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Below is a summary of some of the recent regulatory
requirements that impact records management and retention programs.
Sarbanes-Oxley
SOX passed in 2002 requires publicly
traded companies and their accounting firms to identify and evaluate areas of risk and
review and document systems and processes that impact the accuracy of
information in financial systems, statements, and reports.
Gramm-Leach-Bliley Act
GLBA establishes rules on the maintenance, protection, disposal, and disclosure of
personal financial information by financial institutions.
Basel II
Requires financial institutions that operate globally to
create and maintain records that support credit operations and risk in an
auditable format over time.
Bioterrorism Act
Requires certain records be retained by manufacturers,
processors, packagers, distributors, holders, and importers of food products
in the US. Records have minimum retention requirements and must be
available to the FDA upon request providing a clear audit trail from
ingredients to point of sale.
Health Insurance Portability and Accountability Act
HIPPA establishes rules regarding storage, privacy, and access to information
maintained by
health care providers and hospitals.
Rules of Civil Procedure
Amendments to the Federal rules of civil procedure take effect December 1, 2006.
The changes require a pre-trial conference between parties within 90 days
after the appearance of a
defendant and within 120 days after the complaint has been served on a
defendant to identify issues with
e-discovery and deal with how information considered protected or privileged
will be handled.
At the conference parties must identify information by
description, category, location, and source in enough detail to
assess the cost of discovery, any burden to access and produce, and
likelihood of finding responsive information.
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