Inside TDV - The Data Vault Blog
Security & Exchange Commission Meltdown
By now you have probably heard about the kerfuffle created when the Securities & Exchange Commission (SEC) destroyed documents related to enforcement inquiries, most during the 2008-09 financial meltdown. In the Wall Street Journal this morning, I learned that yesterday the National Archives and Records Administration (NARA) released a statement that the documents were “improperly destroyed” and that the SEC has been “slow” in following retention guidelines.
NARA said they remain “concerned that the SEC has been slow in creating records schedules for review and approval.”
Two things strike me about this article. First and foremost, the press now notices and reports incidents of records management malfeasance. Second, it not only appears the SEC will be put on the hot seat for the improper destruction, but there will be serious questions for management to answer as to why they ignored (or were “slow to adopt”) proper records management practice.
Management often says they are too busy with the important tasks at hand in running the core business to pay attention to mundane things like proper records and information management. Those same folks, however, wouldn’t think of trying to operate without a proper, organized, up-to-date financial accounting system. And corporate information is an important asset!
The last thing any company needs is bad press on an internal problem. Reporters are picking up on the importance of proper records management. What is standing in the way of a proper system in your company?
Written by: Dick Gladden