A poll by Storage Expo of the 343 organisations found that 7 out of 10 do not have the mechanisms in place to destroy regulatory-expired records.
The problem is that this data requires money to support it, opens up potential for misuse and investigation, and without removal will continue to foul up storage facilities for an organisation.
The softest consequences of failure to control the archiving schedules for data is that it requires continued investment to support its existence – the hardest consequence is that it demonstrates weak IT governance and lays an organisation open to prosecution or fines.
According to Jon Collins, Service Director, Freeform Dynamics, “Compliance may have lost its shine as a buzzword, but organisations around the world are being subjected to increasing numbers of regulations that require enforcement through the preservation or destruction of records after a certain date. It can be a minefield to pick through, and it is unsurprising that many organisations find themselves lacking.”
At Storage Expo 2007 the subject of data storage, records and compliance will be covered in a number of keynotes and seminars including the keynote led by Jon Collins, Service Director, Freeform Dynamics which will discuss Governance, Liability and Responsibility from the often overlooked issue of getting rid of information.
Ensuring that data is stored, archived and destroyed in accordance with legislation and regulations is both a technological and process driven problem. Jon Fell, Partner, Pinsent Masons and Greg Gawthorpe, Technical Operations Team Leader, CMC Markets will take part in this keynote to review some of the techniques that can be employed, and the consequences of poor data death control.
PJ Di Giammarino, CEO, JWG-IT who is chairing the keynote on Compliance and MiFID at Storage Expo 2007 states "The Markets in Financial Instruments Directive (MiFID) introduces a fundamentally new requirement for record keeping, in which the financial institution is now accountable for storing and retrieving both structured and unstructured data in the context in which it was created.
This moves the EU towards a world where the financial institution is guilty until it can prove its innocence and the customer can, and will be encouraged to take the bank to task and prove that they are executing its business both effectively and efficiently across long periods of time - up to the lifetime of the client relationship.
If a financial institution is unable to effectively track, retrieve and destroy its data according to agreed business priorities it will be exposed to increased customer and regulatory risk as of 1 November 2007.
Perhaps the more fundamental problem, however, is the negative effect that a skyrocketing number of terabytes will have on the cost/income ratio. Leading firms are only just beginning to tackle these challenges by deploying technologies which are now proven in other industries".
November 1st is the deadline for UK Financial firms to comply with Markets in Financial Directive Instruments in what is expected to be one of the largest compliance issues the financial sector has seen in a decade. PJ Di Giammarino, CEO, JWG-IT and Phil Higgins, CEO, Brookcourt will participate in a keynote on how MiFID will impact on data storage.
MiFID will govern all transactions from core investment business, as well as some activities of retail banks and other organisations that have financial transaction elements. 2007 is a significant year for compliance, and this session will explore the impact on companies of the latest swathe of compliance law that is coming into force.
Information to date indicates that many organisations are behind the adoption curve on where they should be, with potentially catastrophic consequences for future trading operations.
This lecture is not just for those in the financial sector – Compliance legislation, governance and liability affect every organisation – and where the finance sector leads, other markets follow.
With detailed analysis and commentary from the leading experts in the field, this session will help you to understand the significance of the latest wave of compliance regulation and legislation.