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| Pete Smith of TechLaw Solutions, Inc. ("TechLaw Solutions") a service provider at the marcus evans Chief Litigation Officer Summit Fall 2014, on detecting risks with e-discovery tools. |
NEW YORK, N.Y., Sept 17, 2014 - (ACN Newswire) - "Chief Litigation Officers ("CLOs") need to use e-discovery tools upstream, to detect risks before they emerge or turn into full-blown investigations and lawsuits," suggested Pete Smith, Vice President, Sales, TechLaw Solutions. Upstream risk detection is the new unexplored territory that progressive CLOs are looking into, according to Smith.
TechLaw Solutions is a service provider at the marcus evans Chief Litigation Officer Summit Fall 2014, in Palm Beach, Florida, September 14-16.
- What are the latest trends in the e-discovery space today?
Big data and looking at large bodies of data as an asset are emerging trends in the e-discovery space. What internal audit departments are looking into, even some CEOs and boards of directors, is the idea of looking upstream into data to detect risks. CLOs are busy dealing with lawsuits and investigations, but the smart ones are joining forces with their internal audit team, IT department, and consultants to do this.
- How could CLOs make better use of e-discovery technology?
They need to mine and monitor unstructured data to serve as an early warning system for hidden risks. The audit side of the corporation is driving this caution regarding hidden risks, but they are generally focused on the financials, a very narrow set of data. There is a growing chorus to broaden the focus from just studying the financials to enterprise risk management in general and, most importantly, risk detection. The pressure is on. But if you look at what the industry is writing, the proposals are all people-process solutions, such as getting a committee to identify corporate risks, training employees to spot risks and call a hotline, and so on.
There is an emerging idea that the necessary risk management data is already available and it can be used to detect risks. The first thing that CLOs and outside counsel do when a lawsuit arises is go back to their email archives to find out what happened. This is about using the same tools used in established risk management strategies to mine and monitor unstructured data, emails, and social media, and raise red flags ahead of time.
Auditors and CLOs have the same common interest: lawsuit prevention. Progressive CLOs are interested in finding these things before they happen.
- Why are partners required to make this work?
There is no simple plug-and-play solution. Around 90 percent of the technology already exists, and savvy partners are positioned to pull together different technologies and solutions to serve their clients' needs, depending on the data sources.
Data is everything today. In the early 1990s, the practice of law was a more analog process, based on few paper documents and interviewing witnesses. Today, data is a big part of the picture. CLOs working within their budgets will often struggle to find someone in their corporate legal department with a strong understanding of the latest e-discovery technologies and solutions. For more effective e-discovery and risk detection, they are better served working with a partner, either a vendor, consultant, or attorney with the right skill set.
About the Chief Litigation Officer Summit Fall 2014
The 14th Chief Litigation Officer Summit is the premium forum for bringing leading in-house litigation counsel across the nation together with service providers. Taking place at the Eau Palm Beach Resort & Spa, Palm Beach, Florida, September 14-16, 2014, the Summit includes presentations on privacy and social media, alternative approaches in litigation, outside counsel management, and making the law department into a profit center.
For more information, please send an email to info@marcusevanscy.com or visit the event website at www.chieflitigationofficersummit.com/PeteSmithInterview
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About TechLaw Solutions
TechLaw Solutions, a division of UBIC Inc., implements strategies to effectively analyze risk, address litigation preparedness, manage costs, and provide a competitive advantage on cross-border e-Discovery projects, big data analytics, and critical litigation support matters. Services include electronic discovery consulting, forensic collection, advanced processing including CJK languages, early case assessment, hosting, and managed review, through a Managed Services or traditional delivery model. TechLaw is Relativity Best-in-Service and ISO-27001 Certified. www.techlawsolutions.com.
Contact:
Sarin Kouyoumdjian-Gurunlian
Press Manager, marcus evans, Summits Division
Tel: +357 22 849 313
Email: press@marcusevanscy.com
Topic: Press release summary
Source: marcus evans Summits
Sectors: Daily Finance, Daily News
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