Alfresco Software, an open-source, content management platform and solutions provider announced the addition of immutable, Write-Once-Read-Many (WORM) regulatory-compliant storage to its Alfresco Governance Services – a modern records management capability of the Alfresco Digital Business Platform.
Tony Grout, Chief Product Officer, Alfresco, noted: “We are delighted to unveil the general availability of immutable WORM storage as part of our constantly evolving Alfresco Governance Services. Alfresco’s WORM functionality offers users streamlined governance operations with automated records declaration and filing, all of which ensures greater accuracy in filing and minimal manual effort. When coupled with AWS S3 (v3.1) Connector, users gain lower-cost storage and reduced maintenance costs, especially when comp ared to on-premises alternatives.”
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Through configurable policies in Alfresco’s Digital Business Platform, users can keep their storage data in an immutable state – where content can be created and read but not modified or deleted – in order to conform to regulatory compliance, secure document retention or legal holds.
Financial Services organizations regulated by the Securities and Exchange Commission (SEC 17a-4), Commodity Futures Trading Commission (CFTC), Financial Industry Regulatory Authority (FINRA Rule 4511[c]), Investment Industry Regulatory Organization of Canada (IIROC), Financial Conduct Authority (FCA), Markets in Financial Instruments Directive II (MiFID II) and MAS (Singapore Guide to Conduct and Market Practices for Treasury Activities ) and more are required to retain business-related communications in a Write-Once-Read-Many (WORM) or immutable state that ensures they are non-erasable and non-modifiable for a specific retention interval.
The immutable storage requirement is not limited to financial organizations, but also applies to other industries including healthcare (HIPPA, 21 FDA CFR Part 11), government (NIST 800-53), Federal Rules of Civil Procedure (FRCP), Department of Labor, Employee Retirement Income Security Act (ERISA), French NF Z 42-013, National Archives and Records Administration (NARA), insurance, media, public safety, and legal services.
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Grout continued: “Compliance is mandatory and can result in not just heavy fines for non-compliance, but also damage to a company’s reputation, the potential for increased audits, imprisonment in certain severe cases, and even the shutdown of a particular operating unit. With the easy-to-use Alfresco Governance Services and the new WORM functionality, we enable organizations to better protect themselves against the ever-increasing complexity and magnitude of a regulatory environment.”
Additional functionality includes enhanced manual and automated filling of records and record versions to reduce risk and minimize the impact of regulatory compliance on normal business operations.
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