Compliance

What is compliance?

The term compliance describes the process of fulfilling the stringent legal regulations governing the management and storage of business data and processes. Some legislation deals specifically with the management of data whilst other laws regulate the storage of data in the context of other legal requirements - for example, tax and financial law.

There are broad similarities between different countries’ legislation. The European Union has issued numerous guidelines relating to compliance which it expects member states to codify into law. As a result, most European legislation is very similar.

The general principles of the following German and American legislation are common in many other countries:

  • GDPdU (Principles for data access and verifiability of digital documents. 2002, Germany. Regulates the provision of information for tax audit purposes.)
  • GoBS (Principles of adequate and orderly accounting. 1995, Germany. Governs the management of data retained for a minimum period.)
  • Sarbanes-Oxley (2002, America. Legislation covering new standards of corporate governance - data management is an integral part of the act.)
  • E-Discovery (Federal Rules of Civil Procedure, 2006, America. Governs the management and retention of electronically stored information.)

What are the consequences of non-compliance?

The consequences of non-compliance differ according to country and the scope of the law in question. One thing remains certain however: the consequences of non-compliance are becoming increasingly serious. Since January 2009, companies not conforming to the guidelines set out in the German fiscal law GDPdU (principles for data access and verifiability of digital documents) can be fined anywhere between €2,500 and €250,000. In the USA, failure to comply with Section 802 of the Sarbanes-Oxley act can lead to major fines or up to 20 years imprisonment. Rulings in the German courts in 2007 set more stringent precedents for the interpretation of existing legislation.

The following video (in German with English subtitles) shows the possible consequences of non-compliance with legal requirements:

Companies and decision-makers are now having to take the consequences of non-compliance very seriously. More detailed information about the challenges of compliance can be found in our compliance section.

Is FILERO revision secure?

FILERO is completely revision-secure. All actions are recorded with username, time, date and the changes made. All actions are therefore completely traceable.

Access rights can be set up so that only certain users are permitted to edit data. All new versions of a document are fully versioned and can be accessed at any time if required.

All documents must be stored in their original format. Is this supported by FILERO?

Yes. All documents in FILERO are stored in their original format. In FILERO, documents are stored as 'bit-streams' and can be retrieved unchanged in their original state. Because documents are stored as bit-streams, they can also still be retrieved even when the data type is no longer supported by software manufacturers.

Are documents archived in FILERO as legally valid as the original documents?

Yes. Documents in FILERO are saved as bit streams and can therefore be called up unchanged in their original version. If a document is changed, a new version of the document is created and all changes are recorded by username and date/time. This protocol of changes cannot be altered or deleted, even by the administrator. The original version of the document can always be searched for and retrieved.

Many organizations use digital signatures to authenticate electronic invoices. The digital signature is as legally valid as a normal signature, as long as the relevant certification can also be presented. nexMart uses FILERO as an integral part of its digital signature solution. FILERO is used to archive all digitally signed documents as well as the corresponding certification in their original format, thus ensuring that all data is verifiable. The solution has been certified by an independent auditing company. For more information, visit www.nexmart.net.

Does the system automatically enforce the legally mandated retention period for documents?

FILERO can be configured so that a retention period can be set when a data record is saved on the basis of certain criteria in that record. Using this method, documents that no longer need to be retained can be easily identified by the administrator.

Are all files securely stored so that they cannot be altered or falsified?

Yes. In contrary to other systems where documents and metadata are stored separately, documents and metadata are stored together in the same secure database. All actions/changes are recorded by username, time, date and the changes made.

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