Enterprise risk management
Information chaos and enterprise risk management
Information is critical to every aspect of operation within an organization. From improving decision-making and documenting agreements to enabling communication and facilitating transactions, documents hold a great deal of important and sensitive information. Consequently, any enterprise risk management strategy must involve solutions for managing documents safely and effectively.
Most organizations today, however, faces serious challenges when it comes to storing, securing and using content effectively. Companies are often simply overwhelmed by the volume of documents under their purview. Employees in many businesses find it difficult to locate documents when they need them, spending as much as 30% of their days searching for information1. Thanks to inadequate document control, duplicate documents and multiple versions of files create additional costs and headaches. And breaches, unauthorized access and accidental leaks create significant financial, legal and business risk.
M-Files can help. As a next-generation intelligent information management platform, M-Files improves enterprise risk management capabilities by making documents easier to find and use effectively while minimizing human error, automating critical processes and keeping information secured and controlled.
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The risks of poor content management
Enterprise risk management solutions require technologies that can protect organizations from several critical risks related to poor or inadequate management of documents and content.
As an organization’s IT environment evolves, documents and content are inevitably created in a growing number of systems, platforms and applications. In fact, the average organization uses four different content management systems2. As a result, employees often don’t know where to find the documents they need. A superior content management system can help to mitigate the risks of significant inefficiency, increased re-work and an inability to use information to make smart decisions.
The sprawling nature of the way documents are created and stored also makes it difficult to connect information. To get the most value from information, companies must be able to connect the structured data in CRM systems, ERP platforms and databases with unstructured content such as audio and video, documents, social media and other unstructured data. When this is not possible, companies risk losing access to the insight and intelligence that strong connections between data and systems can provide.
Breaches and leaks
Whether it’s from a cyberattack, a malicious employee or an accidental leak, a document that has fallen into the wrong hands poses huge risks to an organization. Enterprise risk management efforts must always include strategies to address the financial risks of fines, the legal risks of lawsuits and the corporate risks of loss of reputation and business that can result when documents are not properly secured. Document security systems can help to ensure that documents are stored, used and shared in ways that offer optimal protection.
Duplicates and multiple versions
When employees make copies of documents for their own use or manage document storage from their email inbox, the result is many duplicates of the same document. When employees collaborate by emailing documents back and forth, it’s easy to wind up with multiple versions of a document that make it hard to know which is the real and most up-to-date file. The risks of duplicates and multiple versions include increased storage costs, too much time spent trying to find the right document and the potential for mistakes when the wrong document is used. Document control software can help enterprise risk management efforts by enforcing how documents are originated, shared, and used.
Many documents are part of a workflow that includes a process of editing, annotating, reviewing, approving and signing. When workflows are executed in ways that don’t comply with company policy or regulatory requirements, the financial and legal risks can be great. Compliance management solutions for documents can improve enterprise risk management by ensuring that files are always handled correctly and by minimizing or eliminating the potential for human error.
M-Files: intelligent information management
M-Files’ AI-powered platform enhances enterprise risk management by delivering a single solution that easily solves all the challenges of managing documents. Through connected content and intelligent automation, M-Files increases the productivity of knowledge workers, strengthens collaboration, ensures business continuity and mitigates business risk.
The value of M-Files for enterprise risk management is based in the way that M-Files manages and stores content. Instead of the traditional folder-based hierarchy for organizing content, M-Files uses a metadata-driven system that makes it easy to find any file in seconds. M-Files’ AI-enabled technology identifies and analyzes files throughout the company, no matter what system or repository they’re in. M-Files can create connections to documents in network folders, SharePoint, file-sharing services, cloud storage, CRM systems and other business platforms and applications.
M-Files makes it easy to tag each file with metadata that describes what the document contains, who owns it, the workflow that it’s part of and other pertinent content. That means employees can simply enter a few words about what they’re looking for in a search bar and get connected to any document with just a few clicks.
M-Files’ platform also makes it easy to connect documents in disparate locations, to automate workflows to minimize human error and to ensure that content is always safe and controlled. As a result, M-Files is an extremely valuable solution in fields like accounting and law firm document management as well as in companies that are part of highly regulated industries.
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How M-Files improves enterprise risk management
M-Files addresses enterprise risk management concerns related to documents by providing a wealth of features.
Fast search and retrieval
With M-Files, employees no longer need to remember what a file was called or where it was stored. They can simply find files fast, easily and intuitively.
M-Files uses metadata to automate the workflow for documents, automatically moving files through a prescribed process and communicating with individuals when action is required. Workflows are executed accurately and on time, minimizing human error and ensuring compliance with policy and regulations.
A unified view of data
By creating connections to content in diverse systems and platforms throughout the organization, M-Files delivers a single, unified view of all content that enables companies to know exactly what kind of data they have and what risks it represents.
M-Files provides enterprise-grade encryption for all content and uses dynamic permissions to control who can access, edit, share or download it.
M-Files keeps just one copy of each document, providing a link that individuals can use to access and edit it. That means users always know they’re working with the most recent version.
Customizing the M-Files platform
M-Files can be easily customized to meet the needs of specific companies, use cases and enterprise risk management strategies.
The platform is highly configurable and can be easily customized to support specific business requirements. APIs enable M-Files to talk to other systems easily, ensuring that documents and data from existing systems will be available in M-Files. Solution templates and best practices for certain use cases enable companies to build information management solutions more quickly and easily. And third-party add-ins provide additional capabilities that extend the power of M-Files to solve enterprise risk management challenges.
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Why choose M-Files for enterprise risk management?
M-Files can be deployed in the cloud, on premises or as a hybrid solution that offers optimal flexibility and control. Thousands of organizations in more than 100 countries use M-Files to manage documents, information and processes more effectively.
Using artificial intelligence and machine learning, M-Files’ technology makes it possible to serve up the right information to the right people at the right moment, resulting in greater productivity, improved decision-making and better business outcomes.
M-Files integrates easily with an existing technology stack. Workers can even use their favorite tools such as Microsoft 365 or Google Workspace as the foundation from which they access documents via M-Files.
With M-Files, storing, securing, using and retaining documents becomes a much easier task that is far less prone to risk.