Issue link: https://epubs.iltanet.org/i/45522
"Solutions must possess the ability to find relevant patterns and relationships in the information." SOCIAL MEDIA GOVERNANCE Under the United States' Federal Rules of Civil Procedure (FRCP), the United Kingdom's Civil Procedure Rules (CPR) and other jurisdictions worldwide, social media sites are covered under the definitions of a document and electronically stored information (ESI). Though most organizations do not yet monitor and include this content in their e-discovery and information governance plans, recent cases in the U.S. and Canada, as well as dramatically increased usage of social media worldwide, point to the need for it to be managed as another data source. As social media content can be subject to a legal hold if it contains relevant information, legal teams must be prepared to collect, search, identify and preserve this information, managing it in the same manner as other enterprise data sources, as part of a comprehensive e-discovery and information governance program. Given the complexity and 14 Risky Business ILTA White Paper volume of social media content, the most viable approach leverages an automated solution that can understand meaning and cull through these voluminous data sources to find relevant information. A Trend Toward Interactive Content: Social media present unique challenges. For many regulated entities, the implications are obvious: These innovative communication channels introduce new legal and compliance challenges. To the extent employees are engaging over social media channels to conduct business, obligations regarding those interactions could flow directly from existing regulatory requirements (SEC 17a3-a4 or FSA COBS 11.8). In some instances, regulatory authorities are issuing more specific guidance on social media, such as FINRA's Regulatory Notice 10-06. More generally, organizations are trying to understand the preservation and production responsibilities in the context of litigation.