The role of CIOs and other IT executives is changing (or should be changing) in many organizations to reflect our increasing reliance upon digital information for business purposes, and for transactions that have profound legal and regulatory ramifications. Not only is the greater volume of information passing through IT systems a challenge, but the courts have placed a higher value on the need to retain certain kinds of information than on IT’s need to run a cost-effective operation.
More and more of the information generated and received by organizations has serious legal and regulatory ramifications. This information, such as digital contracts, invoices, patient data in healthcare, and order flow information in the securities industry, must be stored in a way that preserves its original form and content to comply with records and evidentiary requirements.
Compliance failures in the IMC context can have real financial consequences, yet IMC investments are often resisted because the economic benefits are frequently not easily understood. A new measure, the “total cost of failure,” or TCF, helps to quantify the economics of failing to take action, or taking the wrong actions.
Read more about TCF in the second edition of Information Nation, available from John W. Wiley & Sons. For more information, see www.informationnationbook.com.
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