Product

By: LAW Compliance  11-11-2011

Stordoc offers secure, electronic data storage. Stordoc is a trusted, secure and convenient way to store important data and documents online and can be used for compliance purposes (FICA/RICA), for secure data and document storage and for strong identity access management (IAM).

Stordoc is acknowledged as the leading compliance (FICA/RICA) solution in South Africa and has recently been adopted by Absa Home Loans, after a rigorous review and approval process.

Stordoc is available in 3 deployment options:

Stordoc is designed to overcome the current challenges experienced with FICA/RICA, such as:
  • high compliance risks (of FICA not being performed properly, poor quality of documentation)
  • the lack of accountability (of staff)
  • operational inefficiencies
    (of processing paper)
  • fraud & money laundering
    (due to the lack of controls or transparency).

Your clients no doubt also experience regular frustration, delays and time wasting, repeatedly and fail to understand why FICA is necessary.
Stordoc allows compliance documents to be properly authenticated and verified.
These documents are, then scanned and uploaded, using a wizard based application. The solution shows an indicator of the Client’s FICA status, automatically determined by your FICA rules which are built into the system, using a complex matrix. The solution caters for individuals and all types of juristic entities. Various data verification services are done (such as ID checks against Home Affairs records, online forensic checks etc). Once available in electronic form, staff can review the documents (as secure pdf’s) via a web portal. The verification is recorded in a full audit trail, with a host of different customisable reports available.
Stordoc will significantly improve your company’s regulatory compliance, mitigating the risks of non-compliance and fraudulent transactions. The performance of the uploaders and the quality of the scanned images will be significantly improved (as the image quality is guaranteed). The entire process will become transparent and measurable – raising efficiency levels. Proper reporting will be available and FICA records are indexed and easily searchable for audit purposes. Finally, by removing paper from the process makes it far quicker and cheaper. Stordoc will help to reduce fraud, due to the following features:
  • Level of FICA/RICA Training:
  • The compliance training is of a very high quality and all attendees also have to pass an online assessment
  • Database verifications:
  • Home Affairs records
  • Various other sources – to the verify contact details and residential addresses
  • Enforcement of your FICA/RICA rules (in the system)
  • This forces staff to comply (up front) and is a major risk mitigator
  • Your compliance officer can set, change and enforce your FICA/RICA rules instantly
  • Review Process:
  • Every single upload can be checked by a designated reviewer (with tiered levels of checking available)
  • Quality of scanned documents:
  • All documents are guaranteed to be of a high and consistent quality.


Other products and services from LAW Compliance

11-11-2011

Services

With several years of dedicated focus on all aspects of the legal, regulatory, compliance and anti-money-laundering parts of legislation such as FICA and RICA (and various related international law), the company can offer a range of specialist and expert services. In summary, our many years of expert knowledge and experience in legal compliance, will assist your business to meet the many demanding regulatory requirements you face.