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Www.frostbrowntodd.com Grant S. Cowan Information Management & eDiscovery Practice Group.

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Presentation on theme: "Www.frostbrowntodd.com Grant S. Cowan Information Management & eDiscovery Practice Group."— Presentation transcript:

1 www.frostbrowntodd.com Grant S. Cowan Information Management & eDiscovery Practice Group

2 www.frostbrowntodd.com Grant S. Cowan IMeD Practice Group FBT IMeD Practice Group Cross-Departmental 15 Lawyers IT personnel Counsel clients regarding various records management issues, including drafting and reviewing of records retention policies Assist clients with electronic discovery issues, including document review projects and responding to document requests and subpoenas

3 www.frostbrowntodd.com Grant S. Cowan IMeD Practice Group ARTHUR ANDERSEN DECISION Destroying records is not a crime “‘Document retention policies,’ which are created to keep certain information from getting into the hands of others, including the Government, are common in business.”

4 www.frostbrowntodd.com Grant S. Cowan IMeD Practice Group ARTHUR ANDERSEN DECISION “It is, of course, not wrongful for a manager to instruct his employees to comply with a valid document retention policy under ordinary circumstances.”

5 www.frostbrowntodd.com Grant S. Cowan IMeD Practice Group 2005 Electronic Records Management Survey Surveyed over 2000 records management personnel 87% said their organization had a formal records management program 32% evaluated their program as Marginal (11%) or Fair (21%) 29% follow their retention schedule either Not Regularly (18%) or When Time Permits (11%) 43% do not include electronic records in their retention schedules 49% do not have a formal e-mail retention policy 43% do not have a formal system in place for litigation hold orders 53% do not include electronic records in their organization’s litigation hold

6 www.frostbrowntodd.com Grant S. Cowan IMeD Practice Group Why Do You Need A Records Management Program (Or Why Do You Need To Follow Your Records Management Program) Improved Operational Efficiency RIM Program documents the Company’s records—records it creates, receives, and uses RIM Program categorizes and indexes the Company’s records RIM Program allows the Company to readily access those documents

7 www.frostbrowntodd.com Grant S. Cowan IMeD Practice Group Why Do You Need A Records Management Program Consistency in Records Disposition Companies often have different rules and procedures for records management across business units RIM Program ensures records are managed in a systematic manner that conforms to the Company’s records information management policy.

8 www.frostbrowntodd.com Grant S. Cowan IMeD Practice Group Why Do You Need A Records Management Program Consistency in Records Disposition A valid RIM Program reduces the chances for inconsistent, reckless, or inappropriate or accidental destruction of information.

9 www.frostbrowntodd.com Grant S. Cowan IMeD Practice Group Why Do You Need A Records Management Program Compliance with Legal/Regulatory Requirements Most organizations are subject to some statutory requirements governing the creation, maintenance, and retention of records. RIM Program identifies the legal/regulatory requirements and specifies the period of time that records must be maintained.

10 www.frostbrowntodd.com Grant S. Cowan IMeD Practice Group Why Do You Need A Records Management Program Compliance with Legal/Regulatory Requirements Compliance with the RIM Program allows the Company to demonstrate that it manages records in the regular course of business and in accordance with a sound business policy and applicable laws and regulations. In other words, records were destroyed in accordance with a valid document retention policy

11 www.frostbrowntodd.com Grant S. Cowan IMeD Practice Group Why Do You Need A Records Management Program Protection During Litigation/Investigation Routine records disposal must cease when it is reasonably foreseeable that a formal legal proceeding (litigation or investigation) is pending or may be commenced. RIM Program ensures that records are properly handled in anticipation of and during litigation or government investigation.

12 www.frostbrowntodd.com Grant S. Cowan IMeD Practice Group OLD BANC ONE SHAREHOLDER LITIGATION Plaintiff requested various documents Bank One unable to produce many of the documents Bank One did not have a “comprehensive document retention policy” in place Had an “incomplete” and “non-final” policy in place Policy had not been widely disseminated to employees nor did the company take steps to ensure that employees read or followed the policy Took Bank One 10 months to tailor a preservation policy for the litigation Sanction: Bank One not permitted to cross-examine Plaintiff’s financial expert; jury given an instruction as to why Bank One not permitted to cross- examine the expert

13 www.frostbrowntodd.com Grant S. Cowan IMeD Practice Group Why Do You Need A Records Management Program Reduced Space Requirements RIM Program eliminates storage of duplicate records—only the “official copy” of a record is maintained RIM Program provides for the systematic appraisal and disposition of the official copy and any other copies of records thereby reducing storage space requirements

14 www.frostbrowntodd.com Grant S. Cowan IMeD Practice Group Why Do You Need A Records Management Program Cost Containment RIM program contains costs by Minimizing the need to obtain additional filing equipment and/or storage space for paper/microform and tape-based information Minimizing the need to obtain additional hard drives/diskettes/CDs for electronic information Ensuring that prime office space is not used for storing inactive records Controlling the retention and maintenance of duplicate records; and Controlling the document population, of both electronic and physical files, that might be subject to costly document review and production in legal proceedings.

15 www.frostbrowntodd.com Grant S. Cowan Questions


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