The Sarbanes-Oxley Act and Records Management
Source: Hewlett-Packard (HP)
The business events of the past few years have resulted in senior managers and industry analysts having an increased awareness of the importance of records management. The collapse of Enron, Arthur Anderson and others are examples of organisations that failed to manage their records in accordance with legislation guiding good business, good business ethics and the best interests of investors. The demise of Arthur Anderson - a company worth US$9.3 billion - as a result of failing to maintain records is a clear indication that proper corporate governance is not exclusively about increasing profits. Long-term survival and viability are equally important. But are these events truly changing corporate practice?