Records Management News

Do You Know Where Your Records Are?

How many of you have unearthed boxes in storage rooms, under desks, or behind the closet doors? And did you wonder in exasperation "where did these boxes come from," followed by the desperately mumbled "when am I am going to find the time to take care of them?"

Mismanaged records are like weeds, sprouting unexpectedly in unrelated folders or hiding in closets and under desks. Morgan Stanley recently discovered that allowing records to be scattered throughout offices cost them $604 million. After a technology executive certified that all emails relevant to the lawsuit between Morgan Stanley and Ronald Perelman were turned over to the plaintiffs, staff discovered additional computer-backup tapes in several buildings. These tapes contained emails which hadn't been turned over, contradicting the executive's certification. To complicate the issue further, searching the backup tapes for emails relevant to the case proved difficult because of a software problem. In the end, the judge decided Morgan Stanley had been granted enough leeway during the discovery process and shifted the burden of proof from Mr. Perelman to Morgan Stanley, consequently resulting in the jury awarding Perelman $604 million.

Though your office probably won't face a million dollar lawsuit like Morgan Stanley, having records scattered throughout the office like weeds not only costs you valuable time while searching for a file but also allows outdated records to accumulate. Fortunately Records Management Services staff can help you banish the weeds from your office by providing assistance in identifying, storing, and destroying records. Sign up for the next training class Should it Stay or Should it Go: Records Management Basics so you can reclaim your office