A new study proves: Companies that fail to manage and control their email face costly consequences. Two real-world examples: Scottrade was fined $2.6 million in 2015 for failing to raise important mail for an audit. Barclays suffered a court case in 2013 ($3.75 million) after the bank demonstrably failed to keep emails and instant messages legally compliant for more than 10 years.
The KRM has highlighted the risks of misusing email systems as longer-term repositories in the Information Governance Practice Note. Unfortunately, they do this all too often – and because of missing metadata, users hardly find anything useful. E-mail systems should offer records management functions (Guideline p. 182).
CIO Insight: How Missing Emails Can Cost Companies Millions
Software companies harmon.ie and Gimmal conducted the survey, “When the Last Mile of Information Governance Goes Horribly Wrong: the Risks of Failing to Treat Email as a Record.”