The group, made up of Oracle (Quote, Chart), Hewlett-Packard (Quote, Chart), Veritas, Sun Microsystems (Quote, Chart), Open Text, Hitachi Data Systems, Network Appliance (Quote, Chart) and Plasmon, expects to have resources available on the Internet Law & Policy Forum (ILPF) Web site in the next six months.
The ILPF is a non-profit organization that provides a neutral forum for challenges posed by the Internet on law, policy, technology and businesses worldwide.
The CMEI site will host documentation on best practices for information retention and maintenance regulations, provide counsel and exchange information with various businesses, legislative bodies and regulatory agencies in various workshops, and publish checklists and summaries of legal and regulatory requirements for interested companies.
Those sorts of conflicting policy goals, as well as some of the weak language found in ambiguous regulations was the main reason for the formation of the working group, according to Harald Collet, CMEI chairman and Oracle records management and compliance support product manager. With businesses focused on complying with the deadlines of specific regulations, he said, such as Sarbanes Oxley, they now have to work on building a framework that is more all-encompassing.
Collet points to research conducted recently by AMR Research, which said companies would spend $6.1 billion in 2005 just to gain compliance with the regulations contained in the Sarbanes-Oxley Act; of that $6.1 billion, $1.7 billion will go toward the technology that helps companies meet compliance standards. But while companies within the working group would stand to gain from selling their products directly to customers — Oracle sells software like its E-Business Suite 11i.9 to help get companies in line with regulations like Sarbanes Oxley and HIPAA — Collet said the goal of the working group is to help customers by finding the best answers for them.
“The vendors that are involved in this all go into it with a spirit of trying to address the technology issues around this,” he said, “and I think that everyone who is involved in trying to solve this issue on the vendor side, they have an interest in clarifying the obligations and issues and pointing the way towards technology solutions that can help with this; it’s a win-win for everyone.
Collect said membership is open for any vendor looking to join the CMEI working group, after paying the admission price of $10,000.
http://www.techweb.com/wire/security/159400873