David Wallack, General Counsel and Director of NightOwl Discovery, discussed the increasing risk that comes with maintaining too much data and the importance of information-lifecycle governance during his presentation at the 2014 Chief Legal Officer Leadership Forum in Chicago on Sept. 17. In his presentation, Wallack noted general counsels can leverage big data in a number of ways.
According to Wallack, preserving data can be difficult, but general counsels need to understand exactly when they must hold onto data. In addition, Wallack noted general counsels need to learn about big data so they can fully leverage it and bolster their efficiency. By doing so, Wallack pointed out general counsels could avoid a variety of problems down the line: "It is imperative that the legal departments of organizations are aware of big data because companies are going to increasingly rise and fall based upon their ability to analyze and drive value out of it."
Wallack also noted discovery matters are excellent benchmarks of record-retention policies. With information-governance lifecycles, Wallack said legal departments can effectively store and manage their data: "You can reduce costs by transferring eroding data that’s actually losing context and increasing in risk over time to cheaper-tiered storage methods, while eliminating data that has no value and has lost all of its context. At the same time, you can apply analytics and predictive technologies on incoming data to help categorize that data as it floods in."