Enterprise risk management

Information chaos and enterprise risk management

Information is critical to every aspect of operation within an organization. From improving decision-making and documenting agreements to enabling communication and facilitating transactions, documents hold a great deal of important and sensitive information. Consequently, any enterprise risk management strategy must involve solutions for managing documents safely and effectively.

Most organizations today, however, faces serious challenges when it comes to storing, securing and using content effectively. Companies are often simply overwhelmed by the volume of documents under their purview. Employees in many businesses find it difficult to locate documents when they need them, spending as much as 30% of their days searching for information1. Thanks to inadequate document control, duplicate documents and multiple versions of files create additional costs and headaches. And breaches, unauthorized access and accidental leaks create significant financial, legal and business risk.

M-Files can help. As a next-generation intelligent information management platform, M-Files improves enterprise risk management capabilities by making documents easier to find and use effectively while minimizing human error, automating critical processes and keeping information secured and controlled.

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The Risks of Poor Content Management

Enterprise risk management solutions require technologies that can protect organizations from several critical risks related to poor or inadequate management of documents and content.

Information Sprawl

As an organization’s IT environment evolves, documents and content are inevitably created in a growing number of systems, platforms, and applications. The average organization uses four different content management systems. As a result, employees often don’t know where to find the documents they need. A superior content management system can help mitigate inefficiencies, reduce re-work, and ensure information is used effectively for decision-making.

Disconnected Content

The way documents are created and stored often makes it difficult to connect information. To maximize value, companies must link structured data in CRM systems, ERP platforms, and databases with unstructured content such as documents, audio, video, and social media. When connections are weak, companies lose access to insights and intelligence that could enhance operations and strategy.

Breaches and Leaks

Whether from a cyberattack, a malicious employee, or an accidental leak, compromised documents pose significant risks. Poor document security can result in financial penalties, lawsuits, and reputational damage. Enterprise risk management must include strategies to protect sensitive information and ensure proper storage, usage, and sharing protocols.

Duplicates and Multiple Versions

Employees often create duplicate documents for personal use or manage storage from their email inbox, leading to multiple versions of the same file. When collaboration happens via email, it becomes difficult to track the latest, most accurate version. This results in higher storage costs, wasted time searching for the right file, and increased errors when outdated documents are used. Document control software helps enforce consistency in document management.

Error-Prone Workflows

Many documents go through workflows involving editing, reviewing, approving, and signing. When these workflows fail to comply with company policies or regulatory requirements, financial and legal risks increase. Compliance management solutions help minimize human errors and ensure that documents are handled correctly at every stage of the process.

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M-Files: intelligent information management

M-Files’ AI-powered platform enhances enterprise risk management by delivering a single solution that easily solves all the challenges of managing documents. Through connected content and intelligent automation, M-Files increases the productivity of knowledge workers, strengthens collaboration, ensures business continuity and mitigates business risk.

The value of M-Files for enterprise risk management is based in the way that M-Files manages and stores content. Instead of the traditional folder-based hierarchy for organizing content, M-Files uses a metadata-driven system that makes it easy to find any file in seconds. M-Files’ AI-enabled technology identifies and analyzes files throughout the company, no matter what system or repository they’re in. M-Files can create connections to documents in network folders, SharePoint, file-sharing services, cloud storage, CRM systems and other business platforms and applications.

M-Files makes it easy to tag each file with metadata that describes what the document contains, who owns it, the workflow that it’s part of and other pertinent content. That means employees can simply enter a few words about what they’re looking for in a search bar and get connected to any document with just a few clicks.

M-Files’ platform also makes it easy to connect documents in disparate locations, to automate workflows to minimize human error and to ensure that content is always safe and controlled. As a result, M-Files is an extremely valuable solution in fields like accounting and law firm document management as well as in companies that are part of highly regulated industries.

How M-Files Improves Enterprise Risk Management

M-Files addresses enterprise risk management concerns related to documents by providing a wealth of features.

Fast Search and Retrieval

With M-Files, employees no longer need to remember a file’s name or location. They can simply search intuitively and find files quickly, reducing time spent searching and improving productivity.

Automated Workflows

M-Files uses metadata to automate document workflows, ensuring files move through the correct process and notifying individuals when action is required. This minimizes human error and ensures compliance with policies and regulations.

A Unified View of Data

By connecting content across various systems and platforms, M-Files provides a single, unified view of all data. This enables companies to understand what kind of information they have and the potential risks it poses.

Greater Security

M-Files offers enterprise-grade encryption for all content and applies dynamic permissions to control who can access, edit, share, or download files. This ensures sensitive information remains protected.

Version Control

M-Files maintains a single, authoritative copy of each document, accessible via a secure link. This prevents confusion over multiple versions and ensures users always work with the most up-to-date file.

Customizing the M-Files platform

M-Files can be easily customized to meet the needs of specific companies, use cases and enterprise risk management strategies.

The platform is highly configurable and can be easily customized to support specific business requirements. APIs enable M-Files to talk to other systems easily, ensuring that documents and data from existing systems will be available in M-Files. Solution templates and best practices for certain use cases enable companies to build information management solutions more quickly and easily. And third-party add-ins provide additional capabilities that extend the power of M-Files to solve enterprise risk management challenges.

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How M-Files Enables Efficiency for Your Business

Faster Search

What you need, when you need it. That is the way M-Files works. Fast, easy, and intuitive.

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Familiarity

You can use your favorite daily tools, such as MS Teams or Salesforce to manage your documents.

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Easy Collaboration

Share content securely, and co-author documents simultaneously — wherever you work.

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Streamlined Daily Work

Let M-Files suggest tags for your documents and add workflows for faster processing.

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Why choose M-Files for enterprise risk management?

M-Files can be deployed in the cloud, on premises or as a hybrid solution that offers optimal flexibility and control. Thousands of organizations in more than 100 countries use M-Files to manage documents, information and processes more effectively.

Using artificial intelligence and machine learning, M-Files’ technology makes it possible to serve up the right information to the right people at the right moment, resulting in greater productivity, improved decision-making and better business outcomes.

M-Files integrates easily with an existing technology stack. Workers can even use their favorite tools such as Microsoft 365 or Google Workspace as the foundation from which they access documents via M-Files.

With M-Files, storing, securing, using and retaining documents becomes a much easier task that is far less prone to risk.