In conjunction with the eDisclosure Information Project, Exterro, Field Fisher Waterhouse, IntApp, Legal Technology Insider and the Risk Roundtable, Recommind today announced the launch of InfoRiskAwareness.com, a groundbreaking resource for enterprises in the UK and continental Europe. Combining the information management expertise of all these organisations, the site will prove an invaluable knowledge base for businesses looking to gain a better understanding of the myriad of risks associated with electronic information, and how best to guard against them.  

Key topics that will be covered on the InfoRiskAwareness site include eDisclosure, compliance, cloud computing, insider fraud, information barriers and confidentiality management. The site will also include a range of content from news and blogs, to more in-depth whitepapers and Q&As, on all topics germane to the impact of information overload on enterprises. “It’s encouraging that UK businesses are starting to pay more attention to eDisclosure and the other risks associated with electronic information, but there’s still a long way to go before this becomes a top priority,” said Simon Price, European director for Recommind. “The danger is that organisations won’t catch up as quickly as they need to and many more will end up being stung.  There needs to be a much greater awareness and realisation that information risk isn’t going away and that it needs to be addressed urgently. With InfoRiskAwareness, we have launched a multi-vendor effort to give organisations the resources and knowledge they need to convert information from a threat to an asset.”

Electronically stored information (ESI) continues to grow at breakneck speed, and while email still makes up the bulk of this volume, social networking, instant messaging and Web 2.0 tools account for an increasingly large percentage.  At the same time, high-profile events like the 2008-2009 financial meltdown, the massive Toyota recall, Goldman Sachs’ civil fraud case and the Parliament expense scandal have ushered in an era of more stringent regulatory oversight.  Consequently, the need for businesses to maintain airtight control over all their information has never been greater.  Intensifying the situation, information from multiple sources and repositories is now often called upon during litigation, investigations and regulatory cases, making it more important than ever for organisations to manage all their information as effectively and efficiently as possible.

“Increasingly businesses are being required to produce information from a variety of sources other than email as part of a regulatory investigation or eDisclosure request.  While most firms have tools in place to store email-based information, finding key messages and other relevant data can be a lengthy and expensive process as  it often means searching through large amounts of information that has not been properly organised or maintained,” explained Chris Dale, of the e-Disclosure Information Project.  “The InfoRiskAwareness website will provide organisations with advice on the latest investigations and how they can take control of their own information reserves.”

One of the major risks facing UK businesses today is lack of preparation for eDisclosure.   Earlier this month, Recommind’s second Annual UK eDisclosure Survey* revealed that the number of eDisclosure requests experienced by UK enterprises continues to rise steadily, but no extra budget has been allocated to prepare for this – two thirds of enterprises still dedicate less than 5% of their IT budget to provisioning for eDisclosure.  According to Recommind, this is a fundamental oversight that could leave organisations highly vulnerable to information risk and the serious associated consequences including breach of compliance, embarrassing headlines, severe reputational damage and loss of stakeholder confidence.  

“The InfoRiskAwareness site looks to be a great new resource for organisations across the UK and Europe,” said Jon Roscow, general manager EMEA for IntApp.  “For professional services organisations, information is often the most valuable business currency.  To respond to existing and emerging regulatory, client and professional responsibility obligations for information risk management, organisations are increasingly looking to extend internal controls such as policy tracking and confidentiality enforcement.  Resources like InfoRiskAwareness will help support these efforts.”

Partner information:
The eDisclosure Information Project
The e-Disclosure Information Project collects and disseminates information about electronic disclosure in the context of the UK court rules and procedures.
http://chrisdale.wordpress.com

Exterro
Exterro Inc is a supplier legal governance, risk management and compliance software solutions.  Exterro’s solutions enable legal, IT and records management teams to control risks, reduce costs, enforce compliance and streamline processes by tightening collaboration between outside counsel, inhouse legal teams, cross-platform business units, service providers and resources.
www.exterro.com  

Field Fisher Waterhouse
Field Fisher Waterhouse is a European law firm providing commercial solutions across a range of industry sectors.  With over 130 partners, 240 other lawyers and nearly 300 support staff, the firm’s main areas of practice are corporate, IP, technology and regulatory law.  It also has leading expertise in areas such as privacy & information law, banking and finance, financial services, real estate and dispute resolution.
www.ffw.com

IntApp
IntApp provides risk management software and consulting services for law firms, including information barrier and data governance solutions, to enable organisations to address ethical, client and regulatory confidentiality and compliance requirements.
www.intapp.com

Legal Technology Insider – hey, that's us !
Legal Technology Insider (circulation 18,000) and sister publication The Orange Rag blog both cover comment and guest-leader opinions on the latest developments in the world of legal technology. 

Recommind
Recommind provides the most accurate and automated enterprise search, automatic classification and eDiscovery software available, giving organisations and their users the information they need when they need it.
www.recommind.com

Risk Roundtable
The Risk Roundtable programme brings together a mix of law firm risk management and related professionals for education, discussion and peer networking.  Participants include general counsel, loss prevention partners, risk management partners, senior conflicts/records managers and IT leadership.  The programme also produces the Law Firm Risk Management Blog.
www.riskroundtable.com and www.lawfirmrisk.com