Records Management
Regulators in a variety of industry sectors are paying increasing attention to records management practices, imposing penalties for failing to maintain records properly even in the absence of other regulatory violations. Moreover, new laws and regulations are emerging that influence or change businesses’ records management obligations every year. It is increasingly important for companies verifying their internal controls to institute an effective records management program across the enterprise.
In addition to creating potential liability under the Sarbanes-Oxley Act of 2002 and other statutes, inadequate record creation, retention and security policies, and practices can pose a number of risks, such as:
- Preventing records from being enforceable against parties to a transaction or from being admissible in a legal proceeding.
- Adversely impacting the value of financial assets.
- Creating liability if records security is compromised.
BuckleySandler assists companies in managing their enterprise risk by developing records management programs that address legal and regulatory considerations while meeting our clients’ overall business objectives. Our attorneys have extensive experience which enables us to address the full spectrum of records management needs confronting our clients, including the development of comprehensive compliance programs in accordance with the latest industry best practices for managing company records ranging from traditional paper documents to electronic records. As the overwhelming percentage of new information in business today is stored on magnetic media, there is a particular need for companies to develop records management programs that address electronic records.
Because records management affects an entire organization, our services extend beyond simple restatements of legal requirements. We partner with our clients and third party consultants to ensure that our solutions foster both legal and regulatory compliance and increased efficiencies. We provide a multi-disciplinary approach for clients by weaving legal and regulatory, business process, policy, and IT considerations to develop integrated, practical solutions responsive to their records management needs.
Representative projects include:
- Analyzing and reporting on current records management practices.
- Facilitating the development of corporate records management policies and related processes.
- Creating record retention schedules customized to a client’s particular legal, regulatory, and business considerations.
- Assessing the attendant privacy and data security legal and regulatory issues and preparing privacy and information-security policies.
- Assisting in the conversion from paper to electronic records.
- Training clients on records management programs.
Partners in this practice:
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Jeremiah S. Buckley |
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Margo H. K. Tank |
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In-depth review of news & developments in the financial services industry.
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A full listing of national & state bank regulatory agencies & industry groups.