How do you save paper and avoid Risk at the same time?
The risk associated with document centric business processes (examples of which are, Accounts Receivable, Accounts Payable, Human Resources, Customer Service, Order Fulfillment, Supply Chain Management…) can spawn from an internal governance lapse, external compliance audits, identity theft, business espionage, acts of God, etc.
Historically, all regulations relating to the handling of document centric business processes can be traced back to the Social Security Act of 1934. In a survey of 300 top executives the security of their company records ranked in the top five critical issues facing business today. When asked which of those 5 need immediate attention, the security of company records ranked second only to employee health care.
Consider this, multiple research studies have been completed and reveal the following:
- 2/3 of companies surveyed had no accurate way of determining who touched a business document and what they did with it
- 70% of those also responded that they would not be able to produce a coherent discovery response to Audits or litigation.
- Dunn’s estimated that corporate espionage costs business $4 billion annually
- The US Department of Justice maintains that an average of 34,000 espionage crimes happen daily
- Business effected by acts of God, 43% never reopen, 51% close within 2 years, and only 6% survive long term
We have run across multiple situations where executives were turning a blind eye to the risk associated with their business documents. Some examples of these situations are the medical location that had a make shift shed against the side of the building holding his records, the manufacture that had their records stored in the tornado shelter, the manufacture who had to use a fork lift to access records for an audit, the retailer that was holding credit card information in an unlocked filing cabinet…
When is the last time you did a risk assessment associated with your business documents what did you discover?
Let me share with you the 5 ways we help people reduce the Risk associated with document centric business processes. If nothing resonates with you, then we may not be a good solution for your situation, but if one of following hits a nerve, I would suggest that you participate in one of our private executive briefings to determine what should be happening in your company.
We help companies avoid Risk by:
1. Securing their documents
2. Ensuring employee adherence
3. Compiling an audit trail of access and activities
4. Enabling instant down time recovery
5. Establishing lifecycle management
Something to remember is that the lack of a strategy for the security of your business document is inviting disaster, but a proven document strategy will eliminate that risk.
The question you must ask yourself is does “business as usual” impact risk enough to invest 20 minutes to discover if there is a solution.