According to an article written by John Hazzard, 45% of US IT Executives who responded to an August survey said their companies would not be ready by July 2006 to meet the message retention requirements mandated by Sarbanes-Oxley (SOX) governing corporate information!
Only 29% said they would be able to meet the deadline and an amazing 26% said they did not even know if they could or couldn't meet the requirement deadline...
The deadline was extended from the original one of November 15, 2005 to July 15, 2006. What's required? Public companies (and others who might not be publicly traded but still must comply because of their industry or the businesses they work with) must be able to store and retrieve emails and instant messages. And it's not just SOX that says this. HIPAA and the Patriot Act also require message storage and retrieval mechanisms.
What is needed is more than just storage and retrieval though. To really be of use, you must also be able to archive and index IMs and emails, making storage and retrieval a snap. Otherwise, you will find yourself wasting a lot of time doing the manual effort it will take to comply -- not a good position to be in. Yes, it means spending some bucks to get your technology up to snuff but what are the alternatives here?
Fortunately, you still have time to put a solid system in place. The system must be able to log, archive and make available for review all electronic communications -- emails and IMs being the bulk of these. Failing to meet this corporate accountability deadline can mean fines for the business and -- yes -- the orange jumpsuit for the executives and officers...
Time to get crackin' on this!
Yours in BI Success,
Posted September 30, 2005 3:17 PM
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