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Operational efficiencies, reduced risk, strengthened controls and improved customer service are keys to the future success of financial institutions. Addressing document-intensive processes is a critical step in gaining a competitive advantage. Moving to a paperless environment will help companies achieve this advantage.
Because of the sensitive nature of their information, Financial Services must retain large volumes of information for long periods of time, some even indefinitely. It is a tremendous challenge to both maintain control of this vast repository and make it easier to audit. As a result of processing a variety of statements, loan requests, and internal reports, Financial Institutions often face a serious paper problem. Paper-based systems often prove to be a hindrance to responding quickly to requests as a result of the time they take to process and distribute.
At Filescan Solutions we combine the best of breed capture technology with leading edge document management solutions and services. Our solutions provide financial institutions with unparalleled automation, visibility and control of the their workflow processes, giving them the ability to realize significant benefits such as: Increase operational efficiencies, reduced application processing cycles, Ensure regulatory compliance (i.e., Sarbanes-Oxley), streamlined efficiencies including measurable savings in administrative costs and more efficient information retrieval, leading to enhanced accountability which optimizes corporate performance.
Examples of documents that can be usefully digitized include:
 Loan Files
Claims processing
Checks
Signature cards
Bank branch Operations
Credit applications
Research
Title Reports
Appraisals
Statements
Real estate contracts
Invoicing
Financial statements
Trade confirmations and notifications
Investment applications
Accounting processes
Tax Documents
Since each scenario is unique, we encourage you to contact us and learn more about how we can help you decide the best process for imaging your records.
Regulations
In addition to corporate governance regulations that apply to all public companies, such as Sarbanes-Oxley, the financial services industry faces additional regulations that apply to records management and electronic communication, such as
SEC Rules 17a-3 and 17a-4,
NASD 2210, 3010 and 3110 and
NYSE Rules 342 and 440.
The document imaging, workflow and other Enterprise Content Management products that we represent can be used to assist with these regulatory compliance issues.
Sarbanes-Oxley Act
Section 802 of the act, among other things, adds sections 1519 and 1520 to Chapter 73 of Title 18 of the United States Code. Section 1519 states, among other things, that anyone who knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence an investigation or proper administration of any matter within the jurisdiction of any department or agency of the United States or any case filed under the bankruptcy code, or in relation to or contemplation of any such matter or case, may be fined, imprisoned for not more than 20 years, or both.
Click here for more info Sarbanes-Oxley Act http://www.soxlaw.com/
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