| The Rise of Records RegulationsWhile government, | | | | records but the growing need to ensure that |
| legal and healthcare entities have traditionally | | | | individual's information was maintained and destroyed |
| maintained a disciplined approached to records | | | | appropriately, brought a greater focus to retention |
| management, most other industries were less | | | | schedules and destruction policies. |
| regimented. In 2001, the Enron/Anderson scandal | | | | A Global Economy EmergesThe global economy has |
| triggered increased interest among corporations to | | | | been growing at a rapid pace, opening up foreign |
| take records management more seriously. The | | | | investments and double digit growth in developing |
| Sarbanes-Oxley Act of 2002 established new and | | | | markets around the world. India and China led the |
| enhanced standards for U.S. companies to strengthen | | | | way, followed by the flourishing markets of Brazil, |
| corporate accounting controls and established criminal | | | | Russia and Vietnam. The Middle East is thriving and |
| penalties for manipulation, destruction or alteration of | | | | foreign direct investment is having a direct impact on |
| financial records-all of which required more | | | | the economies of Africa. All of this growth has |
| standardization of records management practices | | | | shifted the way organizations are looking at how |
| within an organization. | | | | they manage their business information. |
| With the media spotlight on the industry, records | | | | The investment records management professionals |
| management experienced an abrupt change. Managing | | | | are making in standardized processes in their |
| information shifted from what many perceived to be | | | | American, European or Asian Headquarters are being |
| a very low administrative task to a critical function | | | | rolled out into the developing countries. Similar to |
| affecting the entire staff with accountability | | | | many other industries, they are seeing the value in |
| designated to the most senior levels of the | | | | developing global and regional processes and relying |
| organization. The need to access business information | | | | on global and regional records management providers |
| in real-time grew in line with the emphasis on | | | | to help them educate and implement their policies |
| regulation. Businesses looked to information | | | | around the world. |
| management suppliers for consultancy services, | | | | The Myth of the Paperless Office |
| retention policy counseling, offsite storage solutions, | | | | No one knows the exact origin of the term |
| escrow services and destruction policies. | | | | "paperless office" but it was recorded in a copy of |
| Data PrivacyThe increased use of the Internet and | | | | the U.S. magazine Business Week in 1975-32 years |
| the resulting prevalence of identity theft resulted in | | | | ago. At that time it was predicted that the advent of |
| the Data Privacy Act (DPA) of 1998, with the | | | | the computer would mean that paper would no |
| European Union acting on the need for enforceable | | | | longer be used in business. That prediction has |
| data privacy laws. A set of rules were created to | | | | certainly not come true. People still want to print |
| govern how personally identifiable information is | | | | out-quickly, flawlessly and in vibrant color. In a world |
| stored and used, and was adapted in many other | | | | of multiple vendors with incompatible systems and an |
| countries, including the United States. This option | | | | influx of new regulatory requirements, hard copies |
| created a Safe Harbor for those U.S. organizations | | | | are the reality. |
| that want to exchange data with E.U. countries freely | | | | In line with stringent regulatory requirements, having |
| so that any organization that was certified as having | | | | real-time access to the information that's embedded |
| complied with the U.S. Department of Commerce's | | | | in hard copies is imperative. Records management |
| provisions of data privacy were deemed to have | | | | professionals became aware that despite the hype, |
| Safe Harbor with the E.U. data privacy directive.When | | | | they would have to find solutions to transform their |
| an organization voluntarily certifies itself to Safe | | | | hard copies into electronic data. Providers developed |
| Harbor, it agreed to follow the provisions of | | | | solutions using new technologies such as scanning, |
| information handling and held responsible for adhering | | | | imaging, data conversion and data hosting, to help |
| to those principles. | | | | their clients manage, access, protect and archive |
| Data Privacy also became an issue of interest for | | | | both their hard copies and their electronic business |
| records management professionals. Their role had | | | | information. |
| traditionally been primarily to protect an organization's | | | | |