The Challenge of Electronic Records Corporate Compliance

Legal standards regarding electronic discovery and document retention have recently undergone a rapid transformation. Increased regulatory oversight of corporations ' and resulting recordkeeping obligations ' coupled with the increasing volume of electronic communication have created new challenges with regard to document retention and production. More than 99% of information is now being created and stored electronically. Anything that can store, transmit, replay or access electronic data may potentially hold useful corporate records and electronic evidence. Recently, courts and regulators have issued a multitude of new obligations requiring document retention that attempt to define and reconcile the duties of parties and counsel with regard to electronic documents as the judiciary struggles to keep pace with technology. In determining whether a document should, or is required to, be kept, the focus should not and cannot be on the media ' <i>ie</i>, whether it is an e-mail, paper copy, facsimile, instant message, text file, or a Web site. Rather, the relevant question is what information is contained in that document.