5 Reasons Why Your Enterprise Needs an Auditing Tool

As a business grows it will create more data – data that needs to be meticulously managed and monitored in order for it be utilized properly. Keeping tabs on this data can prove problematic for businesses that never put an archiving system in place. Effective record management becomes a vital process to ensure the protection of an organization and their advisors. Archiving is the process by which inactive information, in any format, is securely stored for long periods of time.

In addition to archiving traditional documents, it is important to archive all content, this includes website pages, blog posts, and email newsletters. While you can attempt to archive data manually, this would take up a lot of resources and opens up the risk of errors, difficult to accurately track changes, and will create confusion in the case of a change in staff.

Here are 5 reasons why your financial enterprise needs an automated archiving tool:

1. Prevent Data Loss

Information that hasn’t been archived in a central and secure location could be lost forever. There is a chance that an employee accidentally deletes or misplaces a file. While in some cases data recovery experts might be able to retrieve this information, this takes time, cost a lot and is rarely 100% accurate. Using an archiving tool allows employees to retrieve the backed-up information independently without having to rely on third parties.

2. Legal Requirements

Archiving is important for legal reasons too. Many enterprises accidentally delete data that they legally should be keeping. An effective archiving system will ensure company- and industry-specific retention schedules are adhered to, regardless of each employee’s knowledge of the retention schedules. Data protection authorities enforce more severe penalties on businesses so employees should be made aware that ignoring these policies could lead to hefty fines or even prison sentences in some cases.

3. Increase Security

In a time when archiving cyber-attacks and data breaches are becoming more frequent, archiving is important for security reasons. By securely archiving documents, businesses can keep track of information and increase protection from unauthorized third parties. Even the most cautious of businesses are now targeted by very adept hackers. Paper records in open circulation can easily be taken from crowded offices or stolen by bitter employees. A reliable offsite archiving system will reduce this risk.

4. Reduce Risks of Errors

Conducting an audit requires a thorough examination of the inner workings and fine details of your business. With the right archiving tool, you can improve the accessibility of data and mitigate the risk of human error.

5. Saves Time

Traditional auditing is very time-consuming, requiring greater resources from larger organizations. With the right archiving tool, the auditor can access the historical content more effectively. The right tool will also include features like the visual editor and powerful filters to allow auditors to work much faster.

Archiving is vital for business continuity and ensuring the highest level of performance in a competitive marketplace, attempting to establish a manual audit process would be too resource intensive and risks exposure. In the instance of financial advisor marketing, this would be impossible to archive the content of every page, of every advisor. Digital Agent offers an archiving tool, Digital Archiving, that allows the enterprise to automatically archive advisors website content. There are a host of features such as high-powered search, visual website review, and external content archiving that increase audit efficiency. Digital Archiving gives enterprises greater peace of mind by auditing your advisors’ online presence.