April 30, 2018

Knowing What to Shred in the Financial Services Industry

Personal data and confidential information of your customers, employees and your financial services firm must be protected. It’s not just good practice. It’s the law.

What to Shred:

Although individual needs may vary, here is a list of what to shred in the financial services industry:

Customer Information

  • Account numbers
  • Personally Identifiable Information (PII)
  • Loan applications and documentation
  • Banking data

Human Resources

  • Job applications
  • Resumes
  • Health and safety documentation
  • Medical records
  • Payroll information
  • Performance appraisals
  • Training information and manuals

Executive Level

  • Budgets and other financial data
  • Correspondence
  • Legal contracts
  • Strategic reports
  • Financial statements

Accounting and Information Technology

  • Customer lists
  • Supplier information
  • Internal reports
  • Payroll statements

Still Confused?

Ask yourself the following questions. If you answer YES to any of the questions, then SHRED the document.

  1. Does it have any personally identifiable information (PII)?
  2. Does it contain information protected by privacy laws?
  3. Does it violate any privacy laws?
  4. Does it share any confidential corporate information?
  5. Does the document list any financial information?

Tips to keep all your data secure

Use the following tips to help keep your data secure and to ensure you don't fall victim of a data breach:

Identify Areas of Risk

Conduct a self-risk assessment and a walk-through of your office to identify areas of risk such as, printing stations, messy desks, and exposed recycling bins. Flag these vulnerabilities and develop policies that can help to remove the risk.

Develop Retention Schedules

All documents have a recommended period of retention depending on their importance. Some may be required to be kept forever, whereas others may be disposed of. Follow document retention schedules to ensure that your office remains clutter free.

Adopt a Shred-it All Policy

It can be confusing when deciding whether or not a document should be shred. By implementing a Shred-it All Policy at your workplace, you ensure that ALL documents are shred - that way, all information remains confidential and it takes the guess work out of what and what not to shred.

Reinforce Policies through Reminders and Rewards

To get buy-in from employees, place posters reminding them of the new policies in place to protect confidential information in the workplace. You can also incentivize good behaviour through rewards such as team member recognition.

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