Reduce Data Risk through Effective Records Management

In today's regulatory landscape, data risk is critical as regulatory expectations intensify and penalties increase. Records management, a key component of data risk, involves systematically controlling an organisation's records from creation to disposal, ensuring efficient organisation, storage, retrieval, and preservation process. Without robust data retention policies and governance, organisations face increased audit and litigation risks, higher IT costs, and challenges in meeting evolving standards. Mitigating these risks requires a systematic approach to data retention, adhering to industry best practices. The proposed presentation will cover: Industry Insights: Observations and impacts EY has noticed within the industry regarding data risk and records management Regulatory Perspective: An overview of regulatory expectations and requirements for records management Governance Requirements: Key elements of governance necessary for effective records management Organisational Impact: Consequences of ineffective records management on an organization Drafting Records Management Policies: Guidelines for creating comprehensive and effective records management policies Banking Sector Focus: How records management should be implemented across the three lines of defence within a banking institution This comprehensive approach highlights the pressing need for improved records management practices to address increasing data risks. As well as providing the industry best practices which EY has observed.