spend close to $500,000 to sort through
each carton and determine exactly what’s
Consider a second example: A well-designed and operated filing system with
an effective index can facilitate easy
record, document filing, and retrievals. If
a company with an RIM program in place
acquires another company, it will be able
to quickly integrate the acquired company’s records with its own.
That, in turn, will help the company
ensure its legal/regulatory compliance
requirements are up to date. It will also
allow it to tap the “institutional memory”
of the acquired company’s employees,
some of whom may not stick around for
long after the deal is consummated.
On the other hand, if the company is
looking to sell one of its holdings and the
acquiring company’s legal and/or financial representatives need a variety of on-and off-site data as part of the M&A due
diligence process, the ability to quickly
deliver that data will prevent delays that
could slow or even jeopardize the transaction.
company and its subsidiaries to quickly
access business-critical information and
get back up and running quickly.
Further, it will help management identify and then mitigate legal, regulatory and
other compliance risks, operate more efficiently, and dramatically reduce its data
storage and IT expenses.
As Cantor-Fitzgerald demonstrated
more than 10 years ago, having a solid
records information management and
disaster recovery plan in place is critical to
virtually any business.
Last but definitely not least, remember that change is inevitable. New
laws are introduced, and existing laws
are often revised. Corporate assets are
bought and sold, and each transaction brings the potential for new legal
and/or regulatory compliance commitments.
All of this means you will need to
establish an RIM auditing process.
Audit your processes at least once a
year with either an internal expert or
an external consultant overseeing the
review. In addition to ensuring the
policy is being properly enforced, the
audit will also ensure the RIM procedures are still aligned with the company’s businesses.
In today’s business world, you need to
know what information you have, where
it is and how to get it when and where
you need it. Armed with the information
they need – when they need it –
employees will be able to react, respond, and
complete tasks more proficiently and
If or when a disaster occurs, an efficient
and up-to-date RIM program will allow a