Records Management And The Role Of The Law Department: Some Musings
The management of corporate records has received considerable attention since a series of corporate scandals that led to the enactment of the Sarbanes-Oxley Act of 2002. Development of an effective policy for the management of a company's records and data should be undertaken with considerable input from that company's in-house and, if appropriate, outside counsel. Implementation of the developed policy will occupy a high place on the company's list of priorities if it wishes to avoid becoming the name of a scandal akin to Enron, Adelphia and the others whose exposures served as directional pointers toward Sarbanes-Oxley.
The in-house lawyers should be intimately involved in that effort. Overall, the role of the lawyers in both ends of the process of developing and deploying that policy should be expressed in a strategic plan for the law department.