Trusted and Tested Banking Records and Information Management Solutions
Iron Mountain has over sixty years of experience in servicing the needs of banking customers, starting with our first customer in 1951. Today, Iron Mountain works with 48 out of 50 of the top U.S. banks, building superior records retention programs, imaging delivery systems and efficient records and information management programs. Whether it’s adapting our security protocols to better protect your business records or delivering innovative information governance and workflow solutions, Iron Mountain can help you gain efficiencies while meeting the ever-changing needs of today’s stringent regulatory environment.
mortgage and loan document management
Mortgage and loan information is complex and demands rigorous management processes throughout its lifecycle. We can help you better standardize the organization of your loan files and ensure that you have all the necessary security, retention and tracking controls in place to reduce risk and more efficiently respond to document requests.
Enable Seamless Transfer of Loan Information
Iron Mountain has the bank records management expertise and solutions to ensure the timely and secure transfer of necessary documentation during loan portfolio and mortgage servicing rights (MSR) transfers.
Provide End-to-end Workflow for Vital Records
With Iron Mountain’s vital records vault solution, you can be confident that your banking records and information are protected with advanced security features including 2-hour rated firewalls, CCTV on key access points and dedicated dual access controls.
Automate Mortgage Classification
Iron Mountain’s mortgage classification solution leverages OCR technology and our robust mortgage document library to automatically classify your loan by document type so that you can more easily identify missing documents or pinpoint the information that you need.
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Retail Banking Solutions
Banks looking to consolidate existing branches or acquire new locations need to ensure they have a formal process in place to accurately and securely transition vital customer bank records. Whether your banking institution is national or regional, you can count on Iron Mountain to quickly transfer your bank records to new locations or to one of our secure, storage facilities. Iron Mountain’s services can also help increase efficiency and reduce risk by establishing a consistent records retention policy over branch records.
Secure Storage and Destruction
You can leverage Iron Mountain’s expertise to support the interim secure storage and destruction of your checks and teller documents. By offloading these tasks to Iron Mountain, your branch staff can focus on customers and revenue-generating opportunities.
Staying Ahead of Regulatory Requirements
The banking industry is strictly regulated and regardless of the size of your institution, you must be able to adapt your records and information program to changing regulations, so you can meet the demands of regulators and internal audit requests, but also protect your customers’ information. Whether you are reviewing the latest OCC guidance, navigating SEC requirements, or implementing Dodd Frank, you can rely on Iron Mountain to help you mitigate regulatory risk.
Be Prepared for Reporting and Recordkeeping of Swaps and Derivatives
In order to meet the 72-hour trade reconstruction provision required by institutions that offer trade swaps and other derivatives, you need to have your banking records management program in order. Iron Mountain’s Professional Services can help your institution evaluate your processes and technologies, and tailor a banking records management solution to serve the specific swap and derivative reporting requirements outlined in the Dodd Frank Act.
The Importance of the Designated Third Party Requirement
Many securities firms have overlooked a critical record keeping obligation: the designated third party (D3P) rule, also known as the SEC Rule 17A-4. Iron Mountain's comprehensive D3P compliance service is available for all types of electronic records, including computer output to laser disc (COLD), back-office, imaged, voice recording and transactional records, as well as email and messaging communications.
Online or Onsite Access
You can choose from two distinct options so you can have the solution that best fits your needs:
- D3P Online Access: for secure remote access to your archive systems by Iron Mountain
- D3P Onsite Access: Iron Mountain’s compliance experts retrieve records from archive Electronic Storage Media (ESM) at your facility
The Deliverables: Analysis, Validation, and Peace of Mind
Your compliance organization is provided with tremendous insight into your systems.
The service includes:
- A Letter of Intent to regulators informing them that you contracted a Designated Third Party Provider
- A System Configuration Plan (SCP) explaining access to your records
- An annual test and report to show continual compliance while your technology goes through upgrades
- A letter of Undertaking to file with the SEC and self-regulating organizations
- Two D3P status reviews each year to validate accountability
- Peace of mind knowing that you are fully compliant with the D3P rule
Maintaining Compliance with the SEC Designated Third Party Rule
Do you know about the Designated Third Party (SEC) rule regarding the preservation of electronic records? This short video breakdowns everything you need to know to maintain compliance.
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Why Iron Mountain?
Working with Iron Mountain, you can confidently navigate the complexity of your information landscape, and bring your banking records and information under a single governance program. That’s why thousands of financial institutions worldwide trust us to not only protect, but to gain value from their information.