FSDH Group has implemented a comprehensive digital management solution that would enable it to streamline its processes and properly address challenges associated with cluttered document systems in the company.
The digital solution designed and executed by Mitiget, an enterprise information security firm, would also enable the company to accelerate its digital transformation drive and increase operational efficiency.
The scope of the project included the establishment of functional governance records and the deployment of an electronic document management software (EDMS).
Given that financial institutions generate and process a large volume of documents on a daily basis, and that there is frequently a lack of standardisation in managing records – file naming, archiving, and general business practices – an environment can be created that makes identifying and accessing documents difficult.
According to FSDH, it had already recognised the cost efficiencies, and security ability made possible by the paperless culture instilled by the deployment of the document management system and the associated governance.
Speaking on the new adoption, Executive Director, Information Technology, Operations and Compliance; FSDH Merchant Bank, Taiwo Otiti described its partnership with Mitiget as timely, adding that the firm would continuously push for the adoption of technology that would help to simplify its processes and improve efficiency.
“With this, we can be sure that we have a platform that protects, and safeguards customer data, reiterating our promise to be a trusted partner on all fronts.”
He said adopting the Mitiget solution has enabled the firm to become more customer-centric, meet the stringent requirements of the document management process, such as accessing data anywhere, at any time, and improving the efficiency of both internal and regulatory audits.
According to him, this initiative is a critical component of FSDH’s
digital transformation roadmap, and has reduced the time required to handle paper-based processes. Head of Admin, FSDH Merchant Bank, Sola Taiwo expressed excitement at the security of the documents.
“All the files in offices and in drawers have been safely processed, digitised, and transferred to the archive where physical security and privacy is guaranteed.
“Working with Mitiget was an amazing experience.”
Furthermore, the Chief Compliance Officer of FSDH, Taiwo Sanusi reiterated that the solution has improved the group’s compliance posture and simplified audits with the regulators especially that of the Central Bank of Nigerian (CBN).
Chief Executive Officer of Mitiget, Sunny Ukeachu, said: “We are delighted to partner and collaborate with FSDH Group in delivering the innovative solution.
“This solution is well-suited to a forward-thinking organization like FSDH, which processes and stores a high volume of critical records weekly, with massive legacy documents, and constantly looking for ways to improve and streamline its processes.”
He said aside from the functional EDMS that every stakeholder uses to track and manage documents, the Mitiget solution also includes high-volume digital conversion of over 10 million active and legacy paper documents, as well as workflow automation, which effectively reduces an organisation’s reliance on paper.
According to him, another advantage of the solution is that it eliminates the need for depending on paper works. Furthermore, whether digital-native or newly digitised, all documents can be auto-indexed and filed automatically in the EDMS, reducing business risks including errors caused by manual processes.
“Preparing for and responding to audits is greatly simplified with the establishment of a central repository, the reduction of paper use, and the implementation of standardised folder structures.
“All required documents are easily identified and gathered. Once all audit requests have been completed, auditors can be granted online access to a limited set of documents for review,” he said.
