From the Backroom to the Boardroom
Compliance Drives a New Era in Records Management
A key challenge facing senior management, and their IT departments, is legal compliance with recordkeeping. Information assets require records management, which is defined as the policies, technology and management controls for that information. More and more, compliance with industry and government regulations relating to the access, protection and storage of content is prompting a closer look at records management. Records in the Digital Age
Why the current focus on compliance and records management? The well-being of an enterprise or government agency may depend upon their ability to manage records effectively. Today, data management includes having access to the right information and being able to retrieve it at a moment’s notice—it is what regulators want and what best business practices require. For example, with respect to e-mail in U.S. businesses, 14% of companies have been ordered by a court or regulatory body to produce employee e-mail, often on short notice. Legal demands like this will continue to increase with the explosive growth of e-mail.
Records come in traditional formats, as well as any number of newer data sources. Electronic documents, e-mail and instant messages (IM), video, engineering drawings, X-rays and even audio files need to be retained. A critical part of doing business includes capturing, organizing and intelligently accessing all of this information as “content”—no matter the original format of the data. The downside of poor, or no, records management is well documented, both in the legal and business operations sense. For instance, the Sarbanes-Oxley Act can impose fines as well as criminal penalties.
Compliance: A New Facet of Records Management
Compliance isn’t just a technical solution for storing and managing information, but also a set of rules and practices based on business goals and regulations. This is evidenced by the many regulations in place, such as SEC Rule 17, which governs securities firms, or the Health Insurance Portability and Accountability Act (HIPAA) that applies to healthcare providers and insurers. To ensure that compliance is an integral part of the records management program, recognize that all enterprise data has a lifecycle.
The information lifecycle approach is a holistic view that considers information as having a “living, breathing” existence with a beginning, middle and end. As a result, an enterprise should implement appropriate practices that recognize that not all data is created equal. For example, regulations require public companies to retain certain e-mails and IM for at least three years, and then also be able to retrieve them quickly. Using an information lifecycle strategy helps ensure compliance.
An information lifecycle approach should drive today’s records management strategy. As information is created in a myriad of formats, it must be captured and indexed, then stored, protected and made accessible. Subsequently, after its useful or legal lifespan, information needs to be disposed of. Everything can’t be retained forever, nor do you want it to be—again, that’s where the information lifecycle comes into play. Proper disposition eases the burden by reducing storage volumes and limits risk pertaining to future legal liability.
Driving Strategic Change
Organizations must manage data according to its legal and business value—not according to its method of creation. Today the threat of non-compliance with regulations is compelling many businesses to revisit their approach, making records management a new priority. Create a comprehensive information lifecycle management strategy based on the business value of your information. The ultimate goal is to optimize costs and improve management effectiveness, to leverage your investments, and to meet compliance requirements.
LEGATO is a global provider of enterprise-class Content Management software for Information Lifecycle Management (ILM). Through a channel of strategic partnerships and alliances, LEGATO delivers a unique combination of content, storage and availability management software solutions that provides organizations with operational efficiency, improved productivity—and regulatory compliance—coupled with substantial ROI and cost savings opportunities