Survey reveals information governance gaps

Ediscovery vendor Epiq Systems has found that while more than three-quarters of the corporations it surveyed feel confident in their ability to locate key data in the face of litigation or investigation, only around half of these continually monitor and update their data map, suggesting such confidence may be misplaced.

Epiq surveyed senior-level decision-makers within leading blue-chip businesses across four European regions – the U.K., Germany, Switzerland, and the Netherlands – to establish broad eDisclosure and document review trends within the corporate sector.

"The capture, storage and retrieval of data is a constantly evolving challenge, complicated by the sheer variety of connected and mobile devices that now generate data," said Martin Bonney, director, international consulting services, Epiq Systems. 

"Regulatory deadlines for document production can be as short as 14 days. If data is not continually assessed, the ability to respond to requests quickly, accurately and defensibly is severely tested."

Respondents also revealed three additional key data mapping challenges:

68 per cent of major corporations believe that growing data volumes, and the variety of devices on which that volume is now generated, cause challenges related to the safeguarding of information and data privacy

60 per cent of respondents report that growing data volumes generated by an increasing variety of devices make it difficult to identify where information is stored

Increasing data volumes will lead to increased legal costs according to 56 per cent of respondents

Martin Bonney continued, "It is not enough to adopt an irregular pattern of data monitoring. Leading businesses are recognising the benefit of partnering with experts to adopt a pro-active, continual approach to information governance."

Methodology: Survey conducted by telephone in November 2013, targeting 100 respondents from large "blue chip" companies (defined as having more than $US500M annual revenues but with the majority in the study – 74 per cent - having more than $US1B annual revenues) in UK, Germany, Netherlands and Switzerland. The largest European organisations in Manufacturing and Construction; Retail; Financial Services; Utilities; Pharmaceuticals; Professional Services and IT/Telecoms took part. Respondents were typically the CFO/Finance Director, Head of Compliance/Compliance Director or the Head of Legal/Legal Director/Head of Counsel.