Symantec Helps ING Investment Management Meet E-Discovery Requirements
CUPERTINO, Calif. – Feb. 06, 2008 – Symantec (Nasdaq: SYMC) today announced that ING Investment Management uses Symantec software to protect and manage its electronic information, ensuring regulatory compliance and mitigating the risk associated with the retention, collection and discovery of corporate data for legal requests. Since deploying Symantec solutions, ING Investment Management has realized a 40 percent reduction in storage requirements for email and file systems, and saved more than $300,000 in annual IT labor costs and end-user productivity savings.
The U.S. asset management arm of ING Group, one of the world's largest financial services corporations, ING Investment Management uses Symantec Enterprise Vault for content and file system archiving and e-discovery, assuring the accessibility and availability of unstructured data, including email, instant messaging, files and documents. ING is a global financial institution of Dutch origin offering banking, insurance and asset management to more than 75 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of more than 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
"ING Investment Management is fully committed to protecting the integrity and retention of our communications and ensuring compliance with regulations, but it is very resource-intensive and can be an administrative challenge," said Mark Kolodzej, vice president of IT and head of the infrastructure services department at ING Investment Management. "Symantec helps us improve the efficiency of our archiving and e-discovery processes, which not only reduces our costs, but also lowers the risk associated with information management."
Simplifying E-Discovery to Reduce Risk
Enterprise Vault helps ING Investment Management better handle e-discovery requests and ensures that critical email communications are archived and easily searchable for litigation or regulatory compliance purposes. Since deploying the software, the company can process e-discovery requests 80 percent faster than before, enabling IT staff to spend their time on other priorities. Enterprise Vault also reduces the risk associated with inaccurate or incomplete discovery in response to legal or regulatory action.
"Before we implemented Enterprise Vault, it could take up to three weeks to respond to each discovery request," added Kolodzej. "Today, it takes two to three days, which equates to more than $70,000 in annual savings."
Addressing Regulatory Compliance with Enterprise Vault
ING Investment Management's email archiving strategy enables the company to demonstrate compliance with government regulations such as the Sarbanes-Oxley Act, and industry standards including the Securities and Exchange Commission Rule 17a-4 and the National Association of Securities Dealers Rule 3010 and 3011. These regulations concern the collection and retention of corporate information, including business records and email communications–an increasingly demanding and complex undertaking for financial institutions with massive data volumes.
Enterprise Vault Compliance Accelerator provides ING Investment Management with easy, cost-effective supervisory review of email to ensure compliance with regulatory bodies. The company has been able to streamline the compliance process by developing a technology-based approach that assures all essential operational and financial information is captured and that reports are accurate and completed promptly.
Reducing Storage Costs for Email and Unstructured Data
ING Investment Management also uses Symantec software to better manage a 100 percent annual growth in email volume and file system data. With Enterprise Vault, the company's infrastructure services team is able to store unstructured data on less-expensive storage while compressing files through single-instance messaging. The result is a 40 percent reduction in email and file system storage requirements. The company's solution also includes a tiered storage model designed to optimize storage utilization and availability, which is expected to save more than $1 million in storage hardware cost avoidance over the next three years.
"Since compliance is such a driving force in our industry, the cost and complexity that have been added to our IT environment are enormous," said Kolodzej. "Enterprise Vault helps us achieve compliance, while enabling us to be more efficient and lower our storage costs with smarter email and file system archiving."
The Symantec solution also saves the company's Help Desk more than 100 hours a week that was previously spent helping end-users with PST file management issues or restoring lost emails. ING Investment Management estimates that the software has resulted in more than $300,000 in annual end-user and IT staff productivity savings.
Symantec is a global leader in infrastructure software, enabling businesses and consumers to have confidence in a connected world. The company helps customers protect their infrastructure, information and interactions by delivering software and services that address risks to security, availability, compliance and performance. Headquartered in Cupertino, Calif., Symantec has operations in 40 countries. More information is available at www.symantec.com.
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