I am doing some research for an upcoming blog on the AIIM community and I came across this on this incentive for records management:

In 2008, the University of Iowa studied more than 1,700 bankruptcy cases that involved home foreclosures. The study found that in more than 40 percent of these cases, the property’s original promissory note was missing. That’s right: Hundreds of cases of severe finance loss, all because someone at the office dropped the ball on recordkeeping.

You can read more on the Iron Mountain site at Pain-Free Audits: Your Key To Records Management Success.
One crucial way to ensure your records management program is efficient is to perform regular audits. Cloud based electronic records management systems such as Box include auditing as a core capability. Performing audits can reveal where records management policies are not being adhered to by individuals and departments as well as identify security breaches. In another Iron Mountain article entitled, “Audits and Accountability: Keys to Records Management Excellence,” it is wisely stated that, “Whether it’s wing nut strategies or records management on the table, the best-laid plan is only as successful as the audit trail you’ve put in place to monitor and fix problems, and to update procedures as needed.” If your goal is implementation of the Generally Accepted Recordkeeping Principle of Accountability then performing records audit should be a key function of your program.

Here are six steps for performing your first records management audit:
1)Define the audit requirements, define the output, and work your way backward through all your policies and practices to make sure you can easily comply with all the various requirements of the audits.
2)Develop and maintain clear and well-documented records management policies
3)Get buy-in from management
4)Verify you have the proper systems, technologies and facilities for your records management policies and audit requirements
5)Document the results
6)Integrate the audit into your records management practice

Those steps are adapted from the Iron Mountain article “Audits and Accountability: Keys to Records Management Excellence,” and also Surviving a Records Audit: 6 Steps to Prepare Your Organization from ARMA International.

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