As Japan’s Electronic Document Storage regulations are now in effect, many SMEs are contemplating whether it’s feasible to meet these requirements independently. Let’s explore the complexities and challenges involved in this undertaking.
The Complexity of Compliance
The regulations mandate not only the storage of electronic financial documents for up to 10 years but also the implementation of Japan’s standard for secure timestamping. This involves sophisticated technological solutions.
To review what the requirements are, refer to the previous article: How Do I Meet the Electronic Document Storage Regulations?
Developing a Tech Solution
- Timestamping Compliance: Adhering to Japan’s timestamping standards requires a tech solution that aligns with the National Institute of Information and Communications Technology (NICT) guidelines. Developing such a system in-house can be a complex and resource-intensive endeavor.
- Long-Term Storage Infrastructure: Provisioning and maintaining a storage infrastructure that can securely preserve data for a decade is a significant undertaking. This involves ensuring data integrity and protection over an extended period.
Cost Implications
- Development Costs: Creating a custom solution that meets all regulatory standards involves substantial development costs.
- Storage and Maintenance: The ongoing cost of maintaining a robust storage system, along with the necessary security measures, can be substantial.
- Technical Team: Employing a team of technical staff to develop, deploy, and maintain this system adds to the overall expense.
Operational Challenges
- Project Scale: Undertaking such a project requires significant technical expertise and management oversight.
- Maintenance Program: Continuous monitoring and updating of the system to ensure compliance and address any emerging security threats.
Time Constraints
- Considering that these regulations are already in effect, businesses are under time pressure. Developing and implementing a comprehensive system from scratch now may be challenging.
Conclusion
The task of independently meeting Japan’s Electronic Document Storage requirements is a formidable one, involving significant complexity, cost, and technical prowess.
Call to Action
Rather than bearing the burden alone, consider a ready-made solution. Paradigm offers a comprehensive, compliant, and cost-effective alternative to managing electronic document storage. With Paradigm, you can ensure compliance without the hassle of developing and maintaining complex systems. Explore Paradigm’s solutions today for hassle-free compliance.