Records Management Strategy

By February 10, 2021May 10th, 2021Uncategorized

CASE STUDY:

Records Management Strategy

Energy Company Reduces Risk through the Implementation of a Records Program

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Enabled defensible records procedures

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Reduced financial and legal risk

Business Challenge

  • Petroleum and natural gas exploration and production company with over $5.5B in annual revenue
  • Inconsistent classification of information across departments.
  • Inconsistent application of appropriate platforms for capturing and storing business records
  • Records and IT organizations were not aligned in their understanding and implementation of records controls

Solution

  • Conducted surveys, workshops, and requirements sessions with key stakeholders to assess RIM functions
  • Identified business needs and gaps
  • Developed processes for declaring records and safeguarding information confidentiality
  • Clear Maturity Model assessment and plan for improvement by business area
  • Formalized policies for information integrity, availability, protection, compliance, transparency, retention and disposition
  • Provided a comprehensive roadmap for implementation

Benefits & ROI

  • Improved General Counsel’s ability to maintain compliance with legal standards
  • Enabled defensible retention and disposition procedures
  • Increased efficiency and capacity of the records team by simplifying processes and reducing search times
  • Standardized records management processes across all business functions
  • Eliminated manual management and tracking tasks
  • Reduced exposure to financial and legal risk