You Can’t be Too Busy for Records Management

The current financial environment has had a huge effect on the day-to-day business of your average broker. Along with the change in the level of business available, there has also been an increased focus on the industry from the regulator and the media.

Those dual focuses have two implications for records management. On the one hand, you’re getting more attention from the regulator so you need to be absolutely certain of your records management. With the increased media attention on the industry, and regular stories suggesting upturns or downturns in activity, there’s a lot for brokers to stay on top of.

Increased Focus Increases the Need for good Records Management

The combination or a busy broker in a stricter regulatory environment increases risk of a non-conformance or reduction in client service levels. When you’re busy, it’s natural for things to get overlooked. If you have a lot to do, it’s natural that you prioritize. Unfortunately, important records management tasks can seem unimportant when you’re prioritizing.

Keeping a signed record of the receipt of a document or ensuring a document you’ve retrieved is returned correctly often seem like mundane, minor tasks compared to client or strategy meetings. But records management is key in keeping the regulator happy and business productivity.

It’s Very Easy to Let Your Records Management Slide

Poor records management can be a slippery slope too. The odd task missed here or there may not have a huge effect. But if you’re too busy to keep proper records then you certainly don’t know how often you’ve missed a task. If you only miss one records management task a day, but it happens every day, you could end up with huge gaps when the regulator calls or degraded customer service.

With increased focus on the financial industry, there is as much pressure on the regulator as there is on brokers. So it’s unlikely that the regulator will be lenient if your records management isn’t up to scratch.

Constant vigilance is vital in maintaining good records. When you’re busy, it’s even more important. Because you could find yourself falling into the regulator’s sights, one slip at a time.

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