From: RegTech Analyst
Modern record management solutions could strengthen compliance teams’ efficiencies whilst cutting down costs, according to a new Castlepoint blog.
Citing a new paper by Lappin, J., Jackson, T., Matthews, G. et al., published in Archival Science in January, Castlepoint suggests that there has been three stages of records management model developments: centralised, in-place traditional and in-place modern.
These models date back to the 1990s, according the RegTech. While the centralised model had some followers, Castlepoint suggests that it “has more and more fallen by the wayside for most records of business.”
The reason for people abandoning it is that it “cannot handle structured records, effective collaboration, or support multi-team business processes effectively.”
“It has a high user impact, and tends to have high cost,” the blog suggests.
As the downsides of the centralised model grew apparent, the so-called traditional record management model emerged.
However, Castlepoint points out that, while it was an upgrade from what had come before, it “required those more collaborative, process-driven line-of-business systems to be customised to support as much compliance as the centralised model.
“The cascading risks of system customisation made this infeasible for the most part, and the rise of cloud solutions effectively obsolesced it before it ever really made a mark,” it says.
This has lead to the emergence of the modern record management model. This one manages the record within different applications.
“As a result, the new model, arrived at by default rather than design, has been to just allow records to be managed in their line-of-business systems, even where those systems are not compliant,” Castlepoint writes.
“Lappin et al. note that in this model it is easy to automatically apply a bulk classification to a whole system, site, library or mailbox – but not very accurate. Conversely, it’s accurate for records managers to manually assign classifications, but not at all efficient.”
Although, the researchers noted that the model would create an imbalance, but suggested that it would disappear “if and when the capability is acquired to automatically and reliably assign electronic correspondence to a structure/schema that is designed with recordkeeping in mind.”
“We now have this capability,” Castlepoint suggests. “With ‘modern’ in-place records management like Castlepoint, we can get efficiencies of automated classification, and all the efficiencies of the line-of-business systems for users.
“There has been an emergence since Castlepoint was launched of more of this type of model, with companies looking for the balance that allows user freedom with full compliance. Most of these systems do still require manual classification in the form of rules engines and file plans, which does not quite achieve the balance – but the ‘modern’ in-place ‘data castle’ model is here to stay, and we will hopefully see more and more of it.”
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