From: Frederic Grevin <[log in to unmask]>
> Subject: Re: RIMdrop:MCCCD Data Breach Costs Reach $19.7 Million
> Date: May 27, 2014 at 11:48:06 AM EDT
> 
> Glen Sanderson commented: $300K for records management and $2.3MM in lawyers fee. To quote Rodney "we don't get no respect"
> 
> Maybe records managers should start billing by the hour, instead of by the year ....	;-)
> 
> Fred
> ------------------------------------------------------------------------------------
> Frederic J. Grevin
> Vice-President, Records Management
> New York City Economic Development [log in to unmask]

The more I research the E-Discovery costs, I see a huge possibility for records managers to begin developing their DataMap and developing means to cut litigation and discovery costs. 

Consultants are paid to come in and watch you work and there is also an attorney watching both of you when this preparation could have been done in advance. Yet some advance work with your IT Department on developing a meta-data tag system to classify your electronically stored information, then creating a site map for it and you are ready for your data map.  And you just saved the company $200,000 in simple review costs in their next legal challenge. IN one case, a RM saved a company $80 million in a lawsuit because of her predatory work. Yes, she got a raise.

The articles Peter provided have some very useful information.  I think that creating a site map for your information assets and subcategorizing the data to limit litigation review costs is the most proactive thing you can do to protect your organization.  Develop the methodology and if your organization doesn’t value it, find a company who worries about litigation and they will see the value.

Thank you Peter for those good sources.

Hugh Smith
FIRELOCK Fireproof Modular Vaults
[log in to unmask]
(610)  756-4440    Fax (610)  756-4134
WWW.FIRELOCK.COM



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