E-discovery still a problem for financial firms

Data retention has been a huge issue in the Sarbanes-Oxley era. In many ways, it is responsible for the growth in data centers we're now seeing. For some firms, the Federal Rules of Civil Procedure kicked the anxiety to a whole new level. Still, some firms, notably smaller financial services firms, are still struggling with compliance. All the while, the chances of getting burned by a surprise e-discovery case keeps going up. Finance Tech notes this is the equivalent of Russian roulette. The task can seem overwhelming. E-mail archiving alone is a pain. Throw in instant messages and the like, and you've got a bigger headache. This is only going to worsen, so now is the time to get a grip. One idea is outsourcing. But you have to be careful. As the article notes, big Wall Street firms tried this and found the costs were too high; they brought it all back in house. Smaller companies may, however, discover (sorry) a different cost dynamic.  

For more:
- here's the article
- here's 10 tips on how to move e-discovery into the enterprise

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