GRC Journal - (Page 14) INSERT HEADING Governance, Risk & Compliance Act Now to Avoid Problems Down the Road RANDOLPH KAHN, ESQ, Founder of Kahn Consulting, Inc., says mismanagement of electronic information generated in businesses can lead to serious problems with the law. PROACTIVE eSTUFF MANAGEMENT: The new Federal Rules for Civil Procedure, which went into effect on Dec. 1, 2006, outline new requirements for the discovery of electronically stored information. How will these new rules affect most businesses? What are common problems to overcome? Almost all business information created today is in electronic form. And for most companies, this information resides within various computers throughout the institution. Thus, finding, sorting, and reviewing all of that information – whether for an audit, investigation, or litigation – can be extremely timeconsuming and expensive. The question becomes, can companies satisfy their legal responsibilities in an efficient, productive, and cost-effective manner? The answer is that they can – they just need a proper plan in place. Most organizations today don’t have control over their information, which only makes electronic discovery that much more challenging. To address those challenges, managers need to know what information exists and where, who owns that information, and what system it’s parked on. In addition, companies should have good records management and information management policies in place. And companies should consider developing robust legal hold policies 48 BTQ Business Trends Quarterly Q1 2007 | www.btquarterly.com http://www.btquarterly.com
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