Record Management Programs

Record Management Programs

Record management is often considered a tedious and unprofitable activity in many organizations. This attitude can be pointed to ignorance or lack of understanding of its vital importance in the corporate world. It is essential to realize that business activities in every organization revolve around documents, contracts, reports, orders, and other records involving the company. Record management programs, therefore, provide a framework for the creation, storage, usage, and disposal of these records. There exist various vital reasons why a company should implement record management programs. Some of the primary reasons include to improve productivity and efficiency and to ensure regulatory compliance.

More than keeping records straight, record management is critical in ensuring productivity and efficiency in business practices. Increasing operational efficiency is arguably the most crucial reason for record management systems. A sound system will offset the time spent when searching for missing or misfiled records.  The non-productive time spent by professionals digging through folders can be put in good use when information retrieval is improved. A good record-keeping system can similarly be used to identify relevant information. Through record management systems, a business can leverage automation, such as auto-detection, to discern and define what constitutes a record. It is impractical and frustrating to read through every document, such as duplicates and rough drafts in search of particular information.

A record management program fosters collaboration by integrating organizations’ documents in one place. Documents in a digitized platform would allow inputs, reviews, and approvals from different parties without necessarily creating multiple documents. Such tools in a record management program contribute majorly to efficiency and productivity in an organization.

Record management should be done to guarantee regulatory compliance. The top management needs to understand the legislative requirements and responsibilities concerning records and information. History shows the repercussion some major companies such as WorldCom and Enron faced when audits exposed irregularities in their book-keepings. Consequences such as financial penalties, criminal charges, imprisonment of individuals, and return of grants have been applied to companies that have not complied with legislation on book-keeping. The United States is heavily regulated, where laws create significant compliance issues that are difficult to interpret. An organization should operate an efficient record management system to ensure they are in full regulatory compliance.

Furthermore, the rules vary dramatically since different information has different legal requirements on their preservation and disposal. Documents such as for copyrights, insurance should be kept indefinitely while others such as contracts for at least seven to fifteen years. The retention tool and schedule in record management programs are, therefore, essential when it comes to deciding to purge documents when the retention period expires. The laws proclaim it illegal for improper disposal of records, especially during an audit, investigation, or open court. It would, therefore, be wise for every organization to manage their files efficiently to be in-line with the laws of the land.

In conclusion, the importance of a record management program in an organization cannot be exaggerated. Information retrieval should not be a daunting task in any company in this digital era. Work-time should be productive rather than spent in search of information that would be a mouse-click away if record management program was implemented. Besides, the consequences that come with mismanagement of records, on a legal basis, are dire.

References

Center, C. (2008). Records management. Washington, DC: Association of Research Libraries.

Record Nation. (2019). Retrieved 18 February 2020, from https://www.recordnations.com/2015/05/increase-efficiency-with-better-records-management/

Warren, D. (2017). Understanding regulatory compliance in records management | IDM Magazine. Retrieved 18 February 2020, from https://idm.net.au/article/0010322-understanding-regulatory-compliance-records-management