Survival in a FinReg world

With the much publicised introduction of FinReg last week, what effect will these new regulations have on enterprises and the way in which they must now manage their information?  Below are four ‘must haves’ for survival in the new FinReg world.

1. Classify content as it is created

A huge challenge is the ability to know where and how to look for and find relevant content.  For most enterprises, the vast majority of their content sits unclassified in myriad different places, making ‘findability ‘exceedingly difficult, costly and time consuming.  Classifying enterprise content up front not only makes regulatory response much quicker, easier and less expensive, it allows everyone else in the company – including the ones who are trying to actually make money for the organisation – to use information much more effectively.  Regulators have already begun doing this, and enterprises must do the same.

2. The ability to search, collect and assess ESI instantly

Self-collection and forensic imaging simply won’t work in FinReg responses; what is required is the ability to conduct targeted collections using sophisticated search tools that can index hundreds of different file types; such sophisticated search capabilities must be part and parcel of the collection capabilities.  Additionally, ECA (early case assessment) must be conducted at this stage (not weeks after) as there simply won’t be enough time to wade through mountains of ESI to find the key set of materials that will make or break a case

3. Keyword search alone isn’t enough

Concept search is ready for prime-time, and FinReg may just force it on stage.  Keyword only search has always been extremely inaccurate; now with large volumes and short turnarounds, regulated companies will have no choice but to employ more powerful search capabilities.  And regulators will have neither the time nor the incentive to negotiate keyword search terms, so companies will be on their own to find a better way

4. Use technology to quickly & accurately identify the 5-10 percent that matters

This may be the most critical element, as companies will face a stark choice: either use powerful analytics tools (like Predictive Analytics or Predictive Coding) to find key documents quickly, or see risk skyrocket by flying blind.  For large enterprises, this is one risk that shouldn’t be worth taking

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