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Editor Bio
Gregg Mayer is a journalist and lawyer with a keen interest in the rapidly evolving world of e-Discovery. Gregg has published numerous articles, including writing for law journals and the American Bar Association. Gregg served as editor-in-chief of the Mississippi Law Journal. Before practicing law, Gregg worked as a newspaper reporter for six years.
Compliance Costs and Implementing Solutions
Posted by Gregg Mayer on Monday, February 25th, 2008
In Wall Street & Technology, a short article reports that compliance costs for financial institutions are growing faster than net incomes. Compliance costs grew from 2.83 percent of net income in 2002 to 3.69 percent in 2006.
One of the primary reasons for the increase in costs, according to Deloitte, is that institutions are responding to regulation by applying human resources to monitor compliance, rather than investing in scalable technology resources to manage the effort. The research report shows that 60 percent of respondents’ compliance-related spending in 2006 was on compensation, while only 19 percent of spending was on consultants and vendors; 18 percent went to capital expenses, including systems, hardware and software.
As the article notes, finding ways to incorporate more technological solutions may help drive down compliance costs.
Speaking of compliance, a recent article in InformationWeek explores using email archiving to keep up with the fast-paced world of ESI.
Companies can implement online e-mail archiving with little to no capital expense in just a few days. In comparison, installing a fixed content storage system and integrating it with e-mail archiving software is a substantial project. This makes online archiving especially attractive to smaller organizations
Read the full article here.
Posted in: Electronically Stored Information | Regulatory Compliance
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