IFIC Stresses Importance of Maintaining Proper Records
October 27, 2010
TORONTO The Investment Funds Institute of Canada (IFIC) today released a resource guide, Document Management, Record Retention and Destruction (the Resource Guide) to assist industry participants in developing and maintaining proper business records.
Every organization has a responsibility to create, handle, maintain and destroy records associated with their business operations in a manner that complies with applicable laws, regulations and standards. The Resource Guide, developed by IFICs Operations Working Group, is expected to provide industry participants with an overall understanding of document management principles, which will enhance compliance with various regulations and consistency within the industry.
Document management is an integral component of a firms overall compliance structure, said Patti Best, Chair of IFICs Operations Working Group and Vice-President, Dealer and Advisor Relations, Mackenzie Financial Corporation. As the investment industry association, IFICs role is to provide the tools necessary to enable its members, and the industry at large, to develop appropriate document management systems.
In addition to providing an understanding of the key principles for document management, the Resource Guide is expected to:
Provide cost savings across the industry;
Standardize back-office procedures;
Reduce the risk of privacy issues due to the over-retention of confidential records;
Ensure operational efficiency while factoring in risk mitigation; and
Enhance compliance with regulatory and self-regulatory organization requirements.
The full Resource Guide, Document Management, Record Retention and Destruction, is available on the IFIC website at www.ific.ca.
IFIC is the national association of the investment funds industry. Membership consists of mutual fund companies, retail distributors and industry affiliates.
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