Value-Added Records Management: Protecting Corporate Assets and Reducing Business Risks

Value-Added Records Management: Protecting Corporate Assets and Reducing Business Risks

Value-Added Records Management: Protecting Corporate Assets and Reducing Business Risks

Value-Added Records Management: Protecting Corporate Assets and Reducing Business Risks

Synopsis

Buried in paper? As new technologies, threats of litigation, and the onslaught of e-business innovations change the very nature of work, organizations need ways to safely and properly manage information. This revised and expanded edition of Sampson's earlier classic shows how records and information management practices jointly contribute to an organization's financial well being, be it public or private, non- or for-profit. Recordkeeping practices affect business objectives, processes, functions, and ultimately everyone in the organization. This book covers recordkeeping in all media, including paper, microfilm, electronic, and other storage modes.

Instead of focusing on records media and information technologies, Sampson shows why organizations must focus on the content and value of records as they are determined by the organization's operating needs, the government's requirements, and relevant legislation. She shows how to create an essential uniformity in records management, one that integrates the many media systems you use into a single master system. Also included is a cautionary section explaining why skillful records and information management is essential to safeguard an organization's legal rights. This book provides fresh management perspectives and new business strategies, showing how to cope with the growing dependence on electronic records.

Excerpt

No matter how diligently a business tries to identify, understand, and comply with the law, it is inevitable that it will experience some type of government investigation or litigation during its lifetime. In today's litigating society, attorneys are kept busy filing claims and defending their clients against claims involving other businesses, the government, and individuals.

Written contracts and litigators have been eroding the sense of fair play and long-term business relationships so valued in yesterday's business environment. Instead of handshakes and negotiation, differences are settled by attorneys and juries. A growing minority of companies are finding it easier to sue a rival than to compete on a level playing field.

The expenses and losses related to litigation and government investigation traditionally have been viewed as a cost of doing business. But they are only the tip of the iceberg. Whether a company is right or wrong, the legal costs and any related losses could alter the fate of a business. Even a single lawsuit can be potentially ruinous in terms of the time and money spent, damaged company image, and any adverse ruling.

As a result of the explosion of lawsuits, the costs of insuring against them are skyrocketing, along with the jury awards. Estimated annual costs of out-of-court settlements, attorney and expert witness fees, and jury awards in the United States are close to $200 billion. Today, companies are paying product liability insurance premiums that are triple what they paid in the 1970's. The high costs for an organization to defend . . .

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