Records Management
Regulators in a variety of industry sectors are paying increasing attention to records management practices, imposing penalties for failing to properly maintain records even in the absence of other regulatory violations. Moreover, new laws and regulations are emerging that influence or change businesses’ records management obligations every year. It is increasingly compelling for companies verifying their internal controls to institute an effective records management program across the enterprise.
In addition to creating potential liability under the Sarbanes-Oxley Act of 2002 and other statutes, inadequate record creation, retention and security policies and practices can pose a number of risks, such as:
- Preventing records from being enforceable against parties to a transaction or from being admissible in a legal proceeding
- Impacting the value of financial assets
- Creating liability if records security is compromised
Buckley Kolar assists companies managing enterprise risk in developing records management programs that address legal and regulatory considerations while meeting overall business objectives. Our work with clients for their records management needs includes developing comprehensive compliance programs in accordance with the latest industry practices for management of the full panoply of company records, ranging from traditional paper documents to electronic records. As the overwhelming percentage of new information in business today is stored on magnetic media, there is particular need for companies to develop records management programs that address electronic records.
Because records management affects an entire organization, our services extend beyond simple restatements of legal requirements. We partner with our clients to ensure that our solutions foster both legal and regulatory compliance and increased efficiencies. Where appropriate, in collaboration with records management experts in related fields through our affiliated consultancy, Corporate Risk Advisors, we provide a multi-disciplinary approach for clients by weaving legal and regulatory, business process, policy and IT considerations to develop integrated, practical solutions responsive to their records management needs.
Representative projects include:
- Analyzing and reporting on current records management practices
- Facilitating the development of corporate records management policies and related processes
- Creating record retention schedules customized to the client’s particular legal, regulatory and business considerations
- Assessing the attendant privacy and data security legal and regulatory issues and preparing privacy and information-security policies
- Assisting in the conversion from paper to electronic records
- Training clients on records management programs
Key attorneys in the records management practice group include:
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