Peer to Peer: ILTA's Quarterly Magazine
Issue link: https://epubs.iltanet.org/i/1530716
75 I L T A N E T . O R G trends and new survey questions derived from participant feedback. We are pleased to share the results. KEY FINDINGS An overwhelming majority (94%) of respondent firms reported having some IG policy in place. Moreover, many firms (86%) have recognized the importance of IG by having positions within their respective firms dedicated to overseeing records/IG. guideline compliance, operational efficiency, and reducing discovery costs. Mattern's purpose for developing the Information Governance Survey was to answer the primary question most firms pose. What are our peer firms doing in this area? Throughout Mattern's engagements with firms of all sizes, this question commonly surfaces regarding various topics, including email retention, digitization programs, or how to curb data sprawl across network shares. We intend to keep the survey open to capture evolving IG L aw firms routinely handle large amounts of data, both in hard copy and electronic form, with most of this data being sensitive and/or confidential, driving the need for robust information governance (IG) programs. Chief Legal Officers rank key components of a comprehensive IG program, such as cybersecurity, regulatory compliance, and data privacy, as the most critical issues they face year after year, according to the ACC CLO Survey in 2023. IG programs are designed for the protection, management, security, and availability of a firm's information, fostering compliance with legal and regulatory requirements while simultaneously improving the firm's overall efficiency and productivity. At the core of all IG is the desire to maximize the value derived from data while mitigating the risks and roadblocks to compliance maintaining it presents. An effective IG policies and procedures framework guides employees on appropriate data use. It details where to store information and how and when information should be disposed of (returned to the client, destroyed, or converted to vital record status). IG programs further help with regulatory and outside counsel FEATURES