WM: RM 12.00
EM: RM 13.50
2
pg 05
pg 07
05 The Editor’s Note
07 Records Management:
Keeping the Organization
Information
18 Records as a Strategic
pg 18 Resources
25 Record Keeping in Business
38 Physical Record VS Electronic
Record
47 Councils Fails on Corruption pg 25
Prevention Records
52 References
pg 38
pg 47
3
4
Hello everyone,
Firstly, we would like to express our gratitude and praise to God, whom with His willing giving
us the opportunity in completing this group assignment for the subject IMR652: Management of
Business Records and publishing an electronic magazine with the title “Mind Switch”.
Special appreciation goes to our beloved lecturer, Miss Mohsinin Binti Mohsin, for giving us
the instructions and assisting us on how to do this assignment. Without her guidance, we would not
be able to complete this amazing e-magazine. Lastly, sincere thanks to all group member for giving
full cooperation in finishing this e-magazine and for the willing to spend time, money and idea into
this beautiful e-magazine. Thank you very much.
Editor
EDITOR
5
6
What Is Records Management?
Records management (RM), also known
as records and information
management (RIM), is an organizational
function responsible for the creation
and maintenance of a system to deal
with records throughout a company’s
lifecycle. Records Management includes
everything from the creation of a record
to its disposal. Essentially, it comprises
RECORDS anything that is part of a business
transaction. (Mountain, 2015)
MANAGEMENT: Some people use the term information
KEEPING THE governance (IG) when talking about
records management. IG is the
ORGANIZATION’S management of information to support
an organization’s present and future,
INFORMATION keeping in mind the regulatory, legal,
environmental, and operational
By Nuruljumaniza Binti Tuah requirements. It includes the structure,
policies, procedures, and processes
necessary to manage all the information
While an organization’s records
management is not a profit centre, stored within an organization.
handling records incorrectly can lead to What Makes Something a Record?
financial penalties or litigation. Keeping
good records helps companies protect What makes something a record? The
institutional memory as well as answer is somewhat complicated.
maintain evidence of activities, The International Organization for
transactions, and decisions. An effective Standardization, ISO is an independent,
records management system can save non-governmental international
money on storage and improve an organization that develops international
organization’s efficiency. Implement a standards to be implemented globally
solid records management plan before throughout its 162 national standards
it’s too late. bodies. The ISO 15489-1:2001 defines
records as "information created,
In this article, you will find everything received, and maintained as evidence
you need to know about records and information by an organization or
management, learn the basis of a good person, in pursuance of legal
records management program, how to obligations or in the transaction of
implement one, why it should be a part business.” ISO 15489 is divided into two
of any organization, and who should be parts: concepts and principles, and
involved in the process. We will also guidelines. Together, the two parts
discuss the records management provide an outline for a comprehensive
lifecycle and along the way, experts records management program.
weigh in with their advice.
Essentially, a record is a content that
documents a business transaction. A
7
record usually does not include drafts, Is Records Management the Same
duplicates, or convenience copies of as Document Management?
documents. For example, a final (Laserfiche, 2019)
response to a proposal is a record, but
the drafts, comments about the drafts, Document management is part of
and correspondence about the proposal records management since many
might not be. Personnel files are documents are records. However, not all
records, as are social media posts and records are documents. Document
instant messages. Therefore, records management concerns more of the day-
management does not just involve to-day activities involving physical or
paper documents. According to The digital files, like capturing, storing,
Global Trade Association for modifying, or sharing them. Document
Information Management Companies management has several goals:
(PRISM), courts consider all of the
• Organizing existing and future
documents
• Improving workflow
• Allowing quick search and
retrieval of documents
• Maintaining organization of files
to reduce the number of lost and
misfiled documents
• Reducing physical storage of
documents
Forms management can be an
important part of records management.
For many organizations, the largest
following to be records: doodles on a volume of records consists of printed or
paper napkin, core samples from oil electronic forms.
exploration, a pipe with a part number
on it, and sections of frozen tissue The Records Management Lifecycle
samples. (Nations)
A record serves as evidence of an event. In records management, there is a
Therefore, you can often take a record lifecycle that corresponds to the stages
into a court of law to prove that a record undergoes. This lifecycle
authenticity, reliability, integrity, and covers everything from the creation of a
usability. Records can provide record to its disposal. Different policies
necessary documentation for an audit, and procedures exist at each phase.
court case, or other official uses. A
record can also be anything that Think of the records lifecycle as a life
includes personally identifiable span that begins with creation and ends
information (PII). Companies that are in with disposal or preservation. Different
the financial services, health, programs, software, and educational
government, or legal sectors must be materials may use different names for
particularly aware of this kind of the phases, but they are basically fixed
record. and operate concurrently and in
continuum.
8
Creation is the management lifecycle, it’s essential to
first phase in a maintain security and privacy.
record’s lifecycle.
It involves the What Does Records Management
receipt of a Include?
record and
classification of it Again, records management is by
as a record in an definition responsible for the creation
organization’s and maintenance of records throughout
their lifecycle. The function includes
records many different but related elements, all
management
system. Ensure that you create records with the goal of controlling access to
correctly, which means including the company or organizational records
right information and using the proper while maintaining ease of use and
format. security. Records management can be
physical or electronic and is frequently
As people use and modify a record, it a combination of both.
continues as a record, and you must
maintain and protect it from several In practice, records management
things, including unauthorized access usually includes a records manager.
This is the person responsible for
and damage. Those who need records records management within the
on a regular basis must have easy
access to them. Different organizations organization, but that person often has
follow different policies about how long a team of people working together to
they must keep a record. Active records create and maintain systems. In some
are those that are in current use and companies and agencies, the top
often within close physical proximity to official, often the agency head, CEO, or
the people using them. An inactive CFO, is ultimately responsible for
record is one that a company no longer records management, even if they have
uses for current business but that you hired others to do the work of actively
managing records.
still must maintain until it reaches the
end of its retention period. Even if “A lot of companies think anybody can
someone is not regularly accessing an do this,” says Diane Carlisle, IGP, CRM,
inactive record, you must maintain and and Information Governance Program
protect it. Advisor for ARMA International, a non-
profit professional association and
At the end of a record’s lifecycle, the
records management team must decide global authority on governing
whether to destroy or preserve the information as a strategic asset. Formed
record. Within records management, in 1955, ARMA International’s mission
systems exist to determine what is to provide information professionals
with the resources, tools, and training
happens to each record and when. The
length of time that you must maintain a they need to effectively manage
record differs based on several factors, information assets within an
including company policy and established information governance (IG)
government rules and regulations. You framework. Carlisle says she knows of
need to keep some records forever and, companies that make a big mistake by
therefore, institute an archival process underestimating the importance of
at some point. Throughout the records records management and hiring
9
summer interns to do it. “It’s not filing. court. Records can show conformity to
You really have to know and understand statutory requirements, provide proof
the business your organization is in,” of transactions, and offer protection
she emphasizes. against unauthorized access. (Carlisle,
2019)
According to the ISO 15489-1:2001,
records management involves tasks like Additionally, in the event of an
setting policies and standards, emergency, records management can
assigning responsibilities and allow for continuity. A records
authorities, establishing procedures and management redundancy plan should
guidelines, providing access to address the following:
management and use of records, and
integrating records management into • Creating a records and
business systems and processes. information inventory
Because it includes so many things, • Labelling vital records and
records management can be a bit designating them for redundancy
daunting, but the benefits outweigh the • Identifying who has access to
risks. records and including a third
party located off site
Why Implement Records
Management? As part of planning for an emergency,
it’s important to identify potential
Records management is a requirement scenarios and to communicate the
for many governmental agencies, and disaster plan. Simply backing up
other companies also have systems in computer hard drives to a portable
place. Records management provides a drive would not do a company any good
framework to gain control over piles of in a flood or fire.
paperwork and locate documents and
ensures that needed information is Consequences for Not
easily accessible and readily available. Implementing Records
According to PRISM, an organization’s Management
active files grow at an annual rate of
approximately 25 percent, and Although the consequences are not the
paperwork is a huge overhead expense. same for every business or
Proper records management can free up organization, there can be severe
precious office space. PRISM says that at penalties for not having proper records
management systems in place. In some
any given time, between three and five cases, such as with government grants
percent of an organization’s files are or at government agencies, there might
lost or misplaced. Proper organization be financial penalties or possible
can help provide consistent service to requirements to return grant funds.
clients and partners while
simultaneously increasing staff In other situations, the penalty might be
efficiency and productivity. Records fines, criminal charges, or
management is also a way to tell an imprisonment, as was the case for some
organization’s history, but that job individuals at Enron, WorldCom,
often falls under the expertise of an Imclone, Arthur Andersen, and Morgan
archivist, rather than under that of a Stanley. Audits and other investigations
records manager. Having proper records of records at those companies found
can also help a company that ends up in irregularities in record keeping,
10
falsified documents, and improper Is Records Management Just for
destruction of documents. It is Large Businesses?
important to keep in mind that it could
be illegal to destroy records during an Records management exists to provide a
open court case or investigation, even if history of documents and decisions and
the destruction is in line with company to ensure continuity. These benefits
policy. The legal tenet of spoliation apply to all companies and
comes into play in these cases. organizations, no matter how big or
According to Black’s Law Dictionary, small. They even apply to individuals.
“Spoliation of evidence is the Aside from Inland Revenue Boards of
intentional, reckless, or negligent
withholding, hiding, altering, Malaysia guidelines about tax records,
fabricating, or destroying of evidence there are no set standards about how
relevant to a legal proceeding.” long you must keep business records.
Many lawyers and accountants suggest
The Sarbanes-Oxley Act of 2002, also keeping original business documents
known as Sarbox or SOX, created new for seven years, as that’s the statute of
requirements for public companies limitations for many tax audits,
concerning records. The legislation lawsuits, and other possible claims. The
came about after the public scandals suggestions for records management
involving Enron, WorldCom, and others. for small businesses are basically the
Section 802(a) reads: “Whoever same as those for large ones.
knowingly alters, destroys, mutilates,
conceals, covers up, falsifies, or makes Even ARMA International does not
a false entry in any record, document, publish set guidelines about what to
or tangible object with the intent to keep and for how long — they say that
impede, obstruct, or influence the requirements vary by industry, state,
investigation or proper administration and country. “It depends on the
of any matter within the jurisdiction of industry you’re in and how regulated
any department or agency of the United you are,” Carlisle points out. “The key is
having a structure in place that is
States or any case filed under title 11,
or in relation to or contemplation of any appropriate for the business you’re
such matter or case, shall be fined in.”
under this title, imprisoned not more How to Implement Records
than 20 years, or both.” The law also Management
allows fines of up to $1 million and
prison sentences of up to ten years for Beginning a proper records management
CFOs and CEOs who falsely report their program does not need to be daunting.
company’s financial status. Sarbanes- The key to the system can be the
Oxley isn’t just about penalties. It also records manager, the professional
spells out whistle-blower protection for responsible for records management
employees who may be the ones to within an organization. That person (or
become aware of inappropriate persons) is usually the expert in the
behaviour within an organization. Since records lifecycle and in how to maintain
records management professionals have and protect privacy and data. It is also
extensive knowledge of their company’s important to decide where the records
records and processes, they might be management department fits in with an
the first to notice a problem. organization. Does it belong in legal
11
services, management and audits, identify the vital records and records
administrative services, information that tell the history of the organization.
technology, or somewhere else? The
answer depends on the company’s Next, develop retention schedules that
organizational work for your organization and follow
structure. industry, government, and ISO
standards. Working within those
parameters, you will more clearly
discover how to manage active and
inactive files. Part of the process is
deciding who has and does not have
access to the records, as well as who
will control that access. There are many
companies that specialize in helping
with records management. Some are
software-based with cloud storage
capabilities. Others come in and assist
with storage and management of
physical records. If an organization has
been around for a while, chances are its
records management system includes
both physical and electronic records.
Although the two types of records are
dramatically different, a strong system
will address ease of access and
protection of the record throughout its
lifecycle, regardless of whether it’s
physical or electronic.
Courtesy ARMA International
What Is a Registry in Records
Records management should also have a Management? (Kailes & Enders,
champion at a high level within the 2014)
organization to ensure proper buy-in
and compliance. Moreover, departments A registry is usually a physical place
must work together from the outset to where records management occurs. It is
create, implement, and use a system. often where paper records are filed and
Having the technology department accessed, usually by a records manager.
simply buy a system without input from This manager also maintains a record
other departments is not a good throughout its lifecycle, from creation
idea. Records management is most to disposition. A registry often
effective if implemented organization- incorporates records management
wide, rather than just within certain taxonomy. Taxonomy is the system of
departments. With the help of a records classification within a records
manager, taking records inventory management system. It uses a
throughout the organization is a good predetermined system to organize the
place to start. Doing this will give framework for classification.
everyone a good idea of what exists and Taxonomies should be easy to
how much information you have. From remember and simple to use.
this research, you will be able to
12
Electronic Records Management Issues That Arise in Records
(Sherperd, 1994) Management (Waters, 2019)
As technology becomes an increasingly As with any policy or procedure,
significant aspect of business, records records management is not free from
management systems have had to keep complications and issues. Records
up. Records management applications management has been in place in public
(RMAs) are software applications that and government agencies, healthcare,
manage records electronically by using and public companies for a long time,
features to categorize and locate active but it’s just starting to catch on in the
records as well as identify records for private sector. No matter how ingrained
disposition. These apps must be secure, it is within in any system, there will
reliable, permanent, and always be compliance and legal issues.
comprehensive, and they must comply The following issues can also be
with rules and regulations. When using problematic:
any kind of electronic system, it’s
important to note that simply scanning • Conflicts between departments,
an existing paper document might not especially between records
be sufficient to make it a record. Some managers and IT
software systems require a person to • Security, data protection, and
declare something a record, so the privacy, as hackers and data
system can properly manage it. Each breaches become more advanced
record must have a unique identifier to • Transparency and accountability,
work with some systems. as freedom of information laws
and other laws become more
Look for something that is easy to use prevalent
and has the necessary security to • Adoption and implementation,
protect files. Some systems because not everyone sees
include document management records management as a top
systems (DMS) within the scope of priority
records management. Also, look for • The merging of systems, as
something that guarantees an companies acquire each other,
enforceable chain of custody, so you merge, and grow together
can see what a record said, how the • The failure to recognize internet
content within it evolved, and who was and social media posts as records
involved with any changes. That kind of as the dissemination speed of
system can prevent unauthorized social media increases
access and changes. Electronic records • Improper filing and creation of
management systems need to be able to access when converting older
adapt and grow as technology changes. physical records to electronic
Formats change, and the documents and ones
records saved in a particular format • Consistency across vendors and
might also need to change. For example, departments and proper training
floppy discs were the best technology are also key components in the
available in the mid-1990s. Now, hardly success of any records
anyone has a drive to read those discs. management system. Everyone
Records management occurs in the long needs to understand the records
term, not the short term.
13
lifecycle and each step in the conferences, webinars, and information
process. they call their Generally Accepted
Recordkeeping
Carlisle believes many companies have Principles® and Information
a problem with one records Governance Maturity Model. Both of
management aspect in particular: “I these resources are available to guide
think a big mistake is assuming a people through the ever-changing field
technology will fix all the problems you of records management. “Even though
have. The technology should be the last the media is changing, the requirements
step in the process of records for facilitating that information still
management because any company exist. The company still needs access to
should first do an analysis of workflow use it,” she says.
and basic needs before turning to
technology.” Additionally, make sure
any technology allows you to dispose of
records once their retention period is
past. Carlisle says some systems do not
allow deletions: “If you cannot get rid of
something, you will not be in
compliance with your retention
schedule. There is definitely a harm of
keeping things forever. Most of the
attorneys I know who work in this space
think a retention and disposition
schedule should be in place. What you
want is a policy that is clear, a process
that is clear, and the proper
documentation showing that you
followed that policy and process.”
Records Management Training,
Education, and Certifications
(Yusof & Chell, 1999)
Because of the comprehensive nature of
records management, there are degree
programs, certifications, and
professional organizations dedicated to
records and information management.
The field is changing and so is some of
the terminology. Carlisle says the term
information assets is now more popular
than records management. “It brings
home the concept that information is as
important as other types of assets,” she
says, “Information assets are as
important as talent and financial
assets.” To help records management
professionals, ARMA International has
14
REFERENCES https://www.ironmountain.com/resourc
es/general-articles/r/records-
Carlisle, D. (20 November , 2019). ARMA management-vs-information-
International. Retrieved from governance-what-is-the-difference
ARMA International:
https://magazine.arma.org/articl https://www.uvic.ca/recordsmanageme
es/ nt/about/index.php
Kailes, J. I., & Enders, A. (1 January, https://documentmedia.com/by-author-
2014). What is Registry? Retrieved 37-1.html
from Disability Policy Consultant:
http://www.jik.com/d-rgt-what- https://www.uihere.com/free-
is.html cliparts/search?q=archives+Managemen
t
Laserfiche. (2019). Retrieved from
What's the Difference Between
Document and Records
Management?:
https://www.laserfiche.com/ecm
blog/whats-the-difference-
between-document-and-records-
management/#
Mountain, I. (20 October, 2015). Records
Management. What is Records and
Information Management?
Nations, U. (n.d.). Understanding
Records Management: Archives
and Records Management.
Retrieved from United Nations:
https://archives.un.org/content/
understanding-records-
management
Sherperd, E. (1994). Managing electronic
records. Records Management
Journal, 39 - 49.
Waters, I. (19 February, 2019). Career
Trend. Retrieved from Common
problems faced by Records
Management:
https://careertrend.com/list-74
Yusof, Z. M., & Chell, R. W. (1999). The
eluding definitions of records
and records management: is a
universally acceptable definition
possible? Records Management
Journal, 9 - 20.
15
16
17
Records as a
strategic resource
BY: RAMINA SEBI NELSON
Records as a strategic resource is defined that records as medium to improve
the effectiveness and efficiency of the organization, it becomes a strategic
resource that provide for future used. To provided good strategic resources
must begin with good staff and skill that require. The records management
professional requires skill and comprehension to handle the task and to
manage the records. Thus, the training to improve the staff skills and to
provided good services. And the other point is impacts of managing records as
a strategic resource. Most of the public response that the record management
is had big roles in one organization.
18
A record usually linked to an organization’s
official business and will be maintained as
evidence. Accordingly, records can be defined as
any recorded information or data in any physical
format or media created or received by an
organization during its course of official business
and kept as evidence of polices, decisions,
INTRODUCTION
procedures, functions, activities and transactions.
Record surely can be identified in most of For example, a photocopy of identification card
organization but the practices of record will be kept as a record by the bank if a person
management maybe only some of the organization wants to open bank account as evidence of its
is familiar with it. Record management is systematic business.
administration of records and document information
Other than that, records management also can
for its entire life cycle from create stage, whereby
refer to the whole range of activities which an
the records is created by the creator. Then the stage
organization should perform their records in
is distributing, the records is shared out and can be
properly manage. The key activities that should be
access. Then use stage, the records can be use and
done include setting records management policy,
access. For the maintain stage, the records is need
assigning responsibilities, establishing procedures
to maintain by authorized person for the future used
and guidelines, as well as designing, implementing
and for the last stage is, dispose stage, before enter
and administering record keeping systems.
the dispose records need to appraisal first, the
records will be sent into archive or records However, by managing records as strategic
center. Records have a life cycle involving the resource gives many benefits to business
active, semi-active and inactive stages. organizations in order for them to run their daily
This stage represents the value of record itself. In basis activity of organizations and also to make
the business worlds, the most vital is the evidence of sure the organizations run smoothly, efficiently
every transaction, through review of the evidence of and effectively.
each transaction, this can minimize the risk of
failure. Lesley A. King (Iezara, 29 May 2016) stated
that “Good records management has an important
role to play in ensuring the competitiveness,
efficiency and continuity of an organization’s
business whichever domain or sector it happen to be
in. Record also came with variety type of records, it
is not only in formed of paper based, some of it in
audio visual type, or in electronic formed.
19
Business system
analysis and records
management
The record management is the tool for the
business system analysis. It is a material that
provided thus, the information to conduct business
system analysis. Business system analysis
important to increase the effectiveness of the one
organization. Record management is whole range
According to International Institute of
of activities which an organization should perform
Business Analysis (sonal, 2016) define that
to properly manage its records. Cornwell
Business Analysis is the practice of enabling
Management Consultants (TAGBOTOR, 2015)
change in an organizational context, by
define a record as a document produced or
defining needs and recommending solutions
received by a person or organization in the course
that deliver value to stakeholders. In the area
of business and retained by that person or
of business, understanding the concept of
organization. International Record Management
business is very important to lead to the
Trust, (1991) mention Records, then, are much
successful. Each of the employee in the
more than static artifacts or forms, although the
organization should know or understanding
forms they take often follow the functions they
the business objectives. “And the records
serve. They have information content, structure
management here to provide a information to
and context.
the business system through the record that had
been keep.
20
Training for records management professionals
Record management profession is one of the C.H Thompson 1961 was highlighting the training
difficult tasks, does this profession required skills that should be attend by record management
and difference education needed. Most of the professional is filling and vocabulary
modern country, they have been developing the training. This is because this type of training at
record center as a main of information agencies. that time was very require by records
Thus, this records center is provided or produced a management, thus the filling was including
people who are very expert in record management indexing, classification, storing, thus this skill that
field, and some of university they had been records manager must had. However, for the new
provided field for student who is interest and meet era of record management, some of the training
the requirement to enroll the record management should be add up for the record management
field. But most of the organization that was professional, such as facilitating the development
recruited the record management staff, does the of filing systems and retention and disposal
problem came with staff with poor understanding schedules and maintaining these to meet
in record management will be sent to attend for administrative, legal, and financial
training. requirements. In addition, should providing a
policy framework for how people are expected to
manage their records and use the system in place.
21
For the Impact of the of managing records, these Beside that, impact of managing records as strategic
can be view by economically. Through good resource is, support better
practicing of record management, surely produce management. Implementation of records
economically in term of reducing the operating management unquestionably will be managing
cost, the organized filing system help to save the resources effectively, According to Palmer (2000),
handling process of the records. A good records the role of records management system is that it acts
management system is essential for supporting as a control system that reinforces other control
financial management, accountability and systems such as internal and external auditing. The
transparency(Palmer, August 2000). Others is record environment that allows opportunities to
exchange reduction of time require. A proper commit fraud, once fraud, once fraud is detected;
filing system can facilitate retrieval and delivery records can provide a trail for investigators to track
of information to users as fast as they need. the root of corruption. However, for records to be
useful in this capacity, they must be accessible.
However, for developing strategic plan, according to
Sanderson & Ward (2003) the importance of records
management is increasingly being recognized in
organizations. It is therefore the responsibility of
records managers to ensure that they gain the
attention of decision-makers in their organizations.
Gaining recognition is all about convincing
management of the role of records management as
enabling unit in an organization.
22
References
Iezara, A. B. (29 May 2016). Records as a strategic resource.
Palmer, M. (August 2000). Records management and accountability versus corruption,
fraud and maladministration.
sonal. (2016). Business Analyst Job Description.
TAGBOTOR, D. P. (2015). Analysis of Records Management and Organizational
Performance.
https://www.bellwethercorp.com/10-things-consider-buying-procurement-software-pa
rt-2/#
https://www.lib.cua.edu/wordpress/newsevents/tag/journal-impact-factor/
https://ncrecords.files.wordpress.com/2013/05/lifecycle.jpg
https://www.quotemaster.org/records+management
https://www.vectorstock.com/royalty-free-vector/profile-head-brain-thinking-innovati
on-vector-13697277
https://www.countryliving.com/life/g4815/happy-life-quotes/
https://bulkquotesnow.com/short-happy-life-quotes/
https://www.designcrowd.com/design/6063259
23
24
RECORDS KEEPING IN BUSINESS
Records Management
Records management
activities include the
creation, receipt,
maintenance, use and
disposal of records. In
this context, a record is
content that documents a
business transaction.
Documentation may exist
in contracts, memos,
paper files, electronic
files, reports, emails,
videos, instant message
logs or database records.
Paper records may be
stored in physical boxes
on-premises or at a
storage facility. Digital
records may be stored on
storage media in-house or
in the cloud
INTRODUCTION
Business Records Management is a field of management responsibility for
the efficient and systematic control of the creation, maintenance, use and
disposition of business records. It is a vital process to achieve the efficiency
and economy as well as to preserve the business records. Business records
which must be kept include documents which present a record of businesses
transactions or which allow these transactions to be traced and confirmed
from start until finish BY: NURSABRINA
MARDIANA
25
Types of
According to
(Cameron, 2016),
there are many types
of business records in
the business Business
environment,
somehow business
records exist during
the entire business
process from an
establishment of the
business organization
until the services or Records
products that produce
by the organization.
Meanwhile, there are
many types of business
records that
compulsory in business
organization:
26
Types of Business Records
• ADMINISTRATIVE
1.
• ADVERTISING
2.
•ACCOUNTING & FISCAL
3.
• CORPORATE
4.
• EXECUTIVES
5.
• INSURANCE
6.
•LEGAL
7.
•MANUFACTURING
8.
•PLANT AND PROPERTY
9. • PERSONNEL
10.
• PURCHASING
11.
• SALES AND MARKETING
12.
• TAXATION
13.
27
TYPES OF BUSINESS
RECORDS
3. ACCOUNTING & FISCAL
Accounting records are the
document of business’s transactions.
These records include information
about business income, expenses,
and equity. It is used to demonstrate
the process of financial in business
organization
Eg: Account receivable, Cheques:
paid and cancelled, Financial
statement, bank statement,
investments and credit cards.
2. ADVERTISING
These records are created in the process
of promoting goods and services to the
customers such as:
Eg: Drawing and artwork, Market data
and survey,Catalogs, Brochures
1. ADMINISTRATIVE
-The records used for daily activities and operation
reports in the business organization.
-For examples, Audit Reports For Internal, systems and
procedures records , Organizational Chart, Minutes of
meeting, Correspondence inward and outward, and
private and public organization.
28
TYPES OF BUSINESS RECORDS
6. INSURANCE
Insurance does not protect the asset but it does not
prevent its loss due to the risk. The risk cannot be
avoided through insurance.
Eg: Claims: automobile, group life & hospital, loss or
damage in transit, workmen compensation etc,
expired policy, accident, fire etc.
5. EXECUTIVES
Used to explain about the administration of the
organization and everything that shows the
information about the organization.
Eg: Policy statements, directives, research reports,
speeches and publications.
4. CORPORATE
The records show the background and condition. (vital
records)
Eg: Permits to do business, records of mergers,
reorganizations etc., corporate videos
29
7. LEGAL 10. PERSONNEL
Depending on organization type of These records are related to staff or any
business structure, they have different individual that is involved in an
legal documents. Usually, a organization.
partnership has a partnership
Eg: Attendance reports, Employee
agreement. Sole proprietors and
contracts, Pension plan, Disability and
corporation also have legal
sick benefit records.
documents. Keep legal documents in
business records as proof that owner
of the organization or company. Used
to protect the rights of an individual
or an organization whenever it comes
to any legal proceedings
▪ Eg: Claims and litigation
of breach of contracts,
8 MANUFACTURING
appeal records, copyright,
trademarks, patents and
These records are related with
related data.
industrial operation.
Eg: Inspection records,
production reports, operating
reports, quality control reports,
order register etc.
9. PLANT AND PROPERTY
Refers to any records related to the functions of managing land and
buildings.
Eg: Maintenance and repairs: buildings, machinery, depreciation
schedules, plans and specifications, damage reports etc.
30
Types of Business Records
11. PURCHASING
Relate to purchase, lease or hire of
significant stores and equipment.
Eg: Bids, awards, purchase orders,
quotations.
12. SALES AND MARKETING
These records related with the process
of selling and buying.
Eg: Discount rates, warrantees, sales
invoices, market research studies and
analysis, ordered filled, price lists.
13. TAXATION
These records are related to the
amount assessed as tax or the revenue
gained from taxes.
Eg: Tax bills and statements, tax
returns and working papers, text
exempt sales
31
Importance of Record Keeping
1. It helps you to manage your
accounts, interests, taxes and
working costs effectively.
9. Tells about hidden
and unexpected costs.
2. Tells about cash
in hand
An up-to-date database is one of the most
8. How your business useful resources which can help you when
performs against your it comes to planning new marketing and
sales strategies. Unfortunately, most
competitors. businesses fail to tap into this resource 3. Act as resource
effectively. for new strategies.
Other business records which must be kept
include documents which provide a record
of your business transactions, or which
enable these transactions to be tracked and
7. Helps in verified through the accounting system 4. Helps in finding
from start to finish. These include invoices,
monitoring company receipts, cash register tapes, banking solutions for
growth rate and records, cheque butts. business issues.
profit. The essence of good record keeping is good
bookkeeping. Efficient bookkeeping will
save you time and money in the long run.
(Fox, 2017 )
5. And most of all it is the most
6. Tells about the resourceful adviser whenever
customer service and your business is in serious
employee efficiency. trouble.
32
A systematic records
management
program adds value
to the daily functions
of the staff
33
The ability to access these
vital documents on
demand is crucial for
administering contracts,
meeting compliance
requirements and other
critical contract-related
objectives. And yet it’s
estimated that more than
Understanding unable to locate at least 10
seven in 10 companies are
percent of their contracts.
As such, the first step to
successful contract
the Impact of organized and systematic
management is taking an
approach to records
management. While the
prospect of organizing so
a Records seem overwhelming, it’s
many documents may
easier than you think to get
started – especially if you
begin employing an
organizational system for all
Management forward, and then migrate
documents moving
your historical contracts on
an as-needed basis over
time.
System Considering that the
investment in getting
started is so minimal, the
ROI of doing so is
overwhelmingly positive. If
you don't yet have a strong
records management
system in place, here are
four key impacts you can't
afford to ignore.
Knowing what to do with high
volumes of paperwork and digital
files is a key challenge in the
enterprise. Within contract
management, records management
is an even bigger challenge:
between employment agreements,
customer and vendor contracts,
NDAs and a host of other agreement
types, enterprise contract portfolios
can consist of tens of thousands of
contracts, both current and archival.
(Cutright, 2019 )
34
Understanding the Impact of A Records
Management System
1. Access the information you need, when you need it
An organized records management system makes
retrieving specific contracts and information quick and
effortless. If you are using an online platform, look for
features such as intuitive organizational structures, such
as folder trees, and tagging, both of which can make
it easy to spot what you’re looking for at a glance. A
platform that enables text-based searches can also
make it easy to access specific records.
2. Better contract management
Without an efficient records management system, this can
become an exercise in futility – not only can it be difficult and
time-consuming, if not impossible, to seek out this information,
but if you file away your contracts thoughtlessly, chances are
these tasks won’t be top of mind. Because obtaining the
greatest value of your contracts requires careful
management, it’s important to stay organized. Even better,
look for a records management system that offers
automated features such as reports and notifications that
can further reduce the burdens of managing contracts.
3. Improved document security
Taking a willy-nilly approach to document storage makes it harder to
protect the sensitive data your files may contain, including
competitive information and trade secrets. Without a clear system for
managing records, there’s no way to ensure employees aren’t leaving
confidential documents out in the open or accessing them online
across insecure channels, or taking any other actions that could
compromise their security. On the other hand, taking a systemic
approach to records management allows you to incorporate
measures that will offer the best-possible document protection.
35
a
References
Cameron, A. (2016). 5 Types of Business Records You Need to Track.
Cutright, E. ( 2019 ). Understanding the Impact of a Records Management
System.
Fox, D. (2017 ). IMportantn of Business Records keeping.
Handbook Chapter 1 ( Management of Business Records, IMR 652)
https://www.evidenceattrial.com/blog/understanding-the-business-
records-exception-to-the-hearsay-rule
https://easieraccounting.com/financial-records-need-kept-small-
business/
https://multimedia.journalism.berkeley.edu/tutorials/business-and-
corporation-records/
http://www.clearwaterfloridalawyer.com/business-recordkeeping-
practices/
https://www.managedoutsource.com/blog/2015/01/tips-effective-
record-management-hybrid-environment.html
https://www.scanningandindexing.com/top-10-benefits-of-
implementing-record-management-in-your-business/record-
management-2/
https://www.mbrecords.net/services/records-review-and-quality-
control/
36
37
By
Eivy Vivianna
Physical Records are records that we can touch. They take
up physical space, such as records or paper or media such
as CDs.
A record is a piece of data or content maintained for a legal
purpose. The purpose may be to follow regulations. It may
be for an organizational reason, such as proof of a
transaction or historical purposes.
Records management involves managing records
throughout their lifecycle. Physical records management is
managing assets that you can touch throughout the
lifecycle.
38
Here is an overview of the physical records management lifecycle (Lewis, 2018):
1. Identify: Decide what a record is and classify it according to the file plan.
2. Store: Put the record in the correct location.
3. Track Movement: Manage records requests, loans, and track the record’s
location.
4. Dispose: Approve records for disposal and destroy them.
Electronic Records is a document that is
created and stored through the use of
electronic means. The primary use of an
electronic record is to prove sufficient
evidence of an action that has occurred. An
electronic record is not easily altered and
can only be disposed of within prescribed
rules of the law.
Electronic records management refers to
the sphere of management that is solely
responsible for overseeing the entirety of the electronic records from creation right
through disposition. Electronic records management makes use of systematics
controls to control and maintain activities associated with the access and transfer of
electronic records helps safeguard against unauthorized access and changes that
can be made to the electronic records (Ramohlale, 2016).
39
Characteristics of an Electronic Record
40
41
42
PHYSICAL RECORDS
Need a lot of space to store the
record. For example, record
center.
More secured from people but
may loss record due to natural
disaster.
Have procedure and need more
time to retrieve the record.
Require more personnel to
manage and maintain the
records.
ELECTRONIC RECORDS
Less space needed to store
the record. For example, cloud
storage.
Secured from natural disaster
but vulnerable to access by
unauthorized individuals
without strong security.
Easily to retrieve because it
may organize automatically.
Less man power needed.
43
Lewis, S. (2018, November 15). What is Physical
Records Management? RecordPoint.
Ramohlale, C. (2016). What is Electronic Records
Management (ERM) and why should organisations
implement Electronic Records Management.
University of Johannesburg, South Africa. :
Academia Edu.
Dunbar, A. (2017). Paper Based vs. Computer
Based. bizfluent.
Hall, M. (n.d.). QAPrep. Retrieved from My Digital
Maven:
https://www.qaprep.com/blog/2016/4/23/paper-v-
electronic-records
Electronic tuberculosis surveillance systems: A
tool for managing today's TB programs - Scientific
Figure on ResearchGate. Available from:
https://www.researchgate.net/figure/Comparison-
of-the-advantages-and-disadvantages-of-paper-vs-
electronic-TB-surveillance_tbl1_5549271
[accessed 24 Nov, 2019]
O'Mara, M. (2016, February 11). What Are the Best
Records Storage Options? Record Nations.
https://images.app.goo.gl/7pDbLXuwhimcqJCy9
https://images.app.goo.gl/TQP8X2E6fJrDPTkV8
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https://www.google.com/imgres?imgurl=https%3A%2F%2Fpestworldmag.npmapes
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45
46
BY: YELTSIN JEFFERSON YONG
INTRODUCTION:
A WA Auditor
General’s report
released on (Skatssoon,
April 2019) found local
governments are falling
when it comes to
Auditor General
record keeping,
Caroline Spencer
exposing themselves to
on Wednesday
unnecessary costs,
tabled her report,
inefficiencies and
which looked at
potential breaches
the record keeping
relating to personal resources,
plans of 146 local
data. planning
governments and
The report says it’s not approvals,
examined the
that the state’s councils health
record keeping
don’t have perfectly practices of four inspections,
good record keeping complaints
of them in relation
plans, but these are to human and waste 47
poorly implemented. management
Four councils reviewed – City of
Canning, Eastern Metropolitan Regional
Council, Shire of Toodyay and Town of
Mosman Park – were “not effectively
implementing” their record keeping
plans, she said.
“Our audit reveals a trend where record
keeping is not front of mind or
adequately embedded into local
governments’ day-to-day business “If records are held too long, record
practices,” Ms. Spencer said. searches can become inefficient and
agencies can potentially expose
“Too often records management is
themselves to incidents of personal
treated as an additional task rather than
data breaches if they store sensitive
being integrated into normal business
records beyond prescribed periods,” the
practice. Unfortunately, this audit tells a
report says.
similar story.”
Ms. Spencer said the four councils had
The report also noted that records are
accepted the audit findings, although
often being held for too long, raising the
one said it was a challenge for smaller
prospect of an impending “digital
councils to “find a balance between
landfill”. Holding on to records for too
cost and benefit in relation to records
long can result in inefficient searches,
management controls.”
unnecessary storage costs and potential
personal data breaches.
48
Corruption in local Corruption in procurement
government can lead to was identified as an
increased costs and ongoing risk with common
reduction in economic vulnerabilities including
growth, diminished trust in conflict of interest, lack of
councils and jeopardise supervision and failure to
the delivery of valuable comply with policies.it robs
programs and services. the community of much
needed funds to support
front line services.
Corruption hurts us all.
49
References
Skatssoon, J. (April 2019). Councils fail on
corruption prevention, records.
https://blog.v-comply.com/customer-credit-risk/
https://www.shutterstock.com/search/no+corruption
https://anticorruptiondigest.com/2019/08/02/anti-corruption-no-
going-back-says-nigerian-govt/#axzz670HAYuob
https://www.un.org/ruleoflaw/blog/portfolio-items/chile-anti-
corruption-and-transparency-in-public-administration/
https://www.governmentnews.com.au/councils-fail-on-
corruption-prevention-records/
50
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