Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

RELIANCE ON PAPER IS LEAVING FINANCE SECTOR OPEN TO COMPLIANCY DISASTERS

A fifth of organisations in the finance sector are putting themselves at risk of huge compliance and legal issues by over relying on paper-based processes, new research has found.

A survey of 1,000 workers, conducted by WorkMobile, found that 20% of employees in the finance sector have seen vital document and information incorrectly filed, which has led to major losses within the business.RELIANCE ON PAPER IS LEAVING FINANCE SECTOR

Across businesses in the UK, a fifth of employees have witnessed extremely important documents lost or misplaced, which has resulted in legal disputes or compliancy issues. This includes confidential documents being left lying around, rather than stored safely, and also copies of signed contracts being lost.

Relying on paper isn’t making the job of working efficiently and compliantly easy for staff, with over half (53%) finding it hard to store and keep paper files organised. 43% also think that it takes too long to properly fill in paper forms, and almost a third (30%) feel they are spending too much time sending documents to the correct recipients.

But an over-reliance on paper is also putting employees at an increased risk of injury while at work. One in 20 workers have spotted an accident happen because their company was too reliant on paper, and this resulted in an employee injury. A common example of this is through employee handbooks being lost and a member of staff being injured due to correct procedures not being followed.

Colin Yates, chief support officer at WorkMobile, said: “With technology now so readily available for businesses to adopt and modernise their working practices, it is surprising to see that so many are still relying on paper.

“Ultimately, it is putting businesses at serious risk of financial losses, and also possible legal action, but more worryingly, it is putting employees in danger. Within the finance sector, where large sums of cash are often handled and confidential details, such as clients’ bank details, are stored, losing important paper documents could be extremely costly to the business, both in financial and legal terms.

 “Implementing technology, such as mobile devices and the cloud, can help to eliminate the need for physical paperwork, meaning that these vital pieces of information can be stored securely online and can be accessed in a few clicks. In the search for greater compliancy, adopting the latest innovations can help businesses secure their futures and safeguard the wellbeing of staff.”

For more information, please visit: http://www.workmobileforms.com/research-and-whitepapers/