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Advisory on The Record Retention System

Advisory on the Record

Document retention is one of the mandatory elements of the compliance program, it becomes evident when an organization is faced with audits, inspections, or investigations. Regulatory requirements change as the perpetrators adopt new methods of financial crimes. All the obliged institutions must stay abreast of the regulatory requirements. Businesses must establish adequate record retention systems to maintain all the mandatory records and details of clients and, when required, disclose them to authorized stakeholders.

Important documents and records remain in silos without an adequate record management system. eGRC assists businesses in the establishment of a robust record retention system. We help you develop an effective tool for capturing, storing, and managing all the necessary records.

A set of registers alongside robust auditing and reporting policy will provide a business with the necessary evidence required and expected by the regulatory bodies.

The issue with the maintenance of registers is that they are not appropriately updated or kept up to date. Furthermore, there is no easy process by which staff can report issues to compliance officers to capture the necessary information into the registers and investigate issues.

How Can We Help

eGRC works with businesses to: –

  1. Notification – Implement simple and easy-to-use notification forms covering the core policies and registers for staff to notify issues as they arise.
  2. Registers – Implement the necessary registers to support the AML and Compliance policies adopted by the business.
  3. Interaction – Interacting with the staff and compliance officers to manage notification and the information contained within registers to ensure they are dealt with.
  4. Reporting – Undertake a series of reporting and analyzing the data on the registers to review, adapt and improve the business AML and Compliance approach.

Our services focus on implementing a set of tools and processes around the AML and Compliance strategy that are simple, effective, and easy to use and maintain. We have also packaged the administration of registers and reporting into a product that provides firms with a cost-effective approach to maintaining their registers and reporting requirements.

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To enquire about our Record Maintenance services and how eGRC can work with your business, contact us

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