Comprehensive Solutions that Address Regulatory, Legislative and Corporate Compliance Requirements
Given today's business and legal environment, many companies are establishing compliance management programs to proactively manage their organizational risk. Fueled by the increasing amount of regulatory, legislative, and corporate requirements instituted each year, the task of managing overall compliance for an organization has become a challenging endeavor. With the substantially heightened costs of compliance failure, - including fines, litigation, and criminal penalties - companies are seeking solutions that provide them with a way to manage this challenge.
Our integrated suite of products allows companies to manage the full scope of their compliance responsibilities while reducing operational costs.
Gramm-Leach-Bliley Act (1999)
Establishes Standards for Safeguarding Customer Information
The seven-Title law applies to about 9,500 financial institutions that offer financial products and services such as securities, banking, loans and insurance. The law impacts banks, insurance companies, mortgage companies, securities brokers, loan brokers, some financial or investment advisors, tax preparers, providers of real estate settlement services and debt collectors.
GLB defines security guidelines for bank and financial service organizations regarding privacy of customer information. GLB had a number of specific security objectives including:
- Ensure security and confidentiality of customer information.
- Protect against anticipated threats or hazards to security or integrity of information.
- Protect against unauthorized access to or use of the customer information.
In order to aid in achieving regulatory compliance, financial service organizations will need to apply technology to secure access of data, to ensure the physical protection of data and to create an audit trail showing who has had access to the data. Document Imaging is a key solution for helping financial service organizations achieve these technological objectives.
HIPAA
Health Insurance Portability & Accountability Act
Standardizes the medical code sets and formats for healthcare providers, insurance payers, clearinghouses and billing services. In addition, the law also established the protection and privacy of Personal Health Information. By 2005, the law also requires the covered entities must have backup, disaster recovery and media controls in effect. Comsquared’s document management and disaster recovery solutions meet or exceed the needs of HIPAA, for both security and recoverability in the case of disaster. The UNISearch products suite provides comprehensive backup and recovery in heterogeneous environments.
Patriot Act
All financial institutions are now required to Maintain identity documentation of all signatories of new and existing accounts.
All financial institutions must start capturing new account information immediately and existing account holders will be added whenever an account change is made. They must capture this documentation within 60 days of opening the account or account change, and keep it for five years after the account is closed. Examples of documents to be captured include government-issued IDs, such as driver's licenses, military IDs and passports. Both business and consumer accounts are included in the Patriot Act.
With UNISearch SigCap (SigCap™), financial institutions can expedite customer service, client receipt tracking and internal research time through the elimination of paper flow at the teller terminals. SigCap can interface with transactional software (core application accounting software) provided by industry suppliers to capture, display and store images.
Combined with UNISearch Signature Verification (SigVer™), this technology can be applied to the teller line to reduce the amount of paper required to be captured and stored in long term archive, providing instantaneous verification of signatures for cash back transactions, signature and receipt merging, and automatic storage to image archive solutions.
Sarbanes-Oxley Act (2002)
Public Company Accounting Reform & Investor Protection Act
The Sarbanes-Oxley Act of 2002 requires corporate officers to certify that the financial information they report fairly presents the financial condition and operating results of their companies. The Act requires internal controls designed to ensure that material information is made known to corporate officers and that financial data is appropriately recorded, processed, summarized and reported. It also provides new civil and criminal penalties for violations of security laws, and increases penalties for violations under existing statutes.
SEC Regulations
CFR 240.17a-3&4
The most stringent record archiving and retention regulations apply to broker/dealer organizations. The Securities and Exchange Commission has issued 17 CFR 240.17a-3&4 to provide guidance to broker/dealers on the types of records they must create and retain, and for how long. The regulations also specify requirements for maintaining those records in a compliant manner. The Sarbanes-Oxley Act, passed by Congress in 2002, addresses both corporate and auditor policies, procedures and the retention of records related to financial reports. According to the SEC, financial broker-dealers must specifically preserve key business records, such as email, on non-rewritable, non-erasable WORM (write-once, read many) media that is fully indexed and easily searchable for three years from origination. |
