Regulatory compliance has become as big of a challenge for SMBs as it has been for large enterprises. Thousands of small community banks, hedge funds and investment advisors will face increased regulatory scrutiny due to the lax lending standards that are currently plaguing the U.S. economy. There is no question that a subset of these financial services firms will also find themselves required to produce records that range from loan applications to emails between mortgage brokers.
Enterprise Strategy Group (ESG) research suggests that one out of two SMBs has gone through an electronic discovery event, the same ratio that was seen with enterprise organizations two years ago. This current research also shows that two-thirds of all enterprises have now been through an electronic discovery, indicating that SMBs, including those outside of the financial services industry, will continue to face similar records management and retention challenges.
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