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Electronic Records Electronic Records Retention:Retention:
A Pragmatic ViewA Pragmatic View Or Or
““Ya’ Gotta Ya’ Gotta Know When to Hold ‘em, Know When to Hold ‘em,
and Know When to Fold ‘emand Know When to Fold ‘em””
Last May, Wall Street was stunned when a jury ordered white-shoe firm Morgan Stanley to pay financier Ron Perelman $1.58 billion for the bank's role in a botched deal. Almost as stunning as the award: the high-profile case turned on Morgan Stanley's failure to turn over requested electronic documents.
The average U.S. corporation is currently contending with 37 lawsuits — and, increasingly, litigants are demanding to see defendants' digital documents.
You Don’t Have to Manage You Don’t Have to Manage What You Never Created!What You Never Created!
Implement and Enforce Appropriate E-Mail, IM, Text Message, etc., Policies and Procedures that Discourage the Creation of Superfluous ERs that are Potentially Dangerous, Costly to Manage and Store, and Totally Unnecessary!
Bottom LineBottom LineIT executives should ensure that their e-records IT executives should ensure that their e-records retention policy is comprehensive, well documented, and retention policy is comprehensive, well documented, and covers issues such as outsourced arrangements and covers issues such as outsourced arrangements and non-business system use. IT executives should non-business system use. IT executives should investigate the effect of various business arrangements investigate the effect of various business arrangements and procedures in light of their formulation of this policy. and procedures in light of their formulation of this policy. Furthermore IT executives should validate that the Furthermore IT executives should validate that the procedures established as a result of the policy procedures established as a result of the policy effectively address all the tenets of the policy. This will effectively address all the tenets of the policy. This will help to ensure that the enterprise is not left exposed in help to ensure that the enterprise is not left exposed in times of investigation or litigation, should such a times of investigation or litigation, should such a scenario arise.scenario arise.
The Courts currently appear to allow significant discretion when it comes to ERR, Provided the Policy is:– Reasonable– Consistent, and– Rigorously Enforced
Ultimate Responsibility and Authority for Implementation and Enforcement Is Vested in a Specific Individual (i.e., Not a Position, Organizational Unit, etc.)
There is a Clear Record of Compliance Over an Extended Period of Time