Mark Diamond is the CEO and founder of Contoural Inc., an independent provider of information governance consulting services. His company works with more than 30 percent of the Fortune 500, plus many mid-sized and smaller companies.
This hasty shift may tempt companies to give up trying to maintain good information governance strategies until the chaos settles. Instead, companies need to strengthen their information governance, not only to ensure compliance, security, and risk reduction, but also to help their employees be more productive.
Are you ready? Led by California, a new wave of privacy legislation is likely to have significantly more impact and cause more difficulty for organizations than any other US compliance requirements seen within the past decade. These new rules will create new obligations and privacy challenges for organizations.
Rising to the need, in-house counsel are partnering with information technology, compliance, privacy, and business units to reduce risks and costs, as well as to enable better employee productivity and business decision-making. Smart in-house counsel are leading, but not owning, these efforts by organizing key stakeholders to launch information governance programs.
This article is not intended to provide an exhaustive review of the entire Act. Nonetheless, it summarizes some of its requirements, together with a September 2018 amendment. While the Act goes into effect on January 1, 2020, it won’t be enforced until the Attorney General publishes regulations, which are not required by law until July 1, 2020; six months after the effective date.
Increasingly, companies are upgrading their paper-based programs into more comprehensive, modern, compliant, and easier-to-execute information governance programs that lower risk, increase compliance, and reduce costs — all while making employees more productive.