Playing Catch-up in E-archiving
Many firms still need IT boost to meet e-communications requirements
Changes to the U.S. Federal Rules of Civil Procedure (FRCP), requiring companies to have enterprisewide retention policies for all electronic communications, went into effect on Dec. 1, 2006. As the deadline approached, observers predicted a sea change in corporate attitudes toward e-communications archiving. The new rules will cause companies to "formalize and staff information management programs," said research firm Gartner in October 2006.
More than one year later, the revised FRCP--along with Securities and Exchange Commission rules and guidance from the Financial Industry Regulatory Authority (Finra)--are prodding financial services firms to develop comprehensive e-archiving policies, but many are not complying, experts say. Some firms are not fully aware of the requirements; others may be feeling cost pressures or have been lulled into complacency by their information technology team.
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