Leveraging DMS in Financial Services | IT Alignment | Ascertus

Understanding the importance of DMS in Financial Services

Before exploring the specific features of iManage, it's crucial to recognise the broader role that DMS plays in Financial Services. A DMS helps manage, store, and secure vast amounts of documents and data that financial institutions handle daily. The efficiency, security, and compliance benefits of DMS are particularly critical in an industry where data sensitivity and regulatory scrutiny are high. Arguably, a DMS is not an optional item in the legal tech stack.

With that in mind, let's look at how the iManage DMS can help to secure your sensitive data with 4 specific products: Records Manager, Security Policy Manager, Threat Manager and Conflicts Manager.

Records management with iManage Records Manager

iManage Records Manager is an essential tool for financial institutions aiming to enhance their document lifecycle management while helping to adhere to legal and regulatory requirements. Implementing retention policies across various repositories with Records Manager supports robust governance practices, including the automated, legally defensible disposal of content.

Records Manager benefits

• Single policy control: Establish and implement a unified policy for records kept in various repositories, both physical and electronic, removing the requirement for distinct policies for each system.
• Role specific dashboards: User-based or privilege-based interfaces offer personalized displays of essential metrics for end users and records managers. Customize real-time insights into the organization's records management operations according to your users' requirements.
• Centralised management: iManage Records Manager oversees content on-site, managing physical records in office locations or offsite storage, as well as electronic records across various repositories, including iManage Work and Windows file shares.
• Policy-based automation: An organization can implement automated, policy-based content retention, archiving, and disposition to establish governance policies, retention periods, and disposition rules that are consistently applied to both physical and electronic content. A comprehensive log of all events is maintained in the audit history.
• Declare as record: As users proceed with their standard workflows, Records Manager automatically declares their filed documents as records in iManage Work and applies retention policies to all new content effortlessly.
• Platform integration: iManage Records Manager is the exclusive records management application authorized to integrate seamlessly with iManage Work. Further integration with iManage Security Policy Manager enables need-to-know access controls, securing sensitive content across various departments and multiple teams.

Data access with iManage Security Policy Manager

In an era where data breaches are increasingly common, iManage Security Policy Manager stands out by offering advanced security measures tailored to protect sensitive financial data against internal and external threats. Security Policy Manager allows organisations to safeguard their sensitive data by implementing information barriers at scale, whether at the client, department, or project level. By segmenting knowledge work according to confidentiality needs and enforcing need-to-know access for specific employees, such as lateral hires, the risk of data exposure is minimized. Security Policy Manager enables compliance with increasing client demands and regulatory requirements, all without compromising user productivity or business continuity.

Security Policy Manager benefits

• Advanced access controls: With Security Policy Manager access controls, you can administer user access and delegate the responsibility for access approval at the client, function, or project level, applicable across any organisational structure or international location.
• Self-maintaining rules: Powered by automated workflows, Security Policy Manager enables you to set up self-sustaining policies that automatically grant and revoke access, thereby reducing the workload and risks associated with manual intervention.
• Single-policy management: Preserve a uniform security stance with Security Policy Manager by safeguarding content stored across various repositories, including iManage Work and third-party systems, through the implementation of a single policy.
• Extensive auditing: Quickly address stringent client or regulatory audits with the extensive auditing features available on Security Policy Manager dashboards. Customize and implement security settings that comply with Outside Counsel Guidelines (OCG) and other client requirements.
• Broad integration: Security Policy Manager features a distinctive integration with iManage Work, enabling the establishment, modification, and removal of security policies without triggering access control cascades, document re-files, or content re-indexing — all without affecting the performance of end users in iManage Work. In addition, software agents enable it to integrate with third-party applications like common network file shares, Microsoft SharePoint and Teams, and time and billing systems.

AI data security with iManage Threat Manager

Threat Manager goes beyond traditional security measures by using machine learning and advanced data analytics to predict and prevent potential data breaches before they occur. Threat Manager identifies malicious activity, acts to prevent data loss, and provides usage analytics for regulatory compliance and information governance requirements.

Using AI-based and manual criteria for threat detection, Threat Manager persistently oversees unusual activities, issuing intelligent alerts to protect essential knowledge work. Its extensive usage analytics and reporting features enable organizations to prove compliance and meet stringent regulatory audit demands.

Threat Manager benefits

• Advanced threat detection: Cutting-edge AI machine learning and sophisticated forensics empower iManage Threat Manager to swiftly detect, investigate, and neutralize malicious attacks.
• Reduce false positives: Threat Manager examines usage patterns and contextual information, such as client details, matters, and peer groups, to minimize false positives that can overwhelm staff and generate threat alerts that are highly likely to be legitimate.
• Smart alerts: In Threat Manager, custom actions can be configured such as notifying a user or supervisor, escalating the issue to a manager, or disabling an account, depending on the threat's severity.
• Compliance reporting: Organizations can effortlessly demonstrate to clients how their sensitive information is managed and protected using Threat Manager, and illustrate to regulatory bodies how the application’s comprehensive reporting capabilities help them comply with relevant compliance requirements.

Conflict resolution with iManage Conflicts Manager

The newly added iManage Conflicts Manager enhances DMS functionality by helping institutions manage and mitigate potential conflicts of interest. This tool is crucial for maintaining ethical standards and legal compliance in financial services. Conflicts Manager simplifies the conflict checking process, enabling quicker clearance of conflicts when onboarding new clients or employees. Its optimized search functionality, data analysis capabilities, and links to third-party data sources accelerate affiliate searches, giving stakeholders the actionable insights needed to make informed decisions rapidly.

Conflicts Manager benefits

• Advanced search: Remove the necessity for numerous complex queries and burdensome conflict analysis. Equipped with advanced search capabilities that incorporate the creation and application of synonyms, Conflicts Manager provides reliable and pertinent results through a single search.
• Extensible information management: Do away with the need for numerous intricate queries and tedious conflict analysis. With enhanced search capabilities that allow for the creation and application of synonyms, Conflicts Manager efficiently delivers relevant and dependable results in just one search.
• Dynamic Forms: Move beyond inflexible workflow forms and gather information crucial for the entire business intake process. Enhance conflicts analysis by integrating dynamic forms that utilize collective knowledge. With drag-and-drop functionality, easily design and update forms to streamline onboarding with your due diligence process.
• Corporate intelligence: Conflicts Manager enhances the search process by integrating with third-party data services like Dun & Bradstreet, Bureau van Dijk, and more, to reveal corporate affiliations and improve the precision of your results.
• Multiple reporting types: Generate results in a format that is easy for the intended user to digest. Options include a PDF report, an interactive portal, or an actionable email to ensure maximum impact.

For financial institutions, securing sensitive data is a priority that requires a comprehensive approach. iManage provides a powerful suite of tools that not only ensure compliance and protect against breaches but also enhance operational efficiency and foster innovation. By choosing iManage, financial services can trust that their document management system is not just a utility but a strategic asset that aligns with their broader business objectives.

In today’s digital age, where data breaches can jeopardize a company's reputation and viability, investing in a robust document management system like iManage is not just wise—it's essential. Financial institutions that leverage iManage's advanced features, including the strategic addition of iManage Conflicts Manager, can assure their clients and stakeholders that they are committed to the highest standards of data security and regulatory compliance.

Visit our Financial Services page for more details on legal tech solutions

See also:

• Demystifying the CLM process for Financial Services
• Financial services document management : strategic alignment

FAQs

What is the DMS function?

A Document Management System (DMS) organizes, stores, and secures documents electronically, streamlining workflows by enabling efficient retrieval, sharing, and collaboration. It automates processes such as document indexing, archiving, and version control, ensuring compliance with regulatory requirements. A DMS supports business operations by reducing paper use, enhancing data security, and improving access to information, ultimately boosting productivity and facilitating better decision-making.

What are the elements of DMS?

The key elements of a Document Management System (DMS) include document capture and scanning, secure storage, version control, metadata management, workflow automation, access control, and integration with other business systems. These components help organize and manage documents efficiently, ensuring they are easily accessible, secure, and up-to-date. Additionally, DMS often features search capabilities and compliance tools to support regulatory requirements and improve overall document governance.

What is DMS and it's benefits?

A Document Management System (DMS) is a tool that stores, manages, and tracks electronic documents. The benefits of using a DMS include improved efficiency through streamlined document handling, enhanced security with controlled access and audit trails, and better compliance with regulatory standards. DMS solutions also reduce physical storage needs, facilitate easy retrieval and sharing of documents, and support remote collaboration, making them essential for modern, digital-first workplaces.