Originating Author: David Floyer
Projecting forward to the year 2012 and looking at a best-of-breed records management system, it is easy to see the benefits derived from reduced corporate exposure and improved productivity. With regard to an organization's ability to recreate a sequence of events, decisions and transactions, there is no difference between structured and unstructured information. All pertinent information surrounding a business process can be readily accessed.
Systems are in place to identify and eliminate “rogue” elements that could be used by opposing counsel. In addition systems can differentiate “work-in-progress” records (e.g. stored chat about a potential liability) from final outcomes and eliminate extraneous and potentially damaging information. Internal audit functions have been radically simplified and enhanced by the improved access to information. More accurate institutional memory and access to information has led to significant improvements in business processes, although there are still some complaints from lines of businesses about the overheads of establishing and complying with record creation policies.
Action Item: CIO's must work with the business to sell the imperative of records management justified on the basis of risk reduction (initially) and improved productivity (longer term). IT governance committees should include representation from the CEO and general counsel that support the creation of a cross-functional team, with a dedicated champion, to focus on records management. Business functions must collectively agree that the reduction in their freedom to operate is easily offset by the benefits of this initiative.
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