“In the wake of the financial crisis, several nations initiated regulatory reforms that create prescriptive and granular information governance requirements.”
– Information Governance in a New Era
[/vc_column_text][button title=”DOWNLOAD NOW” type=”linkbutton” color=”blue” align=”aligncenter” url=”http://iginitiative.com/reports/482-2/” target=”_blank”][imageeffect image=”146″ align=”aligncenter” alt=”IGI Special Report” target=”_self” width=”400″][vc_column_text]Karen, associate general counsel at a global media and entertainment conglomerate, was having a bad day. She was on the phone with outside counsel, and the news was not good. During the discovery phase of a critical case, her lawyers had made a mistake – a big one. Counsel had represented that the company turned over all the evidence in the case – but they had not, despite three months of round-the-clock work with IT and the records managers that resulted in turning over millions of email messages and thousands of boxes of paper records. Now, the lawyers had discovered a cache of old backup tapes in a closet in Boise and a half a dozen storage lockers full of paper records in Slough. This was going to be painful.
Six months later, after the smoke had cleared, Karen called for a post-mortem. They had avoided a deathblow sanction but were eventually forced to settle for millions more than the worst case projection. Even worse, they had exposed their flank for future cases.
Karen wanted answers.
Why doesn’t a company of our size and sophistication know what information it has and what it doesn’t? Why does it take months of work and hundreds of thousands of dollars to find and produce the responsive information? Why are we keeping all of this information? Does the law require us to keep it? Does it have any value to us? Do we have any repeatable way to decide what to keep and what to throw away? Finally, who owns this problem?
IT throws up their hands and says, “Hey, garbage in, garbage out. We just run the systems, but the business owns the information.” The business isn’t buying it, and legal is left holding the bag.
Across the globe, people like Karen in organizations of all sizes are asking the same questions. We may live in the Information Age, but many organizations are stuck in the Stone Age – effectively piling their information in a dark cave and hoping that nothing bad happens.
Unfortunately, hope is not a valid strategy in an increasingly complex and consequential records management environment – an environment in which new, complex laws and regulations dictating the retention and management of specific information are created seemingly every day. This is an environment in which developing nations are modernizing regulatory regimes and creating new information governance requirements at the same time. This is a world where information is exploding, especially the most challenging kind of information to manage – unstructured information.
In this Information Governance Initiative Special Report we explore recent key developments in information governance and their impact on global organizations.
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