Blog

Records Management and Your Company

Marketing Team - Thursday, September 11, 2014

Why should your company be concerned with records management?

As we look around within our companies today, it is obvious the pace of business is not getting any slower. If anything, it's increasing. We can thank evolving technology for enabling us to be connected and productive around the clock!

The result of our productivity is being felt by CIO's and Records Managers within our companies. These individuals are expected to manage the volume of both physical documents as well as electronically stored information. For example, in one industry all 50 states have enacted a combined 950 statutes and regulations that include a reference to how records are to be retained and made accessible. Now with the Dodd-Frank Act of 2010, some companies must be prepared to provide timely responses to requests for information. Failing to comply with any one of the regulations or statutes can result in a company being fined, facing sanctions or in a worst case scenario having their license revoked.

We entrust our IT and records management departments to keep our information in order, while also enabling us to decrease the time it takes to find and retrieve information. Add to this our expectation that they will ensure our companies maintain compliance with legal and regulatory requirements and keep us out of trouble.

Companies must have ready access to their information in order to provide timely responses to requests for information by regulators and consumers. Let's consider for a moment the number of businesses and individuals who ask us for information daily and the broad spectrum of locations where we have to go to find this information. As we reflect on that scenario, it should not be surprising to hear that studies have shown knowledge workers spend 25% of their time searching for needed information.

Industry Trends

Back in 2010, AIIM, a non-profit enterprise content management association, conducted a study to evaluate the management of electronically stored information. In 57% of the responding organizations, senior management reported more or much more awareness of records management risks to the business.

Yet, with the increased awareness of records management risks, only 43% of respondents believe that they have achieved integration of their records and information management policies across their organization. The impact of not having proper management over information is being felt. For 31% of respondents, a lack of complete electronic information has been an issue with regulatory authorities and for 35% it has been an issue in a court case.

In the latest polls taken within the industry, these numbers have not improved significantly. 

How does your company compare?   

Cheryl Ahrens Young, CIP, CDIA+, CTT+, APMD

HSMG / Western Integrated Systems

Southern California Office

Direct: (714) 997-3700 ext 31

Mobile: (626) 824-1628

Email: Cheryl.Young@hsmg.biz

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