Wealth management comes into play when the client wants to invest their money in a portfolio that will likely ensure financial success. The most important element will obviously be having a plan to manage the money in a mix of investments for either long term or short-term gain. However, what is also vital is the protection of that client’s sensitive personal data.
This is a highly regulated industry with many laws and guidelines to follow. Managing client information in this age of compliance, particularly with requirements relating to data minimisation, GDPR, AML etc can be challenging. Updating information regularly to comply with anti-money laundering concerns is time consuming but necessary. There will be concerns about holding the data for too long, and when time comes to destroy it ensuring it is done correctly. This industry sector holds large amounts of sensitive client information such as photo ID, utility bills, passports details, PPS numbers and bank account details. All are highly sensitive and need the best security surrounding them to avoid a costly data breach.
Information Managed Securely
A document digitisation service is ideal for organisations seeking to move to a paper-light operational environment. Paper documents will be scanned to the highest quality and then indexed for ease of searching in house with the bonus of the inclusion of end of life cycle days to ensure compliance. Digital documents mean there is no worry about natural disasters such as because information is stored securely in the cloud.
Selecting a provider that will handle the data in a controlled and secure way is important. That’s where having an international standard such as ISO 27001 Information Security ISO proves its value. Many financial institutions are now certified to the standard and they expect their suppliers to have similar certifications. ISO 27001 is a framework of processes that always ensures the safety of data. This enables the wealth management company to have a chain of evidence for their data from start to finish of the process.
Datascan Document Services
Datascan Document Services is an outsourced document service bureau in operation since 1993. We are expert in the provision of document digitisation and data capture services. We have been approved to both ISO9001:2008 standard for service quality and ISO27001 standard for information security.
Datascan have recently completed a large project for an asset management company in Dublin, so are conversant with the requirements an organisation such as this would have for managing client information. Our service dovetails with all of the mainstream ERPs. If you would like to avail of a brief exploratory meeting, please contact our team today.