Increased urgency to reduce risk with RM strategies
Organizations looking to reduce many types of risk would do well to start with a hard look at their records management strategies.
According to a recent AIIM research report “audit costs, legal costs, court costs, fines and damages could be reduced by a quarter if best practice procedures are applied to records management, security and eDiscovery.” The report entitled: “Records Management Strategies - plotting the changes,” shows that institutions are exposing themselves to costly and potentially damaging legal and regulatory action. The AIIM report reveals that many have no comprehensive records management system in place. With more regulations and general scrutiny, there is an urgent need for managing all forms of company records, reducing records duplication and forcing the safe and timely deletion of outdated files.
About the AIIM Report
More than 700 respondents participated in the survey portion of the research. In this Viewpointe-sponsored report, AIIM compares the adoption and success of traditional approaches to records management, the strategies being considered to cope with current and future challenges, and the trend of investments in records management solutions.
Some key findings in the report include:
- Access to records across the enterprise is still poor: 28 percent of respondents consider the accessibility of records to employees across their business to be poor or very poor; with only 4 percent considering it to be excellent.
- The goal of an enterprise records management (ERM) system is still popular but is proving hard to achieve: A single ERM model underlying all content systems is the goal for 58 percent of respondents. Only 9 percent have achieved this, although a further 12 percent have records management (RM) integration across organizational units or subsidiaries. 28 percent have no RM systems.
- Poor records practice can severely harm a company’s reputation: 28 percent have had their records management and security practices criticized or exposed by an auditor in the last three years. 6 percent have been criticized by a regulator, 5 percent by lawyers and 4 percent in the media.
As organizations realize the volume of this information will only continue to grow, there is an increased urgency to face this challenge head on. Read more info and get a copy of the report here.
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