Healthcare, education and financial service organisations at risk of document compliance breaches

The ‘Big Data’ concept combined with the changing culture of the workplace, mean that effective information management and compliance with document regulations is of paramount importance to organisations across all vertical markets.

However, business critical documentation inside healthcare, education and financial services organisations is increasingly at risk of being lost or in breach of essential document compliance regulations.

Nearly a third (29 per cent) of healthcare companies do not have any audit trail process for their business critical documentation.    Less than half of European financial services organisations (just 45 per cent) can confirm that they have the ability to conduct audit trails for all confidential business critical documents and 20 per cent in financial services reporting that they have no processes in place at all.

These figures are significant and will impact compliance with the Sarbanes-Oxley Act which mandates that organisations must ensure that business critical documents are not altered, destroyed or misplaced.

Furthermore, 31 per cent of all European businesses are still prone to losing important documents. Organisations in the education sector were found to be most at risk with 38 per cent admitting they occasionally lose or misplace business critical information compared with 14 per cent per cent in the legal sector.

Over half of all companies (52 per cent) said that the biggest impact was significant business process delays. Additional impacts range from damaged reputation to non-payment of invoices, loss of business critical information, compliance breaches and unsatisfied clients.

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