Interwoven, a provider of Enterprise Content Management (ECM) solutions, today introduced the new Interwoven Records Manager (IRM) 5.0 product, targeting professional services firms seeking to achieve enterprise content compliance and effective risk management through a unified information management platform.Traditionally a back-room organizational function, records management is increasingly moving to the front office due to the explosion in electronic content and emerging regulations that apply the same compliance requirements to electronic content that were previously applied only to paper.
The proliferation of content across multiple electronic systems, combined with the continued presence of paper records, is causing firms to forge a new compliance model to comply with potential and costly information discovery requests. As a result, professional services firms are in greater need of extensive and complete records management solutions that integrate tightly with a variety of information systems, accelerate user adoption, and closely map to common business processes.
According to Forrester Research, records management is one of the fastest growing areas of ECM, experiencing a 200 percent increase in license revenue sales from 2004 to 2005.
"The explosion of content, rise in litigation, and changing regulatory environment are making it critical for firms to think holistically about managing all records-paper, electronic, and e-mail," said Jeffrey Schwarz, IT partner, McDermott Will & Emery LLP
WorkSite 8 offers an engagement/matter-centric collaboration approach which enables professional services practitioners to manage client and matter-related content in the electronic world the way they have done for more than 100 years in the physical world.
This model creates the true electronic equivalent of a client engagement by consolidating documents, records, e-mails, billing, contacts, and all other relevant content for a given engagement or relationship in a single integrated file.
Key features of Interwoven IRM 5.0 include:
* Document Management Integration
An integration model for Interwoven WorkSite 8 enables firms to seamlessly classify, declare, and manage e-mail, paper, and electronic records in the context of their document management system. Complete WorkSite integration also enables users to access records via the Web, Microsoft Outlook, or the desktop.
* Centrally-Managed Retention Policy
Retention policy is applied and enforced across physical, electronic and e-mail records, enabling users to declare records at any level of a project hierarchy including single document, folder, matter, or client. A central interface also enables users to create and manage the retention policy, specify trigger events, retention periods, and disposition rules. This redesign enables the incorporation of multiple events, definable event types, and integration with custom data, providing the flexibility for the retention policy to be provided as an enterprise service that can be applied across repositories.
* Productivity-Oriented Console for Records Managers, File Clerks, and Risk Management Officers
A newly designed user interface enables centralized control over enterprise compliance policies enforced by the system including ethical walls, retention policy, standards, security policies, and circulation. The interface can also be individualized to each user's unique role within the organization, with centralized group-based control of privileges and data access.
* Multi-Tier Service-Oriented Architecture (SOA)
Interwoven IRM 5.0 is built on a scalable service-oriented architecture to meet the functional needs of small and large firms as well as distributed organizations.
* Policy-Based, Server-Managed Ethical Walls
Ethical walls have been redesigned around a policy-based system that is integrated with security policies and completely server-based.
Interwoven IRM 5.0 will be available at the end of September 2005.