- 19 January 2004 11:19
FileNet helps enforce compliance with new Records Management software
Responding to a more stringent climate of corporate governance and regulatory scrutiny, FileNet Corporation, the leading provider of Enterprise Content Management (ECM) solutions, today announced the introduction of FileNet Records Manager, a new records management suite that is designed to offer comprehensive lifecycle management of records from creation to disposition.
FileNet’s Records Manager will be based on a single, integrated, highly scalable repository featuring the ability to create and manage file plans, retention schedules, and security. It also offers reporting and auditing tools to enable organisations to meet any number of regulatory reporting requirements.
FileNet Records Manager is designed as a tightly integrated solution within the FileNet P8 architecture, allowing companies the ability to leverage content and process management capabilities across their enterprise to enable a much more comprehensive and value-driven approach to managing records.
The new solution is designed to help organisations meet newly introduced or updated government and industry regulations as well as the explosive growth in the volume of electronic records resulting from the widespread use of electronic content including the Internet and email. The FileNet Records Manager suite is designed to address specific needs around issues of complying with reporting provisions of the Sarbanes-Oxley Act in the USA, and is designed to meet the U.S. Department of Defense’s 5015.2 records management standards requirement, as well as the U.K.’s National Archives 2002 revised functional requirements.
Recent high-profile corporate malfeasance, new legislation and Securities & Exchange Commission oversight have pushed records management and compliance into the forefront of corporate strategy. In Australia, the Federal Government’s CLERP9 (Corporate Law Economic Reform Programme) recommendations on compliance, which build on the Financial Services Reform Act, 2002, also put records management at a premium.
Analyst firm Forrester Research projects the records management market to grow to $1.1 billion by 2006.
“Records management has moved out of the basement and into the executive suite,” according to a March 21, 2003 Letter from the Editor from Gartner Inc. “Records management will become a top 10 issue for many CIOs in the coming year.” Earlier generations of records management products were not designed to manage the breadth and variety of record types now in use by organisations. Furthermore, the majority were not built to meet process and control standards now emerging. As such, a new generation of records management products is required to provide organizations with not only the means to manage all types of records, but also with the ability to make compliance processes streamlined and efficient.
“We believe that only through an integrated approach to records management can companies effectively deal with the rapidly evolving regulatory climate and rising litigation risks that require companies to quickly archive and retrieve their records,” said James Rae, Managing Director, FileNet Australia and New Zealand. “With FileNet Records Manager, we plan to address today’s challenges by managing a wide array of content throughout an organisation with a single integrated solution. Organisations will be able to use FileNet’s record management solution to quickly, and cost-effectively, mitigate risks and implement much more sophisticated rules and processes without re-engineering. It is this level of responsiveness that enterprises need from a new generation of content management systems.”
ECM Process Management: Critical for Records Management Enforcement While many organisations are hard at work establishing records management policies and retention schedules, they are finding the greater challenge is getting employees to comply. Business executives are taking charge and developing strong records management policies. But without systemic enforcement and process management capabilities, these organisations’ entire records management program could be compromised.
“To be effective, electronic records management solutions must integrate with automated workflows to support the control of records throughout the entire content lifecycle,” said Rae. “It all starts with solid processes and strong content management in place to ensure that records management is part of an ECM system with automated policies and procedures.”
FileNet believes that process management is an essential requirement for enforcing records management policies and procedures, because it enables the capture, declaration and classification of records in a way that can be transparent to the business user. As a result, these processes can be tightly controlled with minimal user intervention, facilitating compliance while potentially lowering the associated costs. Additionally, through the use of process management technology, executives can have visibility into all records management policies, to better ensure that their mandates are being followed.
"Effective enterprise records management solutions revolve around good business processes and corporate policies that understand the value and seriousness of managing records in a proper manner," said Alan Pelz-Sharpe, vice president of IT, Software and Services at Ovum Research. FileNet’s Records Manager software suite is designed to provide a central file plan administration for both electronic and physical records, and automatic electronic records declaration and classification. By making use of FileNet’s monitoring, reporting and analytics capabilities, Records Manager can provide organisations with the visibility required to understand when, how, why and where records are used within their business. This can enable companies to proactively optimise operations according to specific needs and adjust records retention policies and file plans to meet emerging regulatory requirements.
FileNet ECM technology offers organisations control over critical business information through a combination of content, process and connectivity. While content management can provide the visibility and control of data, Business Process Management supports records management throughout the life of critical documents. When used in conjunction with specific records management capabilities, ECM technology can provide an effective and scalable platform for compliance.
FileNet Records Manager is scheduled for availability during the second quarter of 2004.