IMR Magazine by Shakep

RECORD MANAGEMENT OCT 2021-FEB 2022 PAGE 2: ABOUT AUTHORS PAGE 6: BAD RECORD MANAGEMENT CAUSES PAGE 3: SERIOUS PROBLEMS FOR BUSINESSES BLOCKCHAIN IN PROFESSIONALS RECORD PAGE 12: MANAGEMENT IMPROVING RECORDS MANAGEMENT PAGE 17: AND SECURITY FOR SUCCESSFUL CONCLUSION BUSINESS PERFORMANCE

UITM KEDAH ABOUT US MUHAMMAD SHAKIF ADID BIN RUSLEN 2021619948 AFIQ HAMZI BIN AZZRI 2021497884 MARDHIAH ZULAIKHA BINTI LUKMAN 2021602878 UNIVERSITI TEKNOLOGI MARA CAWANGAN KEDAH KAMPUS SUNGAI PETANI IMR652 MANAGEMENT OF BUSINESS RECORD KBA246 2A CLASS OF SIR MOHD ABDUL HAFIZ BIN MD RADZI FACULTY OF BUSINESS & MANAGEMENT

UITM KEDAH BLOCKCHAIN IN PROFESSIONALS RECORD MANAGEMENT -by Shakif ABSTRACT You have probably heard of bitcoin, a digital currency that's causing a stir in the financial world by allowing parties to a transaction to exchange money without the use of intermediaries such as banks or credit card processors. However, you are unlikely to be familiar with blockchain, the technology that underpins bitcoin. Blockchain is a crucial technology for records management professionals to comprehend since it has far-reaching implications for securing and verifying WHAT IS BLOCKCHAIN? intellectual property at reduced costs and A blockchain is a decentralised database that is shared among computer network with greater efficiency. nodes. A blockchain acts as a database, storing information in a digital format. Blockchains are well known for their critical role in keeping a secure and decentralised record of transactions in cryptocurrency systems like Bitcoin. The blockchain's novelty is that it ensures the fidelity and security of a data record while also generating trust without the requirement for a trusted third party. HOW IT WORKS? The goal of blockchain is to allow digital information to be recorded and distributed, but not edited. In this way, a blockchain is the foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed. This is why blockchains are also known as a distributed ledger technology (DLT).

UITM KEDAH ADVANTAGES WHY BLOCKCHAIN? Improved accuracy by removing human As we now know, blocks on Bitcoin’s involvement in verification blockchain store data about monetary Cost reductions by eliminating third- transactions. Today, there are more than party verification 10,000 other cryptocurrency systems running Decentralization makes it harder to on blockchain. Due to the size of many tamper with cryptocurrency networks and how fast they Transactions are secure, private, and are growing, the cost to pull off such a feat efficient probably would be insurmountable. This Transparent technology would be not only extremely expensive but Provides a banking alternative and a also likely fruitless But it turns out that way to secure personal information for blockchain is actually a reliable way of citizens of countries with unstable or storing data about other types of underdeveloped governments transactions as well. Some companies that have already incorporated blockchain DISADVANTAGES include Walmart, Pfizer, AIG, Siemens, Unilever, and a host of others. Significant technology cost associated with mining bitcoin Low transactions per second History of use in illicit activities, such as on the dark web Regulation varies by jurisdiction and remains uncertain Data storage limitations BLOCKCHAIN PLATFROM Users and developers can use a blockchain platform to build new uses for an existing blockchain infrastructure. Ethereum, for example, has a native cryptocurrency called ether (ETH). However, the Ethereum blockchain also enables for the construction of smart contracts, programmable tokens, and non-fungible tokens (NFTs), which are utilized in initial coin offerings (ICOs). All of this is implemented on top of the Ethereum architecture and is protected by Ethereum nodes.

UITM KEDAH PUBLIC VS PRIVATE BLOCKCHAIN ON NEWS TODAY A public blockchain, also known as an open In 2017, an Indonesian 18-year-old began or permission-less blockchain, is one in taking a selfie of himself every day. Ghozali which anybody can join and construct a Ghozalu was most likely influenced by node without restriction. These blockchains YouTube videos in which creators must be safeguarded using encryption and demonstrate how they have evolved and a consensus technique like proof of work matured over time. He is now 22, and for due to their open nature (PoW). the past five years, he has snapped a selfie in front of his computer every day without A private or permissioned blockchain, on fail, and as a result, he has become a the other hand, necessitates the approval sensation on OpenSea, the world's largest of each node prior to joining. Because NFT marketplace. Trading volumes of nodes are presumed to be trustworthy, the Ghozali Everyday — his collection on the security layers do not need to be as strong. platform — have now surpassed $1.2 million, a life-changing sum of money for a man who is yet to graduate from college. More than 500 people now own one of Ghozali's selfies — and the current floor price of 0.42 ETH means his selfies are selling for at least $1,300 each. CONCLUSION Blockchain is finally making a name for itself, thanks to bitcoin and cryptocurrency, with many practical applications for the technology already being implemented and explored. Blockchain, which has become a buzzword on the lips of every investor in the country, promises to make corporate and government operations more precise, efficient, secure, and cost-effective by eliminating middlemen. As we approach the third decade of blockchain, the question is no longer whether older organizations will adopt the technology, but rather when. Today, we are seeing a rise in NFTs and asset tokenization. The next few decades will be a critical phase for blockchain development.

Bad Record Management Causes Serious Problems For Businesses -by Afiq In order to maintain regular and effective operations, every firm must keep thorough records. Any firm can keep up with a growing customer base and respond to changes with good records management. Change is unavoidable in a developing firm, and organization must be prepared to adjust to it. Poor records administration may harm business relationships and cause delays in almost every aspect of a firm, from day-to-day operations to accounting and human resources. In circumstances of tax audits, salary disputes, and other difficulties requiring record searching, poor records management methods may be quite costly. As a result, we may conclude that poor records administration can cause a slew of issues. We need to make sure that all records that we are save is correct. Any mistaken of records will ruin our business and also gives us many problems to handle. This is related to receiving or giving information. What happened if we give wrong information to someone? We will be mad by them. This is because they will do the wrong thing by following the wrong information that has been given from us. We also had to receive the right information to make sure we do right as the person want us to do

Consequences Of Bad Management Records. Records management procedures Depending on the severity of the that are ineffective can have a problem, poor records management significant financial impact on your may go unnoticed at first, but most will company. Taxes and budget suffer the consequences sooner or considerations need that everything later. To guarantee that their in a company be tracked. Every documents are safe, businesses should company, no matter how large or implement backup solutions. Many little, should have a detailed budget. businesses, especially small, family- Failure to keep accurate records can owned firms, still employ old-fashioned lead to a company's budget being file systems depleted, causing it to spend more than it earns. This can lead to issues with suppliers, payroll, utilities, and other important aspects of running a successful company. If a company fails to keep sufficient records from the outset, it may be forced to file for bankruptcy or close its doors. Sloppy record keeping can harm a company's brand and image, resulting in legal consequences

Modern Method To Avoid Bad Record Management Step 1: Build A Business Plan Segmented goals, growth estimates, and other critical aspirational indicators that indicate the progress of your efforts should all be included in your company plan. A table of contents and a non-disclosure declaration are normally included at the start of the plan, along with standard corporate information such as your address and phone number. It can also include details about the company's history, target consumers, operations, and cash flow, as well as information regarding funding, purpose, and long-term goals. A successful company strategy isn't a given. Many factors influence a firm's potential profitability, but a business plan may help a company get on track.

Step 2: Implement The Plan Implementing the strategy is just as crucial as establishing it, and it's a step that many firms fail to do. You've spent important company time preparing for the future of the firm to offer business direction and a record of previous methods for future comparison, and now it's time to put the plan into action. Don't allow analytical paralysis prevent you from implementing your strategy. It's critical to get the ball moving and make adjustments as you go. Make certain that everything goes according to plan so that you can handle it and the firm can continue to function smoothly as normal.

Step 3: Check Record For Accuracy It's necessary to keep records on a regular basis, but accuracy is even more critical. Never alter records to conceal previous errors or failures in record-keeping. It's critical to start keeping proper records right away, but some small business owners fail to do so due to inexperience or even laziness. Whatever happened in the past, you can always start implementing a more precise records system and assure accuracy from there. It is critical to do regular self-audits of your records. Failure to pass a governmental audit might result in heavy penalties or other legal ramifications that can completely destroy your business operations.

Step 4: Decide Which Record To Keep Or Destroyed The sort of records a company retains is determined by the industry in which it operates. Paper files, digital papers, pictures, invoices, and other records can be found in a variety of formats. Documentary documents regarding the business and features of many operational activities are the most prevalent sorts of records. Spreadsheets can include information on suppliers, goods, clients, and more, and are used in almost every company. To retain correct records, invoices, books, maps, images, personnel data, and other information must be arranged. These documents can be stored safely on a computer, in a filing system, or in an electronic document management system.

UITM KEDAH IMPROVING RECORDS MANAGEMENT AND SECURITY FOR SUCCESSFUL BUSINESS PERFORMANCE: THE ROLE OF NEW MEDIA -by Dhiah THEORETICAL FRAMEWORK RECORDS MANAGEMENT IS AN ESTABLISHED THEORY AND According to Read and Ginn (2007), before 1600, METHODOLOGY FOR ENSURING THE SYSTEMATIC MANAGEMENT the majority of business records were based on simple trade transactions that provided evidence OF ALL RECORDS AND THE INFORMATION THEY CONTAIN of money received and spent, lists of articles THROUGHOUT THEIR LIFECYCLE. bought and sold, and simple contracts. According to International Standard Oxford Learners Dictionary, defined Until the 1950's when computers were first ISO 15489: 2001, records management records management as the activities used in business, records were almost entirely is defined as the field of management designed to control the life cycle of a paper documents. The records properly placed responsible for the efficient and record from its creation to its ultimate in the files. According to Read and Ginn (2007), systematic control of the creation, disposition. The process of changing the manufacturing sector's share of the U.S. receipt, maintenance, use and records, the media on which records Gross Domestic Product (GDP) began to disposition of records, including the are stored and the ways records are decline in the early 1970s. Since then, processes for capturing and used have changed greatly since the information services have contributed more to maintaining evidence of and 1980s. Changes in technology facilitate GDP. This is a significant shift from the information about business activities changes in business method. industrial-based economy of the 1950s. and transactions in the form of records The majority of business records are no longer just records of accounting transaction. Correspondence and information about customers are prevalent because these records are an important resource. Records are stored on magnetic media, microforms, and optical media as well as in paper form. The International Council on Archives (ICA) Committee on Electronic Records 5 definition of a record as, recorded information produced or received in the initiation, conduct or completion of an institutional or individual activity and that comprises content, context and structure sufficient to provide evidence of the activity. Oyedokun (2012) opined that records management is a systematic control of an organization's records throughout their life cycle, in order to meet operational business needs, statutory and fiscal requirements and community expectations.

UITM KEDAH CLASSIFICATION OF RECORDS Common records such as Classification by Place of Use: This correspondence (letters and memos), refers to external and internal reports forms, and books, can appear records. An external record is created on paper, on optical or digital storage for use outside an organization. media or on an organizations intranet Examples of such records are letters, pages. An Organization may receive faxex, or e-mail sent to a customer, these records through regular mail, client, supplier or various branches of electronic mail. Facsimile machines government. Internal records are a (fax), special couriers, or by accessing larger group of records classified by computer networks including the their place of use. An internal record internet and computer intranets. contains information needed to operate an organization. Such records Other types of records are oral may be created inside or outside the organization. Example are the records that capture the human voice communication of a firm and its employees (payroll records, bulletins, and are stored on cassettes and other newsletters, and government regulations). magnetic media. Records are also Classification by Value of the Record stored on film, CDs, DVDs, to the Firm: A manager determines the value of records to the Firm. videotapes, photographs, and Some records are so valuable to a firm that they require special microfilm. Read and Ginn (2007), measures of protection. opined that Records are classified in three basic ways: Classification by use: This includes transaction documents and reference documents. A transaction document is record used in an organization's day to day operations, examples are invoices, requisitions, purchase and sales orders, bank cheques etc. 8 Reference documents on the other hand contains information needed to carry on the operations of a firm over long periods, for example business letters, reports, and interoffice e-mail.

UITM KEDAH NEW MEDIA & RECORD MANAGEMENT As a consequence of the current Document Imaging: Document information explosion, more imaging is an automated system for businesses are investing in new scanning, stroring, 10 retrieving, and technologies as they deal with managing images of paper records in increasing numbers of records an electronic format. A paper document (Read and Ginn 2007). The is scanned into a computer file, thus following are examples of new creating an electronic image of media in records and information document. Scanned document is management. usually large, consequently, optical disk storage is recommended. Electronic Records: An electronic Internet and Electronic Commerce: The internet is a worldwide network of record is a record stored on computers that allows public access to send, store and receive electronic electronic media that can be information over public networks.. Meanwhile, readily accessed or changed. An e-commerce is an electronic method to communicate and transact business electronic record is any information over networks through computers. that is 9 recorded in machine Electronic File Transfer and Data Interchange: Electronic fund transfer readable form. Electronic records (EFT)provides for electronic payments and collections. It is safe, secure, include numeric, graphic, audio, efficient, and less expensive than paper cheque payments and collections. video and textual information Electronic data interchange(EDI) is a communication 11 procedure between which is recorded or transmitted in two companies that allows the exchange of standardized documents analog or digital form such as through computers. electronic spreadsheet, word Enterprise Content Management: (ECM) is a term used to describe the processing files, databases, technologies, tools and methods used to capture, manage, store, preserve electronic mail, instant messages, and deliver content or information across an enterprise or organization scanned images, digital (EMC Roadmap 2005). photographs and multimedia files. (Oyedokun, 2012). Electronic Mail: A system that enables users to compose, transmit, receive and manage electronic documents and images across networks. A variety of electronic mail systems allow users to write and send messages via computers and software.

UITM KEDAH RECORD STORAGE Storage is a process of keeping records or information in a particular place until when they are needed. A school may keep records on a variety of media: paper, magnetic media such as computer disks or tape, and micrographics (documents reduced and placed on film). A good records management system includes a program for analyzing the needs of the organization to determine which storage medium or combination of media is best. Each medium has particular advantages and disadvantages. Storage equipment such as filing cabinets, should be chosen with specific storage media in mind. For example, if your records are on paper, you might use a filing cabinet. This cabinet would not be Storage Media For Records: Oliverio et al (2005) opined that a record may be stored appropriate for filing micrographic using a variety of media as follows: records. You may 12 need file folders to ➢ Paper ➢ Magnetic Media hold paper records, but you would not ➢ Floppy Disks ➢ Tapes use them for storing computer tapes. ➢ Flash Drives ➢ Compact Discs (CDs (Oliverio, Pasewark& White , 2015) ➢ Micrographics ➢ Computer Output Microfilm (COM) ➢ Imaging Systems

UITM KEDAH RECORD SECURITY       Security is the degree of protection against Transferring Records: data or information must be danger, loss, and criminals. It goes without saying that sent to a third party or another location, either within records should be protected both from damage and or outside the organisation, all necessary security unauthorized access. The method of security depends precautions must be taken to protect it while in entirely on the storage method that had been transit. adopted. Where computers are used, confidentiality can be maintained by giving password to a document Authenticity of Records: There are some specific or file which makes it difficult for another user who difficulties with maintaining the integrity of electronic does not know the password to gain access to the file. records.Controlling access to the record or data, Most organizations now store their 15 information in Knowing who has responsibility for and access to the the computer thereby creating more space in the record or data, preventing accidental or malicious office. change as far as possible, Checking the accuracy of     the information or data recorded, at regular intervals. MEASURES USED TO PROTECT RECORDS Preservation of Records: Organizations should Access to Records: The level of security required consider which format or medium to keep records in, for a record will differ depending on its content. and choose that which is most likely to be the most The level of sensitivity of a record should secure. determine its accessibility. When you've determined how sensitive a record is, you'll need Location of Records: Records should be stored safely to consider who needs and who should have and securely, both electronically and physically. access to it. Sensitive documents should not be left on the desk or computer screen when unattended. Preventing Fraud and theft: Two records management techniques - certified shredding and off-site storage- are aimed at keeping your sensitive information secure. Conclusion The primary goal of keeping records is to aid in decision making. When records can be found when needed, this will be possible. As a result of new media, there is a rapidly increasing volume of 17 information available in digital form. Records management is primarily concerned with the preservation of evidence of an organization's activities and is typically applied based on the value of the records rather than their physical format. Unauthorized users should be kept out of records. New Media in Records Management enables electronic management and control of records from receipt or creation to processing, storage, and retrieval, and disposal. The benefit of such a system is that it allows all records management tasks to be completed with a small number of people. (Pasewark, Olivero, White)

UITM KEDAH REFERENCES Hayes, A. (2022, January 20). Blockchain Explained. Retrieved from Investopedia: https://www.investopedia.com/terms/b/blockchain.asp Sephton, C. (2022, January 19). Teen Makes $1M Selling His Selfies in NFT Form. Retrieved from Alexandria: https://coinmarketcap.com/alexandria/article/teen-makes-1m-selling- his-selfies-in-nft-form Sharmila Bhatia, E. Kyle Douglas, Markus Most. (2020, March 12). Blockchain and records management: disruptive force or new approach? Retrieved January 5, 2022, from Emerald Insight: https://www.emerald.com/insight/content/doi/10.1108/RMJ-08-2019- 0040/full/html What Is Blockchain And Why Should Records Management Professionals Care? (n.d.). Retrieved December 16, 2021, from Iron Mountain: https://www.ironmountain.com/resources/general-articles/w/what-is-blockchain-and- why-should-records-management-professionals- care#:~:text=Blockchain%20also%20uses%20a%20distributed,the%20computers%20in%2 0the%20chain. Hillinski, L. (2021, Junes 08). Poor Management Records: Causes, Consequences & Prevention. Retrieved from RED NATIONS: https://www.recordnations.com/2017/08/poor-records-management-causes- consequences-prevent/ https://digitalcommons.unl.edu/cgi/viewcontent.cgi?article=7031&context=libphilprac