Compliance is key to safe storage of information

Jun 26 2008 by Francesca Craggs, The Journal

COMPLIANCE has become the key to managing and storing information. Looking at the UK and international business markets we see governing bodies around the world driving legislation which enables them to audit companies to ensure information is available and original.

Governing bodies which are high on the list include: Financial Services Authority (FSA), US Security Commissions (SEC), Sarbanes-Oxley, Basel II, The Data Protection Act and BSI (ISO) 5000:2002, 7799.

In any organisation there are three principal areas which need to interact effectively to ensure business success. They are people, processes and technology. This has never been truer than in the area of data compliance. Ever increasing regulation requires people to understand how best to satisfy customers at the same time complying with external rules and laws. It also requires efficient use of process to ensure compliance and effective use of technology to manage the data in a compliant way.

Access Intelligence plc is one organisation which has years of experience in these areas. From its provision of compliant electronic tendering systems supplied to the public sector by its subsidiary Due North, based in Stannington, or via its VirtualCompliance Officer™ software for the finance sector. Both are underpinned by its data management division which caters for all aspects of storage, security, retrieval and archiving of data.

Public authority procurement teams need to demonstrate value for money and high visibility of the process they use when spending public money.

This is why Due North’s software assists in ensuring that timescales are kept to, money is saved and there is a clear audit trail. The North East Purchasing Organisation, a buying consortium made up of 25 North East local government authorities, use Due North’s systems to ensure that they are fully compliant and meet all the tendering rules for both the Official Journal for European Union (OJEU) and non-OJEU tenders.

They have demonstrated that effective use of people, process and technology not only demonstrates compliance but also brings additional cost benefits in purchasing goods and services.

The Virtual Compliance Officer™ assists people in the finance sector to use processes which not only assist in providing customers with the most appropriate financial products for example in life assurance, mortgages or general insurance at the same time ensuring that financial service regulations are adhered to. In all of these examples data compliance is vital to ensure that information, particularly that of customers, is kept safe and made available quickly and efficiently when needed.

How then is the most effective way of storing and managing data? Do you store on site? What about burglary? Do you store offsite? How quickly can I get it back? How secure is it? Can it be encrypted? Do I need to hold for example emails in an archive?

Here again the right people processes and technology can solve these issues. The Access Intelligence data management division like its sister companies have the industry experts to advise on best practice, the software to improve process and the best technology for the task.

Brendan J Austin is chief executive of Access Intelligence plc, tel (01904) 520840.