New Report Reveals Companies Struggle To Manage Electronic Records
Bob Brennan, 28/01/2010, posted in "Analysis"
Bob Brennan became president and chief executive officer of Iron Mountain in June 2008, after having been the company's president and chief operating officer since November 2005. As president ...more info
Bob Brennan became president and chief executive officer of Iron Mountain in June 2008, after having been the company's president and chief operating officer since November 2005. As president and CEO, Brennan develops and implements global operating strategies to drive growth, enhance customer service, and ensure consistency and efficiency across the organisation. He oversees the company's operations in North America, Europe, Latin America and Asia Pacific, the worldwide Digital business unit, as well as all enterprise support functions including human resources, information technology, security and global standards. Brennan first served as Iron Mountain's president of North America when he joined in November 2004 through the acquisition of Connected Corporation, where he was chief executive officer. Prior to Connected, Brennan was a general manager with Cisco; he also served as CEO of American Internet prior to its acquisition by Cisco. Earlier in his career, Bob held a series of increasingly senior general management positions at MicroAmerica and Merisel, both leaders in the distribution of technology products. Brennan holds a bachelor's degree in psychology from Manhattan College. ...less info
A report released today finds that whilst many organisations (80%) have command of the basics for managing physical records, less than one in four (23%) have established policies that cover electronic records – e-mail, images and other forms of digital data.
This disparity is further complicated by several macro trends: the explosive growth of electronic information; growing consumer concern about how their data is protected; the expanding regulatory environment governing records management; and heightened litigation demands.
Simply put, managing records is about managing risk. The organisations who understand this have developed enterprise-wide programmes that provide them quick access to information, manageable storage costs, and peace of mind that they’ve made good-faith efforts to comply with increasing regulatory requirements.
Whilst the majority of the respondents were based in the U.S., a large portion of them represented international operations. Key findings of the report include:
64% of companies are committed to improving their records management programmes
The majority of organisations surveyed have only basic records management programmes in place. These include formal records policies and procedures, retention schedules, offsite storage of critical backup tapes and hard copy records, and systems for rapid records retrieval. These basics constitute the underpinnings of any compliant records management programme; companies looking to go further need to consider polices and procedures for electronic records, employee training and compliance auditing.
Companies with the strongest records management practices employ formal programmes governed by multi-disciplinary teams across the organisation
These organisations tend to be larger companies in more highly regulated industries or those that have faced trigger events like a compliance audit or litigation fine. They effectively use cross-functional steering committees to set guidelines and company-wide policies for records management compliance. Those with less mature records management programmes tend to be smaller and have not experienced trigger events to compel them to establish formal programmes.
54% of organisations surveyed use an enterprise-wide retention schedule for the proper preservation and destruction of information
A records retention schedule, a guide for how long organisations must store information before destroying it, provides the blueprint for compliant records management practices. Yet only 48% of organisations surveyed have records retention schedules that address hard copy and electronic records. The absence of a proper retention schedule can undermine an organisation’s best efforts to manage its information assets, opening the company up to considerable risk for possible legal and regulatory infringements.
Less than one third of companies have formal methods in place for accessing and managing electronic records for legal discovery
Despite growing volumes of electronic records, organisations remain better prepared for accessing hardcopy records than electronic records. (In comparison, two out of three companies have a quick retrieval process for their hardcopy records.)
Almost two out of three companies do not conduct regular, across-the-board employee training programmes
Only 37% of organisations surveyed conduct any form of records management training. To be effective, an organisation’s compliance programme requires rigorous ongoing education with employees; this education will help create enterprise-wide awareness of – and adherence to – company policies for storing, accessing, and destroying information in compliance with regulations.
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