Regulatory Needs Litigation Needs Business Needs

2-2 Oracle Fusion Middleware Setup Guide for Universal Records Management

2.1.1.1 Regulatory Needs

Many organizations are subject to regulations that require the retention of information for a specified period: ■ Sarbanes Oxley: – Applies to all publicly traded corporations or companies that may become public – Audit-related working papers, communications, and correspondence must be retained for five years after the audit ■ Government organizations: DoD 5015.2, General Records Schedule ■ Pharmaceuticalhealth care industry: HIPAA, FDA regulations ■ Financial services: SEC Rule 17a ■ Telecommunications industry: 47 CFR 42, and so on

2.1.1.2 Litigation Needs

There may be litigation-related needs for effective and efficient retention management: ■ Policy-based retention of content: – Retain information needed for litigation for example, a contract and any communication relating to it. – Centralized searching and retrieval of that information ■ Systematic disposition of eligible content: – Less material to search through during discovery – Less material to give to opposing counsel ■ Suspendfreeze disposition of content relating to pending litigation: – Avoid appearance of cover-up and possible liability when content relating to pending litigation is destroyed.

2.1.1.3 Business Needs

There may be business-related needs for effective and efficient retention management: ■ Islands of content problem. Content items that are: – Generated across the organization – Created in a variety of forms, for example, e-mail, office application documents, sheets of paper, CDs, DVDs, microfiche, recordings of corporate events and conference calls, and so on – Stored in an ad-hoc fashion in a variety of locations, for example, employee desks, employee computers, corporate servers, central file storage, offsite storage. ■ There is a need to: – Provide a uniform infrastructure for retrieving and sharing the content across the organization. – Ensure that content items are retained over the period they are useful to the business. Introduction to Records and Retention Management 2-3 Oracle URM manages all content, regardless of source, in a single, consistent, manageable infrastructure. 2.1.2 What Do I Retain?