B U S I N E S S R E C O R D M A N A G E M E N T I M R 6 5 2 M A N A G E M E N T O F B U S I N E S S R E C O R D M A G A Z I N E
Acknowledgement E d i t i o n irst and foremost, we are grateful to almighty Allah SWT for giving us the strength and will to accomplish this IMR 652 assignment of emagazine. Without His Blessings, we would not have gotten this far. We had finally managed to finish up this assignment with great enthusiasm and determination. All the time spent searching and discussing were worth our effort and time. 2023 F T r e n d i n g Therefore, we would like to acknowledge with thanks to the individuals who had guided us in making this assignment. Firstly, we would like to thank my lecturer, Dr. Mohammad Azhan Bin Abdul Aziz for his assistance, remarks and guidance throughout completing this assignment. Next is our classmate who give their best support towards us in order to finish this assignment throughout the hectic days. Last but not least, we want to express our gratitude for finishing this job on time. This could be done if everyone worked together and helped each other. Thank you
7 0 2 7 TABLE OF CONTENT 01 - 05 UNDERSTANDING BUSINESS RECORDS 06 - 11 CONSERVE AS A STRATEGIC RESOURCE 12 - 18 RECORD MANAGEMENT PROCESS 19 - 25 BUSINESS CONTINUITY MANAGEMENT 26 REFERENCES
P R O F I L E E D I T O R 2 7 Nurul Aishya Bt Mansor (2023305415). Born and raised in Alor Setar on 23rd March 2001, completed her diploma at UiTM Merbok in Diploma in Business Studies. With previous experience in accounting and billing at Kedah Medical Centre, she continues her studies in Bachelor of Business Administration (Hons.) Human Resource Management. Hoping that this magazine will people to enhance their knowledge about business records. Afrina Nurdini Bt Mohmad Azahar (2023145501). Born and raised in Seberang Jaya, Pulau Pinang on 10th June 2002, completed her diploma at UiTM Tapah in Diploma in Accounting Information System. She pursued her studies in Bachelor of Business Administration (Hons.) Human Resource Management. Hoping that this magazine will people to enhance their knowledge about business records.
2 7 P R O F I L E E D I T O R Mimi Noor Batrisyia Bt Rosmin (2023376383). Born and raised in Shah Alam, Selangor on 30th January 2002, completed her diploma at UiTM Tapah in Diploma in Accounting Information System. She continues her studies in Bachelor of Business Administration (Hons.) Human Resource Management. Nur Hayatul Iffah Bt Mohamed Fishal (2023189509). Born and raised in Ipoh, Perak on 9th June 2002, Completed her Diploma at UiTM Melaka, Kampus Alor Gajah in Diploma in Banking Studies. She pursued her studies in Bachelor of Business Administration (Hons.) Human Resource Management. Hoping that this magazine will people to enhance their knowledge about business records.
UNDERSTANDING BUSINESS RECORD "Records are the pulse of the business " July 2023 Just dream it, create it and record it. 1
U N D E R S T A N D I N G B U S I N E S S R E C O R D S In the fast-paced and complex world of business, the ability to maintain accurate and comprehensive records is crucial. Business records serve as a vital source of information that enables companies to track their operations, monitor financial transactions, and make informed decisions. In this article, we will explore the meaning and significance of business records, shedding light on why they are essential for the smooth functioning and success of any organization. Mimi Rosmin Weekly Business Report Est 2023 Duke | 102 WHAT IS A BUSINESS RECORDS? : Key to Organizational Success Business records encompass a wide range of documents, files, and data that capture and document various aspects of a company's activities. They provide a detailed record of financial transactions, operational processes, sales and marketing efforts, human resources, and other critical elements of business operations. These records serve as a historical repository of information, allowing organizations to maintain accountability, comply with legal requirements, and analyze past performance. 2
STEVE JOBS B u s i n e s s R e c o r d IMPORTANCESOFBUSINESSRECORDS orn on February 24, 1955, in San Francisco, California, Steve Jobs displayed an early fascination with electronics and computers. He cofounded Apple Computer Inc. in 1976, along with his friend Steve Wozniak, from his parents' garage. Their aim was to develop and market user-friendly computers, paving the way for the personal computer revolution. Steve Jobs' visionary leadership and relentless pursuit of perfection forever changed the technology industry. From personal computers to smartphones and beyond, his ability to anticipate and create products that resonate with consumers is unparalleled. Jobs' legacy extends far beyond his role at Apple, inspiring generations of innovators to challenge the status quo, think differently, and strive for greatness. His impact on the world of technology and his enduring legacy will continue to shape the future for years to come. Steve Jobs B usiness records are vital for effective financial management. They enable companies to track income and expenses, create budgets, analyze profitability, and prepare financial statements. Accurate financial records facilitate tax compliance, financial audits, and secure loans or investments. Maintaining proper business records is essential for complying with legal and regulatory requirements. These records demonstrate adherence to laws and regulations, such as tax reporting, employment contracts, and licensing agreements. In case of legal disputes, comprehensive records can be invaluable evidence. B 3
Music Backpacking in Incheon 33 TYPESOFBUSINESS ORGANISATION SOLE PROPRIETORSHIP PARTNERSHIP CORPORATION CO-OPERATIVE This individual business aims is a sort of business where the owner and the business entity are one and the same, and there is no legal separation between them. Partnerships emerge as strategic alliances that bring together likeminded individuals, businesses, organizations, and even governments to propel their shared goals forward. These powerful arrangements foster cooperation, synergy, and mutual growth, opening doors to unlimited possibilities. In contrast to competing with one another for personal gain, cooperation is the process by which groups of organisms work or act together for a common, mutual, or underlying advantage. A cooperative is an independent group comprised of individuals who get join voluntarily to work towards the same economic, social, and cultural goals through a jointly owned and democratically run business. 4
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Conserve As A Strategic Resource Strategic Resources is resources that are essential for the success of a business organization. STRATEGIES Business System Analysis Manage Records According To The Regulatory Requirements Training For Records Management Professionals ! IMPACTS ! Economically E Support Better Management nsure Accountability 6
Manage Records The Malaysian goverment especially National Archieves of Malaysia had legislated various, regulations, procedures, and guidelines to formulate a comprehensive records management programme. The best practise among public agencies in Malaysia is National Archieves Act 2003 DID YOU KNOW? N ATIO N A L INTERNATIONAL Authenticity Reliability Usability Integrity CRITER AI ISO 15489 Business System Analysis The analysis is the process of developing an analytical framework of business activities and processes of the organization T r a i n i n g G C o o i l n lating ang writing reports legisl g ati a o d n vice on issues related to a M n a d n r a e g s i o n u g r and monitoring budgets ces. s T t r a a f i f ning and supervising reords 7
Business analysis can be divided into 6 major knowledge areas Enterprise analysis Requirement planning and management Requirement elicitation Requirement analysis and documentation Requirement communication Solution assessment and validation 8
ECONOMICALLY A C C O U N T A B I L I T Y SUPPORT BETTER MANAGEMENT E N S U R E P o o r r e c o r d k e e p i ng w i l l c o n t r i b u t e t o fa i l u r e s t o m e e t a c c o u n t a b i l i ty a n d o t h e r o rg a n iz a t i o n a l r e q u i r e m e n ts . + R e d u c i n g t h e o p e r a t i n g c o s t + E n h a n c e s r e d u c t i o n o f t i m e r e q u i r e d + C o n t r o l s t h e c r e a t i o n a n d g r o w t h o f r e c o r d s Managing resources effectively / Developing strategic plan Effective decision making / Minimize litigation risks 9
Loss of proof of ownership, rights, and obligations Lack of documentatio n of who knew what and when Example of organizational risks of record keeping accountability failures Noncompliance with existing law in force Lack of evidence that an organization did something under contract or according to regulation. Inability to find mission crititcal information 10
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RECORD MANAGEMENT PROCESS WWW.REALLYGREATSITE.COM | @REALLYGREATSITE 12
In business organizations, the term "records management process" describes to a purposeful and methodical approach to keeping an organization's records along their lifecycle. According to ISO 15489 (2001) record management process included creation, capture, classification, registration, access, and security classification; identification of the status of disposition; storage; implementation of disposition; and implementation of usage and tracking. In conclusion, for business organisations to efficiently oversee their records, improve operational efficiency, mitigate risks, maintain compliance, and enable informed decision-making, a clearly defined records management process is crucial. Businesses may unleash the potential of their information resources and achieve a competitive edge in modern data-driven business environment by putting good records management behaviours into place. 13
1.CAPTURE In order to guarantee their rightful inclusion in the organization's recordkeeping structure, it involves the gathering and procurement of records and information. Physical and digital records must be captured throughout the capture phase in order to be converted into a format that will allow for long-term preservation and retrieval. Capture is an important phase in the records management process. The act of deciding whether or not a record needs to be created and maintained is known as capture. This comprises both of the organization's own documents and those it receives from outside sources, including memos and communications. It entails making choices regarding the records that are recorded, which in turn includes choices regarding who may access those papers as well as the duration they're going to be preserved. Based on an examination of the organization's operations and accountability, decisions are made regarding which records should have been captured and which may not be necessary. A document could be physically arranged in a chronological order within a file or folder that contains a heading to influence capture in a written records system. Second, to offer additional safety in establishing the sequence of activity, papers added gradually to the folder may be dated or assigned sequential numbers. Last but not least, more indexing points may be afterwards added to the file to guarantee that the particular document can be found and accessed. 1 14
Set up, describe, and connect its records. Connect and share interdisciplinary records, both inside and beyond the organisation. Enhance its records' search, dissemination, and accessibility as necessary. A structured framework for records management may be offered by a classification scheme that is connected to business operations. All organisational activities are identified during analysis in order to create the business activity classification, and they are then placed within the context of the organization's declared or required goal or objectives. An organisation can use a classification system as a tool to : 2.Registration The objective of registration in the systems that employ it is to offer proof that a record was recently made or captured in a records system. It entails entering a few details about the record in a register and giving it a special identification number. Document name and title Date of creation Author Sender Recipient Business system from which the report was captured Text description or abstract Templates required to interpret document structure The basic requirements for registration include the following info. A special number generated by the system, such as: 3.Classification A classification system's layout is often hierarchical and incorporates the following analytical steps. The business unit is often represented at the beginning The activities that make up the function are the foundation of the following level. The third level and higher levels are modifications to the operations or clusters of transactions that are part of every task. 15
4. ACCESS AND SECURITY CLASSIFICATION THE NATURE AND SCALE OF THE ORGANISATION, THE CONTENT AND IMPORTANCE OF THE INFORMATION NEEDING PROTECTION, AND APPROPRIATE SECURITY AND ACCESS WILL ALL BE DETERMINED. THE DEGREE OF SECURITY REQUIRED TO SAFEGUARD INFORMATION AGAINST ANY UNAUTHORISED ACCESS, ACQUISITION, USE, DISCLOSURE, ERASURE, CHANGE, AND DESTRUCTION CAN BE REFERRED TO AS ADEQUATE SECURITY. THEREFORE, WHAT IS "REASONABLE" FOR ONE ORGANISATION MIGHT BE A LOCKED FILING ROOM, WHILE IT MIGHT BE A SECURED, GUARDED, LIMITED-ACCESS FILING ROOM WITH CAMERAS FOR ANOTHER. INDIVIDUALS ARE ALSO SUBJECT TO ACCESSIBILITY CLASSIFICATIONS, INCLUDING THOSE WITH AUTHORITY TO ACCESS AS WELL AS WHOEVER ARE IN CHARGE OF MAINTAINING THE DOCUMENTS WITH THE CLASSIFICATION. THEREFORE, IT IS IMPORTANT TO EXPLICITLY DEFINE ROLES. TO MANAGE RECORDS IN EVERY ORGANISATION OF ALL SIZES, A LEGAL DOCUMENT THAT IDENTIFIES THOSE ENTITLED TO ACCESS AND THE RULES OF LIMITATION APPLIED TO RECORDS IS ESSENTIAL. THE NECESSITY FOR STANDARDISING OF PROCESSES TO APPLY ACCESS AND SECURITY CLASSIFICATIONS TO RECORDS INCREASES WITH THE COMPLEXITY OF THE ORGANISATION AND ITS BUSINESS AND REGULATORY REQUIREMENTS. 16
6.Use and tracking Need for storage supplies and equipment Cost of supplies storage and equipment Good accounting practises can assist organisations increase profits in addition to helping them stay in operation. A records management operation called using the records might require to be recorded by the system so that it can become part of the information. They offer data useful for making decisions, documenting decisions, responding to queries, providing references, or proving legal requirements. Records are used for a variety of purposes, such as granting users of records access limitations and search, retrieval, and display tools. The record's accessibility and disposition classification may change depending on its purpose. 5.STORAGE Managing company records requires enough storage. Records are unable to be stored or preserved for longer as necessary without adequate storage. Records are safeguarded, accessible, and efficiently handled under the proper storage circumstances. Storage selection therefore has to be coordinated with the whole records management programmed 3 Basic Factors for Selecting Storage Supplies & Facilities Facility consideration 17
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Disaster Recovery Plan (DRP) Disaster Recovery Plan (DRP) is defined as immediate involvement taken by organization. A disaster recovery plan is a documented process or set of procedures to recover and protect a business infrastructure in the event of a disaster. Such a plan, ordinarily documented in written form, specifies procedures an organization it to follow in the event of disaster. Purposely to minimize further loses and to begin the process of recovery. There are lots of activities and programs designed to reestablish critical business functions and stabilize the organization to an acceptable conditions. By preparing a recovery plan prior to the disaster, staff must be able to begin the process of effective response immediately. Disaster Recovery Planning 20
SEVEN STEPS IDENTIFYING THE TYPES OF RECORDS One of the easiest things to do is to distinguish between physical files and electronic files. A physical file is identifiable because it is a physical, tangible file that holds personal information for an individual. Unlike a physical record, electronic records are held on a server in a computer. For that reason, the electronic records are unable to be physically touched or held. For these records to be reviewed, they must be accessed through a computer. TO FORMULATE THE PLAN Physical records Electronics records Types of records 2 IDENTIFYING THE VITAL RECORDS Records that are essential to an organization's ability to function after a disaster are known as vital records. There are four main risky areas: Flood, fire, security, infestation and environmental pollution. In the event of a disaster that would destroy all other records, vital records will allow SOAS to continue operating. Vital documents are those that must be recreated in order to restore the school's financial and legal standing, to protect the School's rights, and to enable it to continue fulfilling its duties to its stakeholders in the event of a calamity. Any medium, including microfilm, paper, and electronic, may be used for vital records. It can be challenging to distinguish between vital and non-vital records. While some documents may not be strictly necessary for the operation of the School because they are replaceable or have significant historical value, they should still get the same level of protection as those that are. Consider the seriousness of the impact that losing the record would have and how fast you would notice it when determining how important the record is. Business Continuity Management 21
F inding alternative storage becomes important when the health information office does not have enough room to retain all discharge health records for the specified retention period. The storage should be inside the building to make recovery easier, but if there isn't enough room, it can be essential to use storage space outside the building. When an alternative storage location is required, the location must be safe and shield the documents from theft, loss, or damage. AR, also known as analysis and review, is a stage of the BCM planning process or methodology. Its purpose is to assess the current risks and dangers to which the business organisation is exposed, particularly in relation to its physical location, internal systems, and operational practises. An organisationcancomprehendthedangersto and vulnerabilities of its most important activities and supporting resources through the use of risk assessments. They can also determine the effects that would result if a threat is realised and results in a disruptive occurrence. 3 IDENTIFYING THE RISKS R IDENTIFYING ALTERNATIVE STORAGE 4 Business Continuity Management 22
5 DEFINE ROLES AND RESPONSIBILITIES The various aspects of the plan and who to contact for assistance in restoring an are after a disaster. Reviewing the disaster plan at least quarterly to ensure it is up to date with contact details, change of location, etc. Innform all staff when a disaster occurs, including after office hours. Establish a group of staff contacts to assist with the restoring (also assign the duties of maintaining the plan so that it is up to date at all times. Determine who will be responsible for: 6 DEVELOP A LIST OF CONTRACT Develop a contact list of emergency numbers such as fire, police, hospitals, properties, security neighboring businesses and trades people. Determine contact numbers of customers, suppliers, distributors and other key parties. 7 Prepare a Disaster Bin Acquire tools and other supplies to be used in small disasters such as leaky pipes, small fires, etc. This may include certain tools, gloves, masks, fire extinguishers and fire blankets. Ensure disaster bin is easily accessible and available staff are aware of the location. Business Continuity Management 23
Develop a short plan of the details of the above such as numbers both internal and external, and develop a step by step list of actions for staff to to follow in case of disaster and circulate the plan to every staff in the organisation Acquire tools and other supplies to be used in small disasters such as leaky pipes, small fires, etc. This may include certain tools, gloves, masks, fire extinguishers and fire blankets. Ensure disaster bin is easily accessible and available staff are aware of the location. 24
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References NayliWahidahBtMohdZawayi.(2017,June15).BusinessRecords ManagementProcess. http://businessrecordpuncakperdana.blogspot.com/p/article-4.html IzzatiBintiMohdIderis.(2017b,December20).CHALLENGES OFKEYSTAKEHOLDERSINBUSINESSORGANIZATION. BusinessContuinityPlanMethodology. http://imrbizrecords.blogspot.com/ RecordsManagementApprentice.(n.d.).Recordsasastrategic resource.http://rmapprentice.blogspot.com/2016/05/records-asstrategic-resource-affendi.html IMR652ManagementOfBusinessRecordsAssignmentSample UiTMMalaysia-MalaysiaAssignmentHelp.(2022,September3). MalaysiaAssignmentHelp. https://www.malaysiaassignmenthelp.com/answers/imr652- management-of-business-records-assignment-sample-uitm/ IMR652:ManagementofBusinessRecords.(2018,June14).IMR652: ManagementofBusinessRecords. https://classimr652.wordpress.com/ 26