Document Management - White Paper (ID 5277).pdf Jul. 2014 | Page 38

Retention of financial records are required by SEC rules 17a-3
and 17a-4, FINRA rules 3010 and 3020, Sarbanes-Oxley (SOX),
and the USA PATRIOT Act, but all vary according to context.

In general, document management systems prove instrumental in fulfilling legally mandated requirements in government in
the following areas:

A DMS can embed metadata of retention schedules onto each
electronic document and automatically transfer expired files. For
more information about record retention and destruction, see
the records management discussion in Section D of this paper.

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Retention -- A host of Federal programs demand that
organizations maintain a record retention policy: COPPA,
E-SIGN, FACTA, FCRA, FOIA, FRA, Gramm-Leach-Bliley,
GEPA, HIPAA, OSHA, Sarbanes-Oxley, and UETA to
name a few. Electronic document management systems
can embed the intended retention period onto each record
and also automatically transfer files of a certain age out of
the system.

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Public Access -- Certain agencies must follow public
records acts (PRA), which guarantee citizen access to
documents for the purposes of government transparency
and public research.

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Requests for public information, however, can overwhelm
staff resources if records are in paper form or informally
organized within a digital storage system. Electronic
document retrieval results in prompt request fulfillment,
reducing the work hours devoted to PRA mandates.

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Some organizations go farther by using HT