The Sarbanes-Oxley Act o 2002 and the Supreme Court’s amendments to the Federal Rules o CivilProcedure in 2006 are two o many regulations that have changed the rules or records managementand litigation readiness during the past decade. The momentum o change in Records Managementand litigation readiness which got initiated by HIPPA regulation o 1996 and The Sarbanes-OxleyAct o 2002 has been kept on the ore ront with Supreme Court’s amendments to the FederalRules o Civil Procedure in 2006 or most recent Dodd Frank Reorms or recent Patient Protectionand Aordable Care Act o 2010. The impact has been to signicantly escalate the value andimportance o records management in the minds o executives. Companies have responded tothose changes by investing in the compliance o their existing policies or establishing new recordsmanagement programs. In addition, records management has become more complex due to thedramatic growth in the volume and types o electronic records a company must manage. Just asorganizations have adapted and retooled their programs to meet these challenges, they are enteringa new era o inormation management. Having invested in their records and inormation manage-ment (RIM), companies and their executives are now turning their attention to quantiying and
rom these initiatives.In this new era, it is widely accepted that a best-practices approach to RIM is essential to managinglitigation and compliance risks. Even while this delivers reduced costs and reduced risks to thebusiness, executives are still asking or increased evidence o the overall value created by theirinvestments in RIM. This heightened scrutiny rom business executives poses a challenge orrecords and inormation managers:
Defning and demonstrating the value that organizations can achieve is becoming more important than ever
. By the mere nature o their roles, RIM managerscreate value every single day. However, the vast majority o RIM proessionals are challenged torame the value appropriately, to measure it and then eectively communicate it to their manage-ment. It is a conundrum: The value is there, but it is not always recognized or clearly delineated.Here’s how this conundrum plays out in the market: Most companies — 78% — are actually lookingto maintain or increase spending on RIM in 2013, according to research rom Forrester Research.This demonstrates concern about the compliance burden and the growing costs and risks o litiga-tion. However, 73% o records managers said that the planned budget increases were insucientto meet their organization’s needs, and 69% said that records management was not a top priorityor the senior executives in their company — even i they do realize that they must have a recordsmanagement program in place. Because records management is not seen as a signicant priorityin many organizations, records managers oten eel they lack clout: Only 13% o records managerssay they have a strong infuence in improving their organization’s inormation governance posture,according to one report.