At Arrayo, we entered into a partnership with a major Foreign Banking Organization (FBO) to initiate a global Records Management (RM) program. The FBO faced the challenge of ensuring compliance with various global, national, and local laws and regulations regarding record management. To address this, an external software vendor was selected to manage the Retention Schedule and Inventory of Records. Arrayo played a pivitol role as a partner to the chosen vendor, providing advisory, project management, and business analysis expertise.

Challenge

The FBO is a large entity operating in the financial industry with a global presence. They approached us for a comprehensive Records Management solution to meet legal requirements.

Prior to engaging with Arrayo, the FBO faced several challenges. Their existing Records Management Policy needed improvement, and they limited insight into the rules, regulations, and laws regarding RM that applied to their operations. Additionally, their current RM processes were in need of a comprehensive analysis and optimization.

Delivery

Arrayo adopted a systematic approach to address the FBO’s challenges. The key steps included:

• Reviewing the existing RM Policy and proposing an enhanced version.
• Conducting a comprehensive analysis of all relevant rules, regulations, and laws to ensure full compliance.
• Performing a detailed assessment of the FBO’s current RM processes to identify areas for improvement.
• Collaborating with the external software vendor to create an efficient Retention Schedule.
• Defining optimized RM processes that adhered to all applicable rules and regulations.

Arrayo acted as a RM Champion, actively promoting RM initiatives across the organization. The team also supported the expansion of Data Stewards’ responsibilities to include RM, ensuring a cohesive approach to data management. A pragmatic iterative project management and communication approach were implemented to effectively showcase progress to Senior Management.

Value

Thanks to Arrayo’s contributions, the FBO achieved remarkable results. They now possess an improved RM Policy that aligns with legal requirements. The comprehensive analysis of rules and regulations provided them with a clear roadmap for achieving compliance. The optimized RM processes have streamlined their operations, enhancing efficiency and reducing risk.

Throughout the project, Arrayo gained valuable insights. Unforeseen challenges were tackled through innovative solutions, enriching our expertise in Records Management. These lessons now guide future engagements to ensure even greater success.

Arrayo’s support in designing, setting up, and implementing the global Records Management program proved instrumental in helping the FBO achieve compliance and operational efficiency. The collaboration with the external software vendor and Arrayo’s expertise contributed to the program’s overall success.