intensive systems.
While reliance on a paper-based system leaves you vulnerable to threats, a transactional document management solution can help mitigate those risks.
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