March 18, 2014 Articles

Poor Data Management, Obsolete Technology Hinder Financial Crisis Resolution

A snowball effect of ever-increasing delays.

By David Canfield – March 18, 2014

The global financial crisis of 2007–2008 will go down in modern history as being one of the toughest challenges that the U.S. judicial system and the legal profession have grappled with. Even now, six years later, we have barely uncovered the depth and breadth of the crisis, which continues to vex the courts, regulatory agencies, and law firms that are dealing with the fallout.

One aspect that has made the financial crisis particularly challenging is technology, which instead of facilitating and expediting an efficient response to regulatory inquiries and litigation arising from the financial crisis, has actually hindered progress at every turn. Poor data management, huge data volumes, outdated technologies, and counterintuitive procedures have created a snowball effect of ever-increasing delays.

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