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Compliance and Records Management: Less than a Quarter of Companies Follow Through on Data Retention Policies
Most companies understand the fundamentals of Compliance and Records Management. As many as 98 percent of large Fortune 1000 companies say that they understand the importance of the notion of record retention and destruction. The problem is though that companies aren’t doing their job. Only 22 percent of companies felt that they are fully up to the task of performing retention and destruction in a way that is fully defensible. Those are the findings of the Compliance, Governance and Oversight Council.
What’s the problem? Companies cite the bureaucracy of their companies and the lack of cross communication between departments and agencies when handling data and records. Also cited were legacy data management systems that seem to impede rather than help in the location of data and information.
Only a third of companies have a company-wide policy around the coordination of the records involved in legal holds. What’s lacking is just communication between the IT, Records and Legal groups is just about keeping a list of all active legal holds and the records and data involved in each of those hold packages. 85 percent of companies say that they need new policies in order for governance to be effective in their organizations. Most companies point to a better way for IT, Records and Legal to interact as the starting point for the change to occur.
