Financial services DMS integration - A legal and IT team strategy that wins matches

In Financial Services where vast volumes of sensitive data must be handled with precision and care, the legal and IT team need a game plan that’s both effective and efficient. Beyond just storing information, the DMS solution needs to emerge as a sought after defender, midfielder and striker, ensuring team collaboration, streamline operations, and maintain compliance.

Finding a Document Management System (DMS) that not only manages documents efficiently but also optimises your processes and enhances data protection, is essential for winning the game.

This article explores how DMS integration using platforms like iManage not only fits seamlessly into your existing IT infrastructure, but also unites all team players. This allows IT teams to take a defenders role pushing back any complexity attacks, and legal and compliance teams to manage matters more effectively - a win win. This integration ensures that document management becomes a powerful tool for team success in the financial services sector.

Tackling the document management defence in financial service

Managing vast volumes of sensitive documents is akin to playing a critical defensive position on the pitch. Traditional content platforms, much like old defensive strategies, often fall short when the play intensifies. Strong version control, comprehensive audit trails, and compliance with stringent regulatory standards are non-negotiable, otherwise a red card can be expected. Without these critical capabilities, your operational inefficiencies creep in, increasing risks and causing delays in accessing important information.

IT teams often face the question: 

Why can’t legal just use what’s in play already?

In many organisations, platforms like Office 365, OneDrive, or SharePoint are already in use, and IT may question why the legal department requires a dedicated DMS. The challenge here is that while these platforms offer basic document storage, they lack the specialised DMS features necessary to meet the strict regulatory and governance demands. They're like players who know the basics but can't perform the specialised manoeuvres required in critical matches.

Enter iManage DMS, a dedicated Document Management System designed like a star quarterback with advanced functionalities such as audit trails and legal compliance features—essential for sticking to the regulatory playbook. These capabilities are crucial for legal teams that need to navigate the tough defense of industry regulations effectively.

The pitfalls of a DIY defence…

Another common IT concern is whether a solution can be built in-house to provide the additional functionality required by legal. While this might seem like a cost-saving option initially, imagine training an in-house player to take on a role that’s out of their league, then waiting an entire season to see if a player pans out. 

These custom-built solutions frequently fail to meet the high security and compliance standards necessary, forcing teams to revert back to considering proven DMS platforms like iManage.

1-0 to iManage.

Centralised document management is your mid-field; it’s always in play

Just as a skilled midfielder controls the game by centralising play, iManage transforms document management in the financial sector by centralising all your documents into a single, coherent system. By creating a ‘single source of truth,’ iManage ensures that all documents – whether physical or electronic – are stored in one centralised platform. This eliminates the need for multiple content repositories, which often leads to fragmented information and inefficiencies. iManage is your sole team captain that everyone turns to.

For IT managers and solution architects, centralising document management means that your organisation can reduce the time and effort spent searching for files. With advanced search functionalities, iManage allows you to quickly locate the documents you need, reducing non-productive hours and enabling faster decision-making. This streamlining of document retrieval processes leads to improved operational efficiency and, ultimately, cost savings.

2-0 to iManage.

iManage is a versatile team player

A significant concern for IT departments when introducing new systems is how they will integrate with the existing IT infrastructure. Many organisations use multiple internal systems such as ServiceNow, DocuSign, and SharePoint. The concern for IT professionals is whether the new DMS will play well with these systems or if it will clash, disrupting the flow of the game.

With iManage, these concerns are tackled head-on. iManage seamlessly integrates with Microsoft Office and other enterprise systems, ensuring that it works in harmony with your current technology stack rather than creating conflicts.

IT teams also frequently question the hosting of the DMS—whether the system will be fielded on home ground or played away in cloud-based solutions.

iManage offers both cloud-based and on-premises solutions, giving IT departments the flexibility to choose what best suits your organisational needs. The cloud solution is especially appealing for organisations looking to reduce the burden of maintaining in-house infrastructure, with the added benefit of additional features, including new iManage AI, which are not available on premises.

Scoring goals in Compliance and Governance

Compliance with regulatory requirements is a critical priority for financial services firms. Failing to meet these standards can lead to severe penalties, conceding goals that could cost your team the championship. DMS solutions like iManage steps onto the pitch. With it comes detailed audit trails, version control, better team collaboration and, more importantly peace of mind that the team is operating in a secure and compliant way.

IT professionals often raise concerns about whether new systems align with internal security policies, such as SOC 2 compliance and regular penetration tests. iManage is designed with these requirements in mind, ensuring that financial institutions can meet internal security standards while also complying with external regulations. This makes iManage an ideal choice for IT teams looking to support legal departments without compromising security or governance.

Additionally, the ability to automate document classification and retention policies ensures that documents are stored for the appropriate time period and disposed of securely when no longer needed. This level of automated compliance not only reduces manual workloads but also mitigates the risk of player fatigue and error, which can lead losing the compliance game.

The winning play; manual workloads reduced and team productivity increased

A significant driver for adopting a DMS solution in financial services is the reduction of manual document handling. Traditional document management systems are like an aging training coach that demands excessive manual effort for basic tasks such as filing, retrieving, or ensuring compliance. iManage is your up and coming coach bringing the latest tactics and strategies, allowing your IT teams and users to focus on higher-value tasks rather than administrative work.

For example, iManage automates the classification of documents, ensuring they are properly filed according to compliance and organisational policies. This automation reduces the risk of human error and significantly speeds up the filing process. By integrating iManage into your team’s workflow, you’re not just passing the ball, you’re setting up goal-scoring opportunities in every operation.

In a DMS implementation, IT are more than just support

Feeling like it’s the start of a major football tournament, IT departments may also raise concerns about what it takes to complete the project. Many financial institutions have small legal departments compared to larger IT teams, and IT may be reluctant to dedicate significant resources to supporting a new system. However, Ascertus can support your iManage integration by offering comprehensive support, reducing the need for ongoing IT involvement. The system is designed to be user-friendly, meaning that legal teams can manage many tasks independently once the DMS is up and running.

In terms of support, IT teams often ask: 

Who will be responsible for maintaining the system?

iManage is your dependable goalkeeper, providing robust support services and taking care of system maintenance. In addition, here at Ascertus, we act as your first line of defence with our own dedicated Customer Success and Support teams. This ensures that the IT department won’t need to allocate extensive resources to keep the system running smoothly.

Scaling DMS from division 1 to the premier league

One of the primary concerns for IT professionals when implementing a new system is compatibility with existing infrastructure. Financial institutions often have complex IT environments with a range of systems already in place, from core banking systems to customer relationship management (CRM) platforms. Seamless integration with iManage DMS ensures that all these systems pass the ball smoothly between each other, minimising operational disruptions and keeping the game flowing efficiently.

Additionally, iManage is highly scalable, making it an ideal substitution for financial institutions of all sizes. Whether you’re a smaller firm looking for a streamlined document management solution or a large institution with extensive documentation needs, iManage can grow with your team. This scalability, combined with the solution’s ease of use, ensures that iManage delivers value from the outset and continues to do so as your organisation evolves.

A strategic state-of-play for Financial Services IT

For solution architects, IT managers, and principal analysts in the financial services sector, adopting a DMS solution like iManage is not just about improving document management – it's about streamlining operations, enhancing efficiency, and ensuring compliance in a highly regulated environment. The centralised management, robust security, and seamless integration offered by iManage provide a strong foundation for your organisation’s technological capabilities. By reducing manual workloads, improving document retrieval times, and ensuring data governance, iManage helps financial institutions achieve significant operational improvements and cost savings, positioning them for long-term success.

For financial institutions seeking to optimise their IT operations and streamline document management, iManage is the solution that delivers results.

Interested to streamline your document management with iManage?

Head over to our iManage DMS product page to book a call with one of our expert consultants.

See also:

• Our full range of Financial Services legal tech solutions
• Securing Sensitive Financial Data with Robust DMS Features
• Demystifying the CLM process for Financial Services

FAQs

What is a DMS operating system?

A Document Management System (DMS) operating system refers to the software platform designed to store, organise, and manage digital documents efficiently. It facilitates document version control, compliance, and secure access. Typically, a DMS integrates with existing IT infrastructure, streamlining operations by centralising document storage, enhancing collaboration, and ensuring regulatory compliance. It also includes features such as audit trails, advanced search, and document automation, making it essential for industries that manage sensitive information, like finance and law.

How does DMS work?

A Document Management System (DMS) like iManage DMS works by centralising digital files into a secure, searchable platform. It automates document storage, version control, and compliance tracking while integrating with tools like Microsoft Office. iManage allows for easy document retrieval, audit trails, and collaboration, helping organisations streamline workflows, reduce manual file handling, and maintain regulatory standards. Its advanced features enhance data security and efficiency, making it ideal for industries like legal and financial services where managing sensitive information is crucial.