Credit Union Document Control Made Easy with M-Files

Credit Union document control is a big issue. Credit Unions have a wide range of documentation that they are required to keep. From charter and bylaws to financial reports to member account records, an abundance of documents must be appropriately organized and filed.

Unfortunately, where there is a lot of paperwork, there is also a good chance of things being lost or misfiled. The good news is, this is where M-Files can help.

Information Chaos and Compliance

Information documentation is more than prolific. In just about any industry, it’s easy to become buried in documentation, and nowhere is this truer than with credit unions. There is a tremendous amount of information that a credit union must keep on file and ready to access at a moment’s notice to stay compliant.

Here are just a few examples of records that should always be maintained:

  • Minutes of meetings
  • Financial report
  • Supervisory committee audits
  • Supervisory committee records of account verification
  • Applications for membership and joint share account agreements
  • Journal and cash record
  • General ledger
  • Member’s accounts
  • Bank reconcilements

Then there are the records that have minimum retention periods, after which they can be destroyed. Those records need to be easily organized to be accessed and destroyed at specific intervals, and then those records need to be listed as destroyed. This list must also be kept up to date to remain compliant.

All retained records must be accurate and easy to access and reproduce for examiner reviews. All of this is time-consuming and vulnerable to human error.

Credit Union Document Control Made Easy

First South Credit Union in Ireland knew well the problems associated with credit union document control. In their early days, it was easy for them to keep track of important records. Files could just be kept in folders and were easy to locate and update.

However, as they grew and opened new branches, this became more difficult. That’s why the credit union decided to implement M-Files. M-Files has saved them time and resources. Important information is now instantly available, and they no longer have to put it in an envelope to mail to another office.

M-Files Eliminates Information Chaos

All the many records that credit unions must keep can be easily stored electronically with M-Files. Acting as a central repository, M-Files can store information from any branch office, making it easy to locate what is needed in case of an audit or for any other reason that files would need to be accessed.

Records can be categorized to identify when it’s best to destroy them. Automatic metadata classification tools are helpful for this task, as they not only help sort high-quality data that must be kept indefinitely from data that can be destroyed at a particular time, but they can also help in creating the list of destroyed documents that credit unions must maintain. Additionally, old records that aren’t likely to be accessed often but still must be retained can be archived using metadata.

Ease of Document Control Means Ease of Workflow

Now employees can work within just a single system and have access to all of the critical documents they need, regardless of where that data is kept. This allows people to work together more efficiently, even when they are in different offices.

At the same time, records are kept up to date, maintained, and archived as necessary while eliminating the risk of human error. It’s no wonder so many credit unions are turning to M-Files to streamline their information chaos and give them peace of mind.

Isn’t it about time you streamlined your credit union document control? Get started by contacting Laminin Solutions today.