Apr 06, 2019 Virtual Data Rooms Make Audits and Compliance a Breeze
In today’s global information economy, businesses are dealing with an ever-increasing amount of sensitive data. Far too often we hear about data breaches where sensitive information has leaked or been hacked. Businesses and organizations are under pressure to provide high-level security for all the data in their care. A Virtual Data Room can provide the security and access you need.
Audits and Regulatory Requirements
If you’re subject to audits or regulatory requirements, a Virtual Data room is a must. There is usually a checklist of items that have to be addressed, so make sure that the VDR you’re considering has a feature that allows an Excel import. Once these items are imported you can categories them and assign them to team members, if needed.
Once that’s done you and your team can upload the necessary documents applicable for each item on the checklist and notify the audit team once it’s done. They can log into the VDR and peruse the documents, make notes and comments, or ask questions – all in a totally secure space.
You are not always given notice of an audit – it can happen at any time. With a Virtual Data Room, you can be prepared and complete the audit or compliance activity in less time with a smoother workflow.
Here are some of the VDR features that facilitate the audit and regularity compliance work flow:
1. Document Exchange
A Virtual Data Room provides a secure way to organize and exchange information. No more emailing documents, searching for the right version, or putting insensitive information on a USB drive that many go missing.
2. Document Tracking
Just keeping track of a financial audit can be a full-time job. With a VDR you can eliminate duplicate requests, repetitive documentation, and avoid lost documents. Your Data room should be able to send alerts to the audit team when a document is uploaded, when it is viewed, or a response is generated. And since it’s in the cloud, the audit team doesn’t have to travel to your premises.
3. Evidence Trail
Complying with the financial audit requirements is only half the headache. Auditors are often required to provide evidence that everything was done “by the book – documents were made available and all requests were complied with. Your Virtual Data Room provides a secure evidence trail and makes the process completely transparent.
Before you suffer through the next financial audit the old fashioned way, install a Virtual Data Room and make the next one cost effective and painless.
About the Author
Mickey Henry is the owner of <a href=”http://www.idrshare.com/”>idrShare, LLC</a> and supports investment banks, advisory firms and corporations by building and hosting customer designed virtual data rooms. Mr. Henry has over 18 years’ experience in providing data rooms and provides passionate support to his clients.