The key to better data management? Transparency
“We don’t know what we don’t know.”
That’s a common phrase among records and information management professionals today. Not only do they face ever-increasing volumes of data being created, shared and stored, but the complexity of that data, and changing privacy and compliance standards, pose constant challenges.
Because you can’t manage what you can’t see, effective data governance begins with having a clear view of all of an organisation’s data, across repositories of both physical and electronic records. Modern records and information management systems provide the transparency required to see what data you have and enable automation and other efficiencies to reduce risk and save money.
Why do some law firms continue to use the same data management systems they’ve employed for decades? The general thinking is that system was a significant investment at the time of its purchase and it has seemingly done what it’s supposed to do – so why replace it? What many don’t realise is that this approach exposes their firm to risk as a result.
Automation of workflows promotes the timely review of records scheduled for destruction and aids with the execution of the same. The immediate benefit to firms is the measurable cost savings achieved by no longer paying for the storage of old, unnecessary files
Unlike the outdated legacy systems still in use at some firms, today’s premier records management systems integrate with modern data governance tools that help automate compliance with internal policies, governmental regulations and outside counsel guidelines. This holistic approach improves the management of the full information lifecycle of both physical and electronic records.
The transparency offered by an integrated governance solution allows organisations to clearly see all of their data and actively manage those records against any relevant policies. Automation of workflows promotes the timely review of records scheduled for destruction and aids with the execution of the same. The immediate benefit to firms is the measurable cost savings achieved by no longer paying for the storage of old, unnecessary files.
In addition to these cost reductions, the timely destruction of records in accordance with established policies ensures those records are no longer subject to discovery in a litigation, investigation or compliance inquiry. This mitigation of risk alone is driving more firms to replace their old records management systems in favour of a modern approach to data governance.
Another benefit of the transparency offered by today’s integrated records and data governance solutions is the reporting features available, which are of value not just to solicitors, but to the firm’s clients as well when they seek current information about their data, pertinent to a specific matter or their entire portfolio.
