SOLUTION BRIEF
INVENTORY AUDIT
CHOOSE YOUR WAY TO PROVE COMPLIANCE
INDUSTRY FACT
FAILING AUDIT
QUALIFICATIONS
AND FACING
REGULATORY
ACTIONS ARE TWO
OF THE TOP RISKS
COMPANIES CITE
AS CONCERNS
FROM A FAILURE
IN INFORMATION
GOVERNANCE.
SOURCE: AIIM INDUSTRY WATCH,
“INFORMATION GOVERNANCE
– RECORDS, RISKS AND
RETENTION IN THE LITIGATION
AGE.” MARCH 2013. WWW.AIIM.
ORG/ RESEARCH; N=500.
CHALLENGE
Demands are increasing for the proof of security and protection of the assets
that you manage and protect. Regulatory demands and sensitivity around your
customers’ information in your safekeeping are driving requests for greater
reporting verifying the location and physical integrity of your inventory.
You need to be able to demonstrate control over the physical assets that you
manage and performing physical inventory audits can help show proof of a
well-run records and information management (RIM) program. But conducting
physical audits presents a number of challenges. You want to comply with
these requests with ease, but in order to do so, you need a solution that’s
tailored to your organization.
HOW THIS AFFECTS YOU
WHAT IF YOU COULD
>>
You may need to comply with
auditors’ requests to verify
inventory location and integrity.
>>
>>
You might need an easy way to
respond to your customers who
want proof that their records
are being properly stored.
Choose the inventory audit
method that balances the right
combination of speed and cost
for your specific situation?
>>
Receive reliable asset
audit reporting fast, with
minimal hassle?
>>
Demonstrate compliance
in your inventory?
>>
Leverage the latest asset
tracking technology?
>>
>>
IRONMOUNTAIN.COM
You are tasked with proving
good control over your
records and information
management program.
You may need to make sure you
can prove the soundness of your
program in a cost-effective way.
INVENTORY AUDIT: CHOOSE YOUR WAY TO PROVE
COMPLIANCE
>>
Audit is performed; status provided to you
throughout the audit for longer term cycles
Only Iron Mountain offers you choices for how you will audit
your inventory depending on your needs. You’ll be able to
satisfy audit requirements by providing proof of your assets
in Iron Mountain’s record centers and verification of their
physical integrity in one of the following ways:
>>
Audit closes; report reviewed with you and
research no-finds (if any) Report includes:
• Overall target asset count and audit find rate by
market
Physical Scan: A cost effective physical barcode scan where
you’ll receive a statistically significant check on a subset of
your inventory. This type of methodology allows for a large
population of cartons to be checked quickly with minimal
set-up time, ensuring an appropriate sample size that
accurately represents the total population of cartons stored.
Radio Frequency Identification (RFID): If your organization
requires a 100 percent inventory check, you can leverage
the latest asset tracking technology to perform fast and
repeatable audits.
HOW IT WORKS
You schedule recurring or request on-demand audits of your
inventory that is stored offsite with Iron Mountain.
•
Detailed cause analysis on any missing inventory
•
For markets with less than the target find rate,
we’ll remediate causes and check for similar atrisk inventory
•
Recommended next steps including follow-up audit
WHAT YOU GAIN
>>
Ability to choose which audit solution
best fits your needs.
>>
Confidence in responding to auditors
and other stakeholders.
>>
Proof of effective program controls in place.
>>
Access to the latest technology for
fast, repeatable audits.
CUSTOMER SUCCESS
AUDIT PROTOCOLS:
>>
Proactive annual audit and/or event-driven audit
>>
Verification choices — eyes-on check of assets’
integrity or remote RFID-based location verification
>>
Program management for RFID tagging of assets
>>
Analysis of issues and consultation/
actions for enhancements
>>
Results reported back to you at the end of each audit
PROCESS:
>>
Account team works with you to define audit scope
>>
You confirm or provide audit list for audit teams
>>
RFID asset tagging commences (if applicable)
>>
Visual integrity of carton is checked as cartons are
tagged
A multinational bank acquired a financial services firm and
needed to apply a retention policy to the acquired firm’s
records. In order to get a good basis for the bank’s newly
acquired inventory, Iron Mountain conducted a physical
scan audit to identify which accounts had good inventory
integrity and which were below standard. Iron Mountain
physically scanned a statistically relevant sample of records
across multiple record centers where the acquired firm’s
records were stored. The bank used the results of the audit
to prioritize their retention policy
THE RESULTS
>>
Reduced costs for the bank by focusing on
accounts with poor inventory integrity
>>
The bank is now confident about their
inventory across their entire account
>>
Greater defensibility with proof that their inventory
was audited and is being managed properly.
800.899.IRON | IRONMOUNTAIN.COM
ABOUT IRON MOUNTAIN
Iron Mountain Incorporated (NYSE: IRM) provides information management services that help organizations lower the costs, risks and inefficiencies of
managing their physical and digital data. Founded in 1951, Iron Mountain manages billions of information assets, including backup and archival data,
electronic records, document imaging, business records, secure shredding, and more, for organizations around the world. Visit the company
website at www.ironmountain.com for more information.
© 2016 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron
Mountain Incorporated in the U.S. and other countries. All other trademarks are the property of their respective owners.
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