In 2023, data privacy concerns will intensify, and regulatory requirements will follow suit. New state privacy laws that will go into effect in 2023 include California Privacy Rights Act; Virginia Consumer Data Protection Act (VCDPA); Colorado Privacy Act (CPA) and Connecticut Act Concerning Personal Data Privacy and Online Monitoring (CTDPA). The General Data Protection Regulation (GDPR) which protects the data of members of the European Union (EU) still has a global impact because it applies to every company that does business with EU citizens.
In general, all compliance audits are likely to become more rigorous because of the surge in the number of remote workers, the conditions for potential growth in fraud cases and unpredictable revenue growth. Keeping up with these changes can be daunting. However, it’s much easier to comply if you’ve built a flexible foundation that easily adjusts to new regulatory requirements. Cloud document management can be a significant contributor to the success of your compliance efforts. If it’s not part of your compliance plan today, there are many reasons why it should be.
The use of cloud technology will continue to be important next year and beyond. It will have a larger role primarily due to the rise in remote work, the need for increased business agility, and the reduced costs associated with cloud solutions.
Simplifying audits at Criterion Tool & DieCriterion Tool & Die Inc. manufactures precise components for highly regulated industries such as medical, aerospace, and photonics. The company builds and supplies parts for several hundred customers and develops prototypes based on specific requests.
Components manufactured by Criterion Tool & Die Inc. cannot fail once the devices are implanted in patients, installed in planes or other equipment. Government regulations mandate that the company retain documentation about the parts it supplies for the lifetime of the products and instruments. The company also must produce all supporting documentation in a timely manner when it is requested for audits.
The speed and convenience of DocuWare are particularly important during audits. Prior to DocuWare use, audit preparation took several hours, but now the documents can be found by inputting job numbers and retrieving the records. “The biggest time saver is being able to pull the document instantly,” says Marketing & IT Coordinator Kellyanne Gottschalk. “It also greatly reduces employee’s stress levels during audit-preparation time,” she adds. “We know the job numbers, and we can just look them up and produce documents on demand right in front of the auditor.”
A quick recap of how DocuWare Cloud supports compliance
1. Electronic signaturesE-Signatures signatures reduce paper use and simplify your secure document workflow. The federal Electronic Signatures in Global and National Commerce Act (ESIGN) and the state Uniform Electronic Transactions Act (UETA) give legal recognition to qualified electronic signatures, like those provided by DocuWare, that use verification technology to ensure signatures are authentic and secure. In the European Union, the European regulation on electronic identification and trust services for electronic transactions (eIDAS), confirms the legal validity of verified electronic signatures corresponds to that of a handwritten one.
2. Assignment of roles and responsibilities
3. Fraud prevention
DocuWare Cloud ensures the maintenance of document integrity with features that include version control and a robust audit trail that enables you to detect and prevent fraud. Notification of violations of security protocols through activity reports provide a further level of protection.
4. Audit preparation
With DocuWare Cloud, your company is better prepared for an audit, allowing you to respond quickly to auditor requests and maintain greater control over your business information. Transaction processing workflows collect, modify, analyze, and store compliance data and create reports that prove data accuracy.
5. Legal issues
6. Disaster recoveryNatural disasters or other crises can happen anywhere, anytime. That is why having off-site copies of data is essential. Ensure your business continuity with redundant data backups, thanks to which all of your documents and information can be made available again in no time.
7. Protection against cyberthreats
In addition to its built-in security, DocuWare Cloud provides top-level protection against criminal extortion software like ransomware and other malware. With Microsoft Azure as its foundation, 99 percent of all viruses are already known, which is why a contaminated document is immediately recognized as such and can't even be archived. Even a completely new virus, will not spread to other documents, because the malware has no access to the corresponding data store.
DocuWare Cloud makes it simple to achieve compliance for all document-based processes. If you want to know more request a demo.