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.

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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/

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