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Document Management Industry Regulations: Maintaining Compliance

With the switch from paper filing to electronic document management comes a variety of new industry regulations. Be sure your system is compliant with regulations for your industry.

Adhering to document management industry regulations is essential to the security of your organization. Electronic document management has become a real asset to many companies for organizing crucial files, but every industry still has to comply with certain regulations. Thanks to electronic filing systems, complying with industry regulations is much easier than it was a few years ago when most companies had whole rooms - or even warehouses - set aside for their document archives. What kind of regulations does the government require certain industries to adhere to when using electronic documentation? You've likely heard of most of these before, but let's take a look at how they effect electronic document management.

For the healthcare industry, the Health Insurance Portability and Accountability Act is more than a little familiar. They expect those who work in medical and healthcare fields to provide proper security for patient health records. Human Resource departments must also comply with HIPAA regulations when storing and managing protected health information for their employees. HIPAA expects all health records to be managed electronically now with full documentation of any disclosures. 

Your organization is also expected to keep the data secure at all costs. This includes things like restricting access to files and hiding personal health information during file sharing. Additionally, audits need to be done in order to indicate when the records were viewed and how they were shared.

The Gramm-Leach-Bliley Act
Those who work in the financial industry know about these regulations enacted in 1999. They demand strict access and security to a person's financial records, much like the health information mentioned above. The difference is that financial institutions have to supply a record of privacy practices to their customers. All electronic financial documents are only accessible on a temporary basis and always with the utmost security.

Financial industries also have to regularly monitor who's accessing those electronic files and prevent unauthorized eyes from peering in. Many customers now want to view financial documents electronically, and financial organizations have the pressure to make sure everything is secure during the process.

Sarbanas-Oxley Act
If you work for a publicly-traded company that uses an electronic document management system, you've probably also heard of the Sarbanas-Oxley Act. It requires corporate responsibility when asking for disclosures about financial or other private information that is shared with others. Fines can be very severe if a company fails to give any disclosures about shared financial information. This regulation was designed to help eliminate accounting fraud that used to occur in many corporations.

In order to comply, a corporation has to give annual or quarterly disclosures to shareholders about what was shared. As with the other industries above, they also have to prove their document management system is efficient and secure.

DynaFile is an electronic document management software that helps companies comply with industry regulations right from the start. Security and compliance tools like audit trail, version tracking, encrypted document links - and many more - provide all of the necessary compliance features most companies need. Contact us today to learn more about how DynaFile can help your organization comply with document management industry regulations.

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