SOURCE: PSS Systems

PSS Systems

September 15, 2010 17:00 ET

CGOC Presents the Benchmark Report on Information Governance

MOUNTAIN VIEW, CA--(Marketwire - September 15, 2010) - CGOC, a practitioners' forum focused on data retention, legal hold and discovery practices, held a virtual meeting on Sept. 14th: "A Presentation of the CGOC Benchmark Report on Information Governance." The meeting disclosed critical findings of a CGOC survey on information governance practices which uniquely combined the perspectives of Global 1000 legal, records and IT executives. The session was presented by:

  • Deidre Paknad, CGOC Founder, President and CEO of PSS Systems
  • Lorrie Luellig, Of Counsel, Ryley Carlock & Applewhite and chair of the Information Management Reference Model corporate working group within EDRM

"Across the board, legal, records and IT leaders agree that rigorous discovery and defensible disposal of data is the key objective of information governance yet just 22% of companies are able to dispose of data routinely today because 'people' glue is too often used to link the people who understand information obligations and its value with the people who manage that information in IT. With IT costs averaging 3.5% of revenues globally and the ever-escalating rate of data growth, it is imperative that companies break down the silos in legal, IT and records management to enable more efficient compliance and avoid managing data waste in perpetuity," said Paknad. "While legal leaders are well aware of discovery risks, every CIO will want to be aware of the significant savings effective information governance offers." 

During the session, Ms. Paknad and Luellig previewed the soon-to-be released survey results which highlight the challenges and opportunities, for example, showing:

  • 98% of respondents agree rigorous discovery and defensible disposal of information is a desired benefit and requisite outcome of information governance efforts yet 78% were unable to dispose of data today.
  • 75% agree the key components of an effective information governance program include systematic linkage and transparency across legal, records and IT, an inventory of current legal holds which are more effectively communicated, and actionable retention schedules that are specific to data sources and data sets -- yet less than 1/3 of companies have these elements in place today.
  • While 57% of companies have established an executive committee and are working on information governance, only 25% believe their ownership model is effective and even fewer believe the current form of their retention schedules or legal holds are effective or reliable for disposal of electronic information.
  • 85% cited the need for a new approach with new processes and consistent collaboration across legal, records and IT as the critical success factor. 

Available later this month, the study explores the challenges of overcoming the leadership, ownership, and process management hurdles to effective, efficient information governance. The study is published as part of a CGOC Benchmark Report which also provides readers with a model and tools to benchmark their own processes, assess their risk and cost reduction opportunity, and galvanize the organization with a program office template. The study was conducted in collaboration with the Information Management Reference Model project within EDRM.

PSS Systems is the charter and founding sponsor of CGOC. Other CGOC sponsors include IBM, PricewaterhouseCoopers, Huron Consulting, LECG, Hunton & Williams, and many others.

About CGOC
CGOC, the Compliance, Governance and Oversight Council, is a community of experts in retention, preservation and privacy. Its charter is to create a forum in which legal and compliance executives can get the insight, interaction, and information they need to make good business decisions. Established in 2004, it fills the critical practitioners' gap between EDRM and The Sedona Conference. CGOC offers corporate litigation, discovery, and records management leaders and practitioners with educational seminars, benchmarking surveys, group workshops, an annual Summit and retreat, white papers by expert faculty, a professional networking website, and regional working groups. Membership in the forum is free to qualified executives. Learn more at www.cgoc.com.

About PSS Systems
PSS Systems helps companies eliminate unnecessary legal risk, and discovery and data management costs. Its Atlas Suite is the recognized leader in information governance with customers like Abbott, BASF, ConocoPhillips, Devon Energy, First Data, GE, Pfizer, PricewaterhouseCoopers, Travelers, and Williams. PSS is the innovator that started the legal holds market in 2004 and has the largest concentration of customers and domain experts anywhere. PSS is a trusted business partner to its customers, offering expert insight, best-in-class software, and continuous innovation to address emerging challenges. PSS founded and sponsors the Compliance, Governance and Oversight Council (CGOC) as a part of its commitment to advancing corporate retention and preservation practices. The company is based in Mountain View, California. For more information, visit www.pss-systems.com.

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