If you don’t make it to the the AIIM Community often, I’d recommend you click on over and check out a post by Jim Merrifield entitled, “Information Governance Is Your Fitness Goal For 2014.” One of the things he talks about in the post is defensible disposition and how three benefits of defensible disposition are as follows:
- Reduce Storage (physical and electronic content) and Other Operational Costs
- Reduce Legal Fees in connection with eDiscovery
- Reduce Risk Exposure
One organization in the financial sector recently learned the cost of improper information governance by facing a 3.75 million dollar fine from FINRA for the illegal disposition of information. Barclay’s Capital Inc. failed to preserve electronic records and certain emails and instant messages for at least 10 years in an unaltered condition. Outside of millions of emails and instant messages this includes “order and trade ticket data, trade confirmations, blotters, account records and other similar records.” You can read more at the Wall Street Journal in, “FINRA Fines Barclays $3.75M for Systemic Record and Email Retention Failures.” The full report from FINRA is also available as a PDF.
In Merrifield’s blog post he states that many records managers struggle with getting a seat at the table:
Maybe at your organization you are not getting the respect you deserve. Perhaps no one is listening to your strategy or ideas on managing and controlling your organizations information. In most organizations, the CIO looks to IT to make the information management decisions. In my opinion, this is one of the biggest mistakes an organization can make. Why? Because IT doesn’t care about managing information, they care about servers and infrastructure.
If you are in an organization where you have Aretha Franklin on repeat asking for a little, “R-E-S-P-E-C-T” then point the C-Level execs to the Barclay’s report and give 3.75 million reasons to give you respect.