Question: With the amount of changes occurring in the financial sector, how can the bank proactively protect itself from allegations of non-compliance?
Answer:
Many financial institutions have been struggling to remain compliant as the government passes new legislation directed at the financial industry. During this period, banks should take the time to focus their efforts on the management of records to have clear paper trails of any actions. In order to adequately maintain records and adhere to proper compliance procedures, banks should:
Review any records management policies and make necessary updates.
Train all employees on the handling of records, both physical and electronic.
Set up systems that can easily retrieve any records in the case of an investigation or litigation.
Ensure that all storage facilities are easily accessible and adequately protect the physical integrity of records.
Make sure all personnel are aware of the importance of records and which records must be saved.
Work with the Information Technology (IT) Department to ensure all electronic communications and records are safely stored and backed up.
Be able to track any training given to employees.
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