Category: Legal Technologies
22 August, 2012
Regulatory compliance is one of the most difficult issues that information governance and e-discovery professionals face, according to new survey.
Research from the Legal Exchange Network found that 78 per cent of European corporate counsel state that compliance is their biggest challenge and 63 per cent reported that managing their data was becoming increasingly difficult.
Many also reported that embedding company-wide policy was a key obstacle, especially when trying to balance data privacy with data protection laws on a global scale.
It follows a recent study by AIIM, the global community of information professionals, which emphasised the importance of businesses managing information correctly.
"Legal fees, fines and damages could be reduced by 25 per cent if companies applied best practices to records management, security and e-discovery. However, only one per cent of the respondents believed their organisations were following best practices," the report stated.
This is an increasingly important issue for businesses to tackle, as data is increasing exponentially. Figures show that litigation and regulatory investigations as a result of poor data compliance are on the rise, too.