Oil is hovering around $50 per barrel. For most of the US economy this drop in oil price has provided a much-needed economic boost. One piece on the NPR website, entitled “Oil Price Dip, Global Slowdown Create Crosscurrents For U.S.”, said “economists have suggested the big drop in oil prices is a gift to consumers that will propel the economy.”
With little notice, compliance officers, in-house counsel, and other legal professionals for organizations in the oil and gas industry may be required to hand over sensitive files in response to compliance, regulatory, or investigative requests. The continual increase in volumes and disparate types of electronically stored information (ESI), coupled with heightened government oversight and intervention, means the stakes and costs of complying with these requests have never been higher. When managed inconsistently, these requests pose a great risk.
As e-discovery—which involves identifying, collecting, reviewing, and producing responsive data in an investigation or litigation—converges with compliance, corporations must understand how to manage these processes to minimize exposure to costs and risks while maximizing the value of their data for business purposes. The best methodology consists of five steps that will incorporate e-discovery as a repeatable business process into the larger corporate compliance program.
