Article

Wrapping up compliance on document processing

There has been a notable trend in the finance landscape characterized by a growing demand for more scrutiny from regulators, auditors, and internal stakeholders. There is an increased emphasis on delivering not only high-quality data but also the ability to provide concrete evidence to support the accuracy and integrity of the data. This places significant pressure on operational teams, particularly those dealing with highly unstructured data such as emails and documents. These teams are now faced with the challenge of ensuring that not only is the data correct, but their entire data management process is in order.

In our previous posts, we discussed the importance of streamlining and automating data processing from documents. You can find those articles here, here and here. Building upon those discussions, we're delving into a final post that goes into how these streamlined and automated processes contribute to the development of robust and auditable systems. By understanding the interconnections between these concepts, businesses can ensure efficient workflows while maintaining demonstrable data integrity and reliability.

Producing evidence to support the fact that processes ran their course correctly often leads to secondary proofing processes for generating and managing evidence. This can include activities such as conducting thorough data analysis, performing additional experiments or tests, and implementing quality control measures to ensure the accuracy and reliability of the evidence. Additionally, it may involve documenting the entire process, including the steps taken, the methodologies employed, and the outcomes observed. These secondary proofing processes are crucial as they provide a comprehensive framework for validating the initial evidence and ensuring its validity and integrity.

The processes mentioned above typically result in the creation of additional artifacts.

Printed paper or PDF copies of emails/documents, saved in central locations

One way to ensure the preservation and accessibility of important communication is by creating printed or PDF versions of emails and/or documents. These versions can then be securely stored in central locations, such as dedicated folders or document management systems. By doing so, organizations can have a reliable backup of their electronic correspondence, allowing for retrieval and reference when needed. This practice promises effective record-keeping as it can serve as a valuable resource for future audits or legal requirements. However, it hardly every works like this.

Confirmation emails

Confirmation emails serve as a digital receipt or proof of the user's successful completion of a specific action or event. They provide important information such as order entry details, account activation, sign offs performed. These emails not only provide reassurance to the user but also serve as a communication tool between the user and the organization. Emails can be saved as discussed above.

Screenshots

Screenshots (of a fund accounting system like Simcorp, for example) can be utilized to visually illustrate specific actions or inputs that have been executed within the system. These screenshots provide a clear and tangible representation of the steps taken and contribute to a better understanding of the process.

Ticketing systems

Ticketing tools such as Jira or Servicenow serve as a means to create a record and timestamp of tasks that have been completed. These tools can also act as evidence to support the completion of tasks within a process. It is often required to have these tickets accompanied by the aforementioned artifacts in order to fulfill the role of providing evidence within a process.

We wrote previously about how easy we make it to extract data from documents and unstructured data sources. The final step here is to close the loop and make all of this audit proof. Envision a streamlined workflow where evidence of a correctly executed process seamlessly integrates with the process itself, eliminating the need for time-consuming post-hoc documentation. A system where every step is automatically captured and recorded, creating a digital trail that attests to the efficiency and accuracy of your operations. This documentation is not an afterthought; it's an integral part of the process, like a thread woven into the fabric of your work.

Sign-offs play a crucial role in this seamless integration. As each stage is completed, users can easily sign off, making the relevant documents read-only to ensure data integrity. This not only streamlines the process but also provides a clear audit trail, ensuring that everyone is accountable for their actions.

Through hyperlinking signed-off evidence connects to related data or actions in downstream systems, creating a unified repository of information. This eliminates the need for users to search through multiple repositories to find the information they need. Instead, they can simply click on a hyperlink to access the relevant documents, saving time and enhancing productivity.

Centralized storage ensures that all evidence is securely stored in one location, accessible to authorized users from anywhere. This eliminates the risk of losing or misplacing important documents and provides a single source of truth for all stakeholders.

Sharing evidence with customers, auditors or regulators is simplified through secure, controlled access. This allows customers to view relevant documentation, fostering trust and transparency in your relationships.

The result is a system that not only improves efficiency but also enhances your organization's credibility and compliance. With a seamless integration of evidence into your processes, you can demonstrate to both internal and external stakeholders that your operations are well-managed, efficient, and compliant with industry regulations.

Conclusion

Secondary proofing, which involves reviewing and verifying processes and evidence, can often be time-consuming and energy-intensive. This results in poorly documented processes where the flow of the process and the evidence are not properly connected.

The lack of automated generation of evidence can make it highly inefficient and challenging to access relevant information in the future.

Additionally, the manual proofing process can lead to inefficiencies when auditors request data, as there is a need for manual searching and retrieval of the required evidence. It is important to address these issues to ensure smoother operations and more efficient data management.

At Mesoica we make software that supports teams in making sure that all evidence artifacts are generated as a logical byproduct of the process and ensuring that this is a super smooth process. If you'd like to learn more, get in touch today!