Digital documentation storage: easier and more cost-effective compliance

Posted: 13.07.09  |  Created by: Do Something

 To satisfy their legal obligations, some businesses must retain a vast array of documents and other records. As business is carried out increasingly in the digital world, using electronic means to maintain records is simply the best practice.

Where a business is required to comply with an order for the production of records, effective electronic document retention and records management systems reduce the risk the business will:

• incur costs by way of financial fines for failing to produce materials when required;
• incur costs by way of financial fines by failing to store records as required by law;
• lose privilege over documents being requested because the business does not have sufficient time to review all data before supplying the data in accordance with the order;
• fail to comply with a request for documents and be found in contempt of court;
• incur additional legal costs as a result of lawyers having to review an excessive amount of irrelevant or duplicated material; and/or
• incur significant costs to employ external service providers to undertake due diligence each time the business receives a substantial request for information

Businesses with good electronic document retention and management systems will also be better placed to provide evidence in the event of a dispute.

Read the full opinion piece by Nick Abrahams, Partner and Sydney Office Chairman, Deacons

Read some great tips on how to reduce your paper usage.

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