Cracking the Code of Secure and Efficient Data Retention Schedules

Human beings have proven themselves to be capable of doing a lot, but at the same time, there remains an awful little that we do better than growing on a consistent basis. This progressive streak, on our part, has already fetched the world some huge milestones, with technology appearing as a rather unique member of the stated group. The reason why technology’s credentials are so anomalous is purposed around its skill-set, which was unprecedented enough to realize all the possibilities for us that we couldn’t have imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole runner was also very much inspired by the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence and made it the ultimate centerpiece of every horizon. Now, having such a powerful tool run the show did expand our experience in many different directions, but even after reaching so far ahead, this prodigious concept called technology will somehow keep on delivering the right goods. The same has grown to become a lot more evident in recent times, and assuming one new GRC-themed development pans out just like we envision, it will only propel that trend towards greater heights over the near future and beyond.

Exterro, a leading data risk management software company, has officially announced an update for its Exterro Data Retention product, which so happens to be the world’s most trusted solution for developing defensible global data retention schedules. To understand the true significance of this update, we must acknowledge how the Exterro Data Retention, in its current form, can streamline the implementation and maintenance of retention schedules across the entire organization. Owing to the update, though, the solution will be able to provide a clear audit trail, and at the same time, help users easily communicate the retention schedule and their requirements to both internal and external stakeholders. Another detail worth a mention in the context of this solution is the way it promises to, unlike any other solution, capture personal and sensitive data, a broad range of record types, as well as their context. Once captured, Exterro Data Retention will effectively map these records to precisely tailor retention rules and optimize data risk management. Complimenting the whole mechanism is, of course, its newly-introduced streamlined workflows and collaboration features that save significant time for employees, thus enabling them to focus on higher-value activities. More on Exterro Data Retention’s existing capabilities would include a deep knowledge of leveraging US regulatory library, international regulations, and best practices that are easy to act upon with the use of other tools in the Exterro platform. Put the given system next to Exterro Data Discovery, and you can also enhance data security with defensible deletion, intelligent reporting, and proactive alerts regarding retention and disposition obligations. The latter bit should go a long distance when the agenda is especially to cut back on the risk of cyber breaches.

“The onslaught of new privacy laws and frequent updates drove us to take a closer look at the policies we needed to implement in order to have a consistent approach to data retention/disposition,” said Ree Harper, General Counsel and Sr. VP Human Resources at LyonsHR. “Exterro’s Data Retention solution has been a critical part of our overall data risk mitigation, privacy and compliance program. Maintaining a centralized approach to management and defining when data can be deleted has proved to be an important tool in our compliance toolbox.”

Moving on to some specifics, we begin from the number of records that the solution can capture moving forward. The figure will pack together around 750 out-of-the-box records encompassing various business functions and data types. These function and data types make a point to facilitate streamlined management of both electronic and physical records, along with effortless development of a global data retention schedule. Next up, we must get into solution’s ability to map comprehensive data library, covering more than 300 jurisdictions and nearly 300,000 citations. Interestingly enough, Exterro Data Retention also expertly balances conflicting retention requirements across multiple jurisdictions, enabling seamless compliance and efficient records management on a global scale. Then, we have the prospect of availing robust collaboration features that will allow stakeholders both within and outside the organization to collaborate in real time on the creation and updating of retention schedules.  As the solution does so, it will further provide you a notification system, which can enable easy publication attached to the current version of retention schedule both internally and externally. Not just that, the product here will also facilitate simultaneous access for multiple users to work on the same retention schedule, thus ensuring efficient and effective collaboration.

Going back to Exterro Data Retention’s pledge of creating a comprehensive audit trail, it involves maintaining detailed records of all changes and communications in the retention schedule and providing a clear audit trail in regulatory investigations. It will also free up enough leeway to conceive transparent and responsible record handling. Rounding up the highlights are Exterro’s roles-based access controls that help companies big time when it comes to segregating a user’s access to the record types relevant as per their specific roles. Such controls are put in place for safeguarding user privacy and security.

Focusing rather extensively upon bolstering productivity across the board, the update in question will have another goal of helping you realize a lower risk in regards to fines and penalties, and the risk associated with data breaches. If that doesn’t quite cut it for you, then we must mention how Exterro’s latest brainchild will also reduce your data storage costs to a great degree.

Founded in 2004, Exterro’s rise stems from the way it can combine data discovery, automation, workflow optimization, and responsible AI to provide insight into and control over the complex interconnections of privacy and data governance, legal operations, digital investigations, cybersecurity response, and compliance. The company’s excellence in what it does can also be understood once you consider that its industry-leading e-discovery and information governance software is currently being used by in-house legal, privacy and IT teams across Global 2000 and Am Law 200 organizations. Not just the law industry, Exterro has also worked with likes of Nike, Disney, 3M, Volkswagen, GSA, United Technologies, and even various government departments. To solve any lingering doubts regarding the company’s knowhow, we can mention how it has earned the Gold 2023 Stevie recognition at American Business Awards, the best e-discovery solution award at KMWorld in 2022, and the Overall e-Discovery Solution of the Year Award at LegalTech Breakthrough Awards etc.

“Given the importance of data stewardship and data minimization, a product like Exterro’s that takes into account the competing requirements of international regimes and is built around ongoing customer support and flexibility is an asset to any organization’s comprehensive privacy compliance efforts,” said Christy Hawkins, Partner, Consumer Financial Services, Data and Technology (CFS+) at Akerman.

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