Taking the Pain Out of Compliance
(CFR 11, FERPA, GBLA, HIPAA, Sarbanes-Oxley, SEC Legislation, the USA Patriot Act, and moreÖ)
Compliance issues are definitely the buzz around corporate America these days. And, with the cost of non-compliance being so immense, organizations canít afford to ignore these specifications. Undeniably, technology plays a major role when seeking compliance with a multitude of legislation, including the items listed above and described below.

It seems like every magazine or newsletter in circulation has articles about becoming compliant, as well as numerous product briefs touting a variety of organizationsí latest software solutions to address these challenges. How valuable are these pre-packaged solutions? Can they effectively help you gain compliance while enhancing other critical business processes?

When wrestling with these questions, itís important to remember that organizations need to be compliant, not technology solutions; software providers simply supply the tools to make compliance possible. Well-constructed automated compliance process tools should enable a company to take its defined compliance management processes and then automate these processes, test the system effectively, and produce thorough documentation pertinent to the law. A company could spend hundreds of thousands of dollars on a software package that claimed to give compliance but, in the end, be neglecting key provisions of the regulations. If this happens, organizations must be prepared to pay large fines and face possible jail time for top executives.

We at CDMS understand the challenges facing your organization, including the pressures to comply with todayís corporate regulations. We donít offer pre-packaged, one-size-fits-all, cookie cutter solutions. Rather, as a client of CDMS, you benefit from two decades of experience in the electronic document and content management industry. We work with you to properly configure your environment not only to address the provisions put forth by law but also to assist you in streamlining your procedures, thereby reducing your operational costs and improving employee productivity.

FDA 21 CFR 11
The Food and Drug Administrationís (FDA) Code of Federal Regulations (CFR) Article 21, Part 11 requires all FDA regulated, including pharmaceutical, medical equipment manufacturing, healthcare and food services companies, to preserve and secure information by establishing audit trails. CDMS Solutions assist FDA regulated organizations in gaining compliance with features and functionality built into the software. Users are able to establish audit trails and retention schedules all while maintaining documents in a centralized repository for easy access and retrieval.

Family Educational Rights and Privacy Act (FERPA)
The Family Educational Rights and Privacy Act is Federal legislation that protects the privacy of student education records. The law is pertinent to all schools that receive funding under the applicable program of the U.S. Department of Education. The law awards parents certain rights regarding their childrenís educational records, which transfer to the child at the age of 18 or when the student participates in additional schooling at a higher level. In addition to being able to gain access to the student records, parents and eligible students have the right to request corrections of the records if they can substantiate that it is not accurate or is misleading, or to add a statement to the records if a formal hearing is granted, but amendments are refused.

In general, schools musts receive written permission from the student or studentís parent in order to release student records, but FERPA allows schools to disclose the information to certain parties without student or parent permission. Recipients to whom the information could be sent without the aforementioned permission include schools to which a student is transferring, organizations requiring information connected with financial aid, officials involved in health and safety emergencies, State and local authorities involved with juvenile justice in accordance with their State laws, and other entities mentioned in the legislation. CDMS helps school administrators to track requests for, and release of, student records, and to build in security regarding who can access which information, thus enabling schools to demonstrate their compliance with the legislation.

Gramm Leach Bliley Act (GLBA)
The Gramm Leach Bliley Act of 1999, a form of Federal financial privacy legislation, substantially modernized regulation of financial services and repealed the main provisions of the Glass-Steagall Act and the Bank Holding Company Act that formerly limited bank holding companies in affiliating with insurance companies and securities firms. The GLBA allows eligible bank holding companies and foreign banks to become financial holding companies (FHCs) and expand their array of financial-related activities, and introduces some functional regulation of these FHCs.

Under the act, financial institutions are required to provide clear and regular notice to customers of the institutionís policies as they relate to the collection and disclosing of non-public personal information to other parties. It requires them to create, implement, and maintain safety measures to ensure that customer information is safe. Companies were required to be compliant starting in 2001. CDMS assists organizations in maintaining records and leaving thorough audit trails to show compliance with these regulations.

Health Information Portability Accounting Act (HIPAA)
The primary focus of HIPAA, which went into effect in the first quarter of 2003, is centered on protecting a patientís privacy. The law encompasses any document that contains a patientís identifiable information, including e-mail, electronic, fax, paper, oral, voicemail and phone conversations. Key provisions of the act include standardizing data exchange, protecting patient confidentiality and securing administrative, health and financial information by enforcing security procedures.

CDMS Solutions can assist organizations in becoming compliant with HIPAA by implementing internal controls to manage the flow of information, establishing security precautions limiting access to patient information and archiving patient records for future retrieval. CDMS also enables organizations to streamline the healthcare claims process, reduce paperwork to amplify efficiencies and reduce costs, and improve services to providers, insurers and patients by increasing the accessibility of information.

Sarbanes-Oxley Act (SOX)
SOX was signed into law on July 30, 2002 in response to recent accounting scandals in corporate America. The primary focus of the act is to assure accuracy and accountability of financial accounting and records retention of publicly traded companies in the United States. The core focus of SOX is to require organizations to validate the accuracy and integrity of financial management and to establish procedures for reporting obligations. Under the act, organizations are required to implement and document internal controls to carry out these procedures. Once applied, these controls must be evaluated and satisfy audit tests to ensure operating effectiveness.
CDMS helps organizations to comply with SOX legislation in a variety of ways. The software enables retention scheduling to be built in based on a customerís needs, and workflow processes enable administrators to sign off on materials that are to be purged. CDMS Solutions create audit trails that enable auditors (and managers who are given the appropriate rights) to view the processes and their individual steps in detail.

By leveraging the CDMS Solution, organizations can comply with SOX by establishing audit trails to monitor access to financial documents, applying security precautions to limit user rights related to document alteration, instituting retention schedules and archiving final-forms of documents.

Securities and Exchange Commission Rules and Regulations
The CDMS Solution also assists organizations in complying with SEC initiatives. According to the provisions of the rules and regulations, the software can be configured to establish a centralized, tamper-proof repository to ensure the accuracy and quality of archived information. It also allows you to electronically create a backup copy of documents in the event of a business catastrophe.

USA Patriot Act
In response to recent world events, the USA Patriot Act requires financial institutions to verify new accountholder identification, maintain records of information used for account verification and cross-referencing identities against Federal terrorism lists. CDMS provides these organizations with a centralized repository to store records related to customer verification. This allows financial institutions to electronically maintain all customer records, including names, addresses, dates of birth, and ID number-such as a tax ID numbers, Social Security numbers or passport numbers.
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