Feature

Compliance is the key to electronic archive

St Peter's Trust, which handles trust and company administration from Guernsey, has deployed an electronic content management system to limit its reliance on paper documents and improve document retrieval and security.

The financial services specialist said the system would enable better compliance with regulatory requirements, including the prospect of electronic filing with the Guernsey Financial Services Commission within 18 months.

Onbase, developed by Avanquest, has been phased in by St Peter's Trust over the past two years, during which time more than 250,000 highly sensitive documents held by the firm have been captured for electronic management and retrieval.

Bryan March, IT manager at St Peter's Trust, said the move from a primarily paper-based filing system to an electronic archive had been a "staggering" undertaking that was initially driven by the greater security and flexibility of electronic documents.

But with Onbase now established, he said the speed and reliability of electronic document retrieval was proving a boon, as were the workflow processes, which make document tracking more straightforward.

The software - which integrates with the firm's Microsoft Word and Excel applications, as well as Rightfax from Captaris - captures and archives all documents through one gateway to create what March called "an absolute record" of company business, complete with a full audit trail.

March said the system had paid for itself over the two-year deployment, enabling the firm to cut its staff by more than 50%.

The next step is to integrate the system more fully with Flying Boat, a dedicated enterprise system for trust and company management that St Peter's Trust uses as its core database.

 


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This was first published in November 2005

 

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