A Records and Information Manager's Guide to Assessing Performance Risk for Financial Services

Topics: Financial Services Records and Information Management | Govern Information

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Why Read This Document?

Key Performance Indicators (KPIs) can be used in a variety of ways. They can track department or company performance, gauge the adoption of policy, or confirm compliance. Whatever the purpose, KPIs are powerful tools for measuring the progress and direction of an organization.

While performance indicators are industry agnostic and can benefit any information management program, the need for them is much higher in more regulated industries like financial services. As one of the most regulated industries, strict adherence to policy is necessary. The actions and policies of a specific business act as its first line of defense against risk — any risk, whether it is financial, operational, or reputational. However, performance indicators act as a critical second line of defense, demonstrating compliance to the policy for both external (regulatory) and internal (audit) review.

For Records and Information Professionals within the financial services industry, KPIs can also be the key to transforming the management of paper and electronic records. When performance indicators are set up properly, they will provide insight into whether your program is performing efficiently and in step with your company’s goals. They also provide a way to quickly identify potential issues, giving you enhanced visibility into risks.

As compliance and regulatory challenges put pressure on financial services companies to report on risk and other performance-based criteria, KPIs support your ability to demonstrate where you are today, where you are heading, what problems exist, and when you reach your targets. It has become less about checking off a box on a list and more about demonstrating a fundamental framework for measuring your programs. Unlike 5 years ago, we are now seeing regulators begin to consistently request a KPI report card, as they begin to review how our institutions monitor the policy. As an industry, we can use this opportunity to demonstrate a consistent adoption of KPIs, and by doing so, we can establish a benchmark for regulators to follow.

In this guide, you will learn about the top KPIs that are used by large organizations to manage records and information programs. This is not meant to be an exhaustive list, but rather a foundational base to help guide your institutions’ approach to establishing or refining indicators. Whether you have a mature measurement program, or you are just starting, this approach can be used to drive change and help mitigate risks within your institution.

A Note From The Customer Advisory Board

Over the past 10 to 15 years, our industry has seen a tidal wave of change in the area of business intelligence and measurement. Whether that change was triggered by economic factors or ever-pressing regulatory developments, senior management requires all business areas to provide clear and concise reporting on how each department is meeting its business objectives. The final goal is to provide critical information that measures the strategic drivers of the business to the Board of Directors and/or C-level management. The goal is clear, but the pathways to get there vary greatly.

Over the past year, a subcommittee of Customer Advisory Board members has worked with Iron Mountain to discuss a number of topics relating to performance measurement for records and information management. This guide is a result of the collaborative effort to share best practices and recommendations with records and information management professionals in order to help you gain insight into an important business driver. This guide covers the following topics:

  • A Brief Look at Metrics, KPIs, and KRIs
  • Recommended RIM KPIs
  • The Importance of Benchmarking
  • Challenges of Change

The Benchmarking Subcommittees and Iron Mountain are pleased to provide the records and information management community with this practitioner’s guide to assessing performance and risk for records professionals in the financial services industry.

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