FTI Consulting Study Reveals Data Breach Concerns Fuel Information Governance Adoption
Fortune 1000 Corporations Share Information Governance Successes and Challenges in Latest Advice from Counsel Study
Washington, D.C., April 6, 2016 — FTI Consulting, Inc. (NYSE: FCN), the global business advisory firm dedicated to helping organizations protect and enhance their enterprise value, today announced findings from its 10th Advice from Counsel study of e-discovery and information governance (“IG”) trends. Conducted by its FTI Technology segment, this study shares key challenges, areas of success and the basic mechanics that Fortune 1000 corporations have adopted to develop and implement an IG program.
"Respondents listed over 30 information governance initiatives for their organization, from improving upon their legal hold process to securing their most sensitive data," said Jake Frazier, a Senior Managing Director in the Technology segment at FTI Consulting. "With data breaches dominating the news, data security emerged as a top concern among respondents. For any organization evaluating its data security policies, the Advice from Counsel study helps shed light on how organizations are successfully protecting data from internal and external threats."
FTI Technology has seen a growing concern among clients around data breaches, compliance and risk management in response to big data over the last year, and focused this Advice from Counsel study on learning more about the state of IG practices across large corporations.
- Top IG challenge: Cloud-based collaboration and social applications are introducing new data types and dramatically increasing data volumes.
- Budget transparency: 72 percent of respondents can’t quantify how much is spent on IG annually.
- IG benefits: 76 percent of respondents have realized tangible benefits as a result of their IG program, including reduced storage and e-discovery costs.
"Advice from Counsel has become so much more than a survey, and is now established among in-house legal departments as the go-to resource for getting a pulse on the industry’s most pressing issues," said Ari Kaplan, legal industry analyst and Principal of Ari Kaplan Advisors, who is a co-author of the Advice from Counsel study. "Offering in-depth analysis on common pitfalls and benefits that have been realized by sophisticated teams, the study provides a benchmark against which legal departments can measure their own initiatives. There is no better way for counsel to set their own efforts up for success than to reference them against the knowledge of their counterparts in other organizations."
For more information on FTI Technology, visit www.ftitechnology.com.
About the Study
For the past eight years, FTI Technology has partnered with Ari Kaplan Advisors to publish the annual Advice from Counsel study, a quantitative and qualitative view into e-discovery best practices for corporate counsel. The study is conducted by phone interviews with 31 in-house legal professionals with responsibilities that include e-discovery. All participants are from Fortune 1000 corporations, and interviews are conducted under the condition of anonymity.
About Advice from Counsel
Through in-person events, virtual meetings, webcasts, surveys and reports, Advice from Counsel helps e-discovery leaders share ideas and advice with peers in an open and collaborative forum. Begun in 2008 as an annual survey and report on top e-discovery trends, Advice from Counsel has evolved into an interactive community of e-discovery professionals working to strengthen the people, process and technology at the core of e-discovery. For more on Advice from Counsel, as well as information on how to join, please visit www.ftitechnology.com.
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. With more than 4,600 employees located in 28 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, reputation management, strategic communications and restructuring. The Company generated $1.78 billion in revenues during fiscal year 2015. For more information, visit www.fticonsulting.com and connect with us on Twitter (@FTIConsulting), Facebook and LinkedIn.