Resources for Basel II Capital Accord (Basel II)

E-Discovery, Compliance, Auditing, and Investigation

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E-discovery and auditing are flip sides of a single coin, the one concerned with retention of records and their production in litigation, the other with studying records to verify the correct of execution of corporate business processes and accounting procedures. Extending the metaphor, compliance is the coin standing on edge: neither anticipation and response to litigation (e-discovery) nor historical analysis (auditing) but rather operational rules and monitoring designed to ensure that businesses stay out of legal and accounting trouble.

The three concepts — compliance, e-discovery, and auditing — are easy to confuse, but the difference is key. All three practices rely on indexing and search. All three assume retention and archival of electronically stored information (ESI). And of course e-discovery is itself the response to a mandate that calls for process compliance, for compliance with the Federal Rules of Civil Procedure, and auditing verifies compliance in e-discovery and in response to many other mandates. Yet the timings for compliance, e-discovery, and auditing efforts differ as do the scenarios in which they are applied. Nonetheless, all three could benefit from the application of knowledge discovery techniques, of text analytics and data mining, as an investigatory extension to automated processing that currently focuses almost exclusively on records retention, classification, management, search, and retrieval. Approaches to e-discovery, compliance, and auditing currently focus on content management. All three could benefit by embracing analytics.

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