Documents form the basis for identifying and recording transactions. These include agreements, statements, legal notices and invoices. A coherent and consistent system to file and retrieve these documents needs to be maintained.

Best practices which ensure a sound document storage, management and retrieval process are:

  1. Record file of master storage is created. Access to it is granted to personnel as deemed necessary
  2. Important files are digitized with a standard file naming convention that includes the date of the statement or document
  3. All digitally and physically stored files have an auditable access log
  4. Acknowledgement is taken from respective users on email, after assigning or recollecting the respective files
  5. Administrator gets the respective files back and re-files them properly
  6. Whenever any files are added or scrapped, unique file numbers are assigned
  7. System is audited periodically to ensure that it is in proper order.

The following diagram depicts best practices for compliance-related documentation: