London (5 Aug. 2014) – Epiq Systems, Inc. (NASDAQ: EPIQ), a leading global provider of managed technology for the legal profession, today announced its latest survey* findings, revealing the impact of growing data volumes on major corporations. More than three-quarters of the corporations surveyed feel confident in their ability to locate key data in the face of litigation or investigation. However, only around half of these companies continually monitor and update their data map, suggesting such confidence may be misplaced.
Epiq surveyed senior-level decision-makers within leading blue-chip businesses across four European regions – the U.K., Germany, Switzerland, and the Netherlands – to establish broad eDisclosure and document review trends within the corporate sector.
“The capture, storage and retrieval of data is a constantly evolving challenge, complicated by the sheer variety of connected and mobile devices that now generate data,” said Martin Bonney, director, international consulting services, Epiq Systems. “Regulatory deadlines for document production can be as short as 14 days. If data is not continually assessed, the ability to respond to requests quickly, accurately and defensibly is severely tested.”
Respondents also revealed three additional key data mapping challenges:
68 per cent of major corporations believe that growing data volumes, and the variety of devices on which that volume is now generated, cause challenges related to the safeguarding of information and data privacy
60 per cent of respondents report that growing data volumes generated by an increasing variety of devices make it difficult to identify where information is stored
Increasing data volumes will lead to increased legal costs according to 56 per cent of respondents
Martin Bonney continued, “It is not enough to adopt an irregular pattern of data monitoring. Leading businesses are recognising the benefit of partnering with experts to adopt a pro-active, continual approach to information governance.”
*Methodology Survey conducted by telephone in November 2013, targeting 100 respondents from large “blue chip” companies (defined as having more than $500M annual revenues but with the majority in the study – 74 per cent - having more than $1B annual revenues) in UK, Germany, Netherlands and Switzerland. The largest European organisations in Manufacturing and Construction; Retail; Financial Services; Utilities; Pharmaceuticals; Professional Services and IT/Telecoms took part. Respondents were typically the CFO/Finance Director, Head of Compliance/Compliance Director or the Head of Legal/Legal Director/Head of Counsel.
About Epiq Systems
Epiq Systems is a leading global provider of technology-enabled solutions for electronic discovery, bankruptcy, and class action and mass tort administration. We offer full-service capabilities to support litigation, investigations, financial transactions, regulatory compliance and other legal matters. Our innovative technology and services, combined with deep subject-matter expertise, provide reliable solutions for the professionals we serve. Visit us online at www.epiqsystems.co.uk.