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Records Management is all about classification and retention policies. Most organizations understand the concepts, but the implementation can be hard. The area that turns out to be the stickiest for most companies to come to grips with is record destruction.
In a recent CGOC (Compliance, Governance and Oversight Council) forum on retention and e-Discovery, CGOC Founder Deidre Paknad attributes part of the problem to a breakdown between legal, records and IT groups within an organization.
Paknad said that “across the board, legal, records and IT leaders agree that rigorous discovery and defensible disposal of data is the key objective of information governance yet just 22% of companies are able to dispose of data routinely today because ‘people’ glue is too often used to link the people who understand information obligations and its value with the people who manage that information in IT. With IT costs averaging 3.5% of revenues globally and the ever-escalating rate of data growth, it is imperative that companies break down the silos in legal, IT and records management to enable more efficient compliance and avoid managing data waste in perpetuity. While legal leaders are well aware of discovery risks, every CIO will want to be aware of the significant savings effective information governance offers.”
98 percent of the attendees at the forum said that defensible disposal of records is their goal, yet 78 percent said that they are not able to properly dispose of their data.
85 percent agreed that better processes and collaboration between IT, legal and records is the best way to fix the problem.