Epiq Systems, Inc. has released a new research report focused on eDiscovery readiness of U.S. and European companies. The report, entitled “When the Regulator Calls,” is based on a survey of more than 2,000 corporations across sectors including aerospace, banking and manufacturing in the U.S., France, Germany and the U.K. A majority (58 percent) of respondents stated that in their sector, most companies would not be able to rapidly and accurately access key information and documents likely to be demanded by a regulatory authority in the course of an investigation…In France, 69 percent of the companies surveyed believed that companies in their sector would not have the tools in place to enable them to access important information at short notice. In contrast, German companies were the most confident where 47 percent said that most companies would not be able to access information quickly and correctly. In the U.K., 59 percent said this was the case, similar to that of the U.S., where 56 percent said that companies would struggle to retrieve the information required.
Companies across 17 sectors in the U.S., France, Germany and the U.K. were surveyed. Of these, food and drink (51 percent), extraction industries (52 percent) and chemical and pharmaceuticals (54 percent) expressed the most confidence in their ability to rapidly and accurately access key information. At the other end of the scale, companies in the media and publishing (74 percent), high-tech and information technology (69 percent) and telecommunications and internet service providers (68 percent) sectors expressed the least confidence in their eDiscovery capabilities.
“Companies must establish a clear map of which information management systems and communication tools are being used within the business and by whom. They need to understand the means by which they can organise that information to enable efficient search and review,” said Greg Wildisen, International Managing Director, Epiq Systems. “When it comes to responding to an investigative request, the more prepared a company is, the more efficient the eDiscovery process will be and the easier it will be to manage costs.”
MindMetre Research, on behalf of Epiq Systems, surveyed more than 2,000 corporations in the U.S., France, Germany and the U.K. between September and November 2011. Respondents were senior managers (functional heads or deputy heads) with responsibility for compliance, corporate risk, or both. Company size demographics were: 51-250 employees, 26.8 percent; 251-1,000 employees, 20.5 percent; 1,001-2,500 employees, 9.4 percent; 2,501+ employees, 43.3 percent.
About Epiq Systems
Epiq Systems is a leading global provider of technology-enabled solutions for electronic discovery, bankruptcy and class action administration. We offer full-service capabilities, which include litigation, investigations, financial transactions, regulatory compliance and other legal matters for eDiscovery. Our innovative technology and services, combined with deep subject-matter expertise, provide reliable solutions for the professionals we serve.