Rikki,
It costs nothing to lose a record. But there are costs involved in:
- Finding the record, staff hours spent
- Re-creating the record, staff hours spent, or fees for
re-registration, etc.
- Inability to produce the record in a lawsuit, and so losing your case,
or paying a fine
- Inability to produce the record in an investigation, and so going to
jail or paying a fine
- Inability to produce the record in an audit, and so missing out on a
deduction, or paying a penalty
- Inability to prove you are owed monies, so not getting your revenus
- Inability to prove you already paid someone what you owed, so paying
them again
- Inability to serve your client, so losing business
All depend on the document, situation, etc.
Gary Link, CRM
Pittsburgh, PA
-----Original Message-----
From: Zengel, Rikki [mailto:[log in to unmask]]
Sent: Tuesday, March 17, 2009 9:39 AM
To: [log in to unmask]
Subject: [RM] Cost of lost records
Hi, Group.
I am looking for information on the cost of a lost record . . . not a
data breach but a good old fashioned accidental records loss where
someone shreds something they shouldn't or FedEx loses a box in
shipping. Can you point me in the right direction? Thanks
Rikki Zengel
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