The volume of regulatory data requests continues to rise has been saved
The volume of regulatory data requests continues to rise
We analysed the latest disclosed data from TMT companies between 2015-2018 on the volume of regulatory data requests they are receiving:
- TMT companies receive over 70,000 regulatory data requests a year from US and UK governments alone
- This is a 12% increase in three years
- The highest number of requests were issued in H1 2018, around the same time GDPR requirements came into place
- Companies’ ability to respond to requests are also increasing with 72% of requests being responded to. This is up 4% for 2017/2018 compared to the response by the same companies in 2015/2016
Identifying economic crime and unethical behaviour remains a key driver for regulators demanding data from companies. Whilst our research focuses on the TMT industry, we are seeing these increases across industry especially in those that are heavily regulated. Companies would benefit both in terms of efficiency and cost savings if they develop an effective framework to manage these increasing requests.
Peter Robinson, Head of Deloitte’s eDiscovery team
Five ways companies can prepare for ever-increasing regulatory data requests:
Given the increasing variety of regulatory data requests across an ever more complex global data landscapes, strong consideration should be given to working on a Target Operating Model that looks at all the above issues. In this way you can create a strategy that delivers the timeliest, most cost effective and evidentially compliant methodology for dealing with these requests.
For more information about how Deloitte’s eDiscovery team can help your company be better prepared to respond to these request, please contact a member of our team below.