Data Trace and Hyland Software partnered with The Legal Description for this year’s Technology as a Compliance Tool special report. This free resource will show you how to utilize your technology as a tool to stay safe and remain compliant in an ever-changing regulatory environment.
With an emphasis from lenders and regulators on maintaining good agents and the introduction of the new mortgage disclosure forms, it’s important to evaluate the technology you use and find ways to make it work as part of your compliance toolbox.
In the report, Michelle Harbinak Shapiro, financial services marketing manager at Hyland Software, noted in “Trust, but verify: Ensure compliance through technology” that the audit trails that software such as enterprise content management (ECM) provides can be beneficial.
“Any time a record or a file is accessed, there is a time stamp and a user stamp so you are able to see who accessed that document and when. You are also able to see exactly what they did with it. Complementing that is the records management aspect, being able to control and set retention schedules for documentation. That helps with audits or future audits that will happen, making sure the necessary documents are available and the ones that aren’t are purged. Regardless of what your state or the U.S. government requirements are, or just different individual institutional requirements, they are able to set their retention requirements. To me, that goes hand in hand with auditing trails and capability,” Harbinak said.
Specific topics in the report include:
- Technology to protect data;
- Utilizing technology to verify compliance;
- Evaluating technology needs in light of new disclosures;
- Easy technology fixes to your compliance problems;
- Electronic recordkeeping to maintain compliance;
- Choosing the right technology to increase transparency;
- And much more!
Download your free copy today.