Iron Mountain to discuss report findings in Jan. 28 Webcast
BOSTON, Jan 26, 2010 (BUSINESS WIRE) -- Iron
Mountain Incorporated, (NYSE: IRM), an information management
services company, today released its second Compliance Benchmark Report:
Best Practices for Records Management, a review of how companies store
and destroy business records to comply with state and federal laws.
Chief among the report's findings is that while many organizations (80
percent) have command of the basics for managing physical records, less
than one in four (23 percent) have established policies that cover
electronic records - e-mail, images and other forms of digital data.
This disparity, further complicated by the continued explosion in the
growth of electronic information, the expanding regulatory environment
governing records management (for example, recent FACTA Red Flag and
Federal Rules of Civil Procedure statutes) and heightened litigation
demands, serve to underscore the challenge facing companies in managing
their electronic records.
"In our mission to help businesses solve information management
challenges, we have developed a unique perspective on how companies
should approach managing records," said Bob Brennan, president and CEO,
Iron Mountain. "Simply put, managing records is about managing risk. The
organizations who understand this have developed enterprise-wide
programs that provide them quick access to information, manageable
storage costs, and peace of mind that they've made good-faith efforts to
comply with increasing regulatory requirements."
Iron Mountain's Compliance Benchmark Report surveyed almost 3,500
individuals within public, private, government and non-profit
organizations across varying industries and sectors to assess the state
of records management compliance. The company publishes the report, in
part, to provide a benchmark for its customers and other organizations
to assess, improve and mature their records management programs.
Key findings of the Compliance Benchmark Report include:
- Sixty-four percent of companies are committed to improving their
records management programs. The majority of organizations
surveyed have only basic records management programs in place. These
include formal records policies and procedures, retention schedules,
offsite storage of critical backup tapes and hard copy records, and
systems for rapid records retrieval. These basics constitute the
underpinnings of any compliant records management program; companies
looking to go further need to consider polices and procedures for
electronic records, employee training and compliance auditing.
- Companies with the strongest records management practices employ
formal programs governed by multi-disciplinary teams across the
organization. These organizations tend to be larger companies
in more highly regulated industries or those that have faced trigger
events like a compliance audit or litigation fine. They effectively
use cross-functional steering committees to set guidelines and
company-wide policies for records management compliance. Those with
less mature records management programs tend to be smaller and have
not experienced trigger events to compel them to establish formal
programs.
- Fifty-four percent of organizations surveyed use an
enterprise-wide retention schedule for the proper preservation and
destruction of information.A records retention
schedule, a guide for how long organizations must store information
before destroying it, provides the blueprint for compliant records
management practices. Yet only 48 percent of organizations surveyed
have records retention schedules that address hard copy and electronic
records. The absence of a proper retention schedule can undermine an
organization's best efforts to manage its information assets, opening
the company up to considerable risk for possible legal and regulatory
infringements.
- Less than one third of companies have formal methods in place
for accessing and managing electronic records for legal discovery.
Despite growing volumes of electronic records, organizations remain
better prepared for accessing hardcopy records than electronic
records. (In comparison, two out of three companies have a quick
retrieval process for their hardcopy records.)
- Almost two out of three companies do not conduct regular,
across-the-board employee training programs.Only 37 percent
of organizations surveyed conduct any form of records management
training. To be effective, an organization's compliance program
requires rigorous ongoing education with employees; this education
will help create enterprise-wide awareness of - and adherence to -
company policies for storing, accessing, and destroying information in
compliance with regulations.
"The report offers a deeper and wider statistical analysis of our
benchmark data than ever before, revealing some interesting insights in
records management maturity," continued Brennan. "It is my hope that it
serves as a useful and educational resource and reference for
organizations looking to better understand best practices and advance
their records management programs."
Organizations can access the Iron Mountain Compliance Benchmark Report
by registering for a free Jan. 28 Webcast titled "New Insights in
Records Management Compliance" at www.ironmountain.com/insights.
About Iron Mountain
Iron Mountain Incorporated (NYSE:IRM) helps organizations around the
world reduce the costs and risks associated with information protection
and storage. The Company offers comprehensive records management and
data protection solutions, along with the expertise and experience to
address complex information challenges such as rising storage costs,
litigation, regulatory compliance and disaster recovery. Founded in
1951, Iron Mountain is a trusted partner to more than 140,000 corporate
clients throughout North America, Europe, Latin America and Asia
Pacific. For more information, visit the Company's Web site at www.ironmountain.com.
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SOURCE: Iron Mountain Incorporated
Iron Mountain
Christian T. Potts, 617-535-8721
christian.potts@ironmountain.com
or
Weber Shandwick
Kristen Georgian, 617-520-7042
kgeorgian@webershandwick.com