| Iron Mountain calls for records management readiness for MiFID compliance Iron Mountain has called for action now to help firms get their information management systems ready for the Markets in Financial Instruments Directive (MiFID). MiFID is set to come into force in 18 months’ time and is predicted by some to hit the European financial market with the force of Y2K, Basel II and Sarbanes Oxley combined. The cost of complying with MiFID is estimated to be substantial and could be even more so for those companies who still haven’t considered how their records management strategy can be adapted to incorporate the requirements of the directive. The introduction of this legislation will see many businesses storing records for up to five years and possibly even longer. Iron Mountain has more than 50 years of records and information management experience and helping businesses around the world comply with various global and local regulations, and ensuring organisations’ information is protected in disaster situations. It is advising companies of all sizes to follow a simple set of guidelines compiled by its records management experts: * Make a start! MiFID arrives in November 2007, so planning should start within the next two months, in order to accommodate any additional costs and resources that may be required. * Investigate: Now is the time to research the directive, and implement change where change is needed. Ensure the board, CIO and CFO are all aware of the implications of MiFID and how functions across the workforce will be affected. Training your staff now will save vast time and effort in the future, particularly in terms of business continuity. * Fast retrieval: Tier your records management so information is stored according to how frequently it will be needed. * Insurance: Ensure all documents that are potentially affected by the directive are protected in a safe and secure environment, whether physical or digital. Online backups, electronic vaulting and off-site storage should all be integrated to provide a seamless system. * Differentiate: Just because another directive has come in, records managers should not instantly start to save everything, to make sure all eventualities are covered. Records need to be managed, not hoarded, therefore any system in place must be flexible enough to cope with any additional requirements. “Just because another new set of regulations has hit the headlines, companies shouldn’t start to panic and completely overhaul the way they manage their online and offline documents,” said Andy Maurice, head of consultancy, Iron Mountain . “MiFID is just one of 40 EU directives that will be implemented in the financial services sector between now and 2010. All that is needed now is clear planning to ensure that systems are flexible enough in the future to cope with any demands compliance, continuity or crises may throw at them.” www.ironmountain.co.uk
•Date: 7th July 2006• Region: UK/W.Europe •Type: Article •Topic: Op. risk |
