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 Impact
of Sarbanes-Oxley and Other Government Regulations on Electronic Document
Management Strategies
June 2003 - As the September 2003 compliance deadline for the
Sarbanes-Oxley Act looms closer, organizations are scrambling to get their
electronic document strategies in order. How these documents are
managed—including how they are stored, how they are sent, and whether or not
they are deleted—has taken on greater importance than ever before, and can
have significant legal and financial consequences for an enterprise, its
accountants, and executive management. Unfortunately, most organizations
have inadequate or non-existent policies and procedures for dealing with
electronic files. It’s critical for businesses to audit and update their
document management programs now to avoid the risk of non-compliance with
Sarbanes-Oxley and a host of other recently imposed government regulations.
- Sarbanes-Oxley impact on corporate behavior, and other government
regulations that will have a significant impact on corporate document
management strategies and processes.
- SEC Rule 17 - Protects investing public by specifying which documents
must be retained (a-3); how long, what method, where (a-4); serious
implications for mail – postal and email.
- IRS Revenue Procedure 98-25- Tax record retention requirements
affecting legal entities filing in the US.
- Other Regulations: HIPAA, DOD Rule 5015, FDA Part 11, government
regulations for government; government-mandated retention requirements for
employers.
- Adoption of emerging compliance-related industry standards for
organizations in financial services, energy, manufacturing, healthcare,
and government.
- Developing and maintaining a sound document review, retention, and
destruction policy.
- Leveraging technology to enforce compliance processes and administer
the lifecycle of critical documents.
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