Corporate Governance - Governance, Risk, and Compliance Topic for Oracle Applications - page 48

The following screenshot shows the disposition notifications being shown in
a dashboard:
In the federal trade commission's recent $50,000 dollar settlement with an Illinios
mortgage firm for discarding personal information without first destroying it, the
regulatory agency cited the absence of the required written policies and procedures
as a basis for the penalty. Similarly, the failure to have the required written policies
and procedures was cited by the attorney general of Texas with two national firms
when it was discovered that they were violating the state's information destruction
requirement. According to the Texas Attorney General's office the fines amounted
to hundreds of thousands of dollars and required the retailers to develop written
information destruction programs (Source: National Association of Information
Destruction Press Release, June 10, 2008).
According to Robert Johnson, National Association of Information Destruction's
Executive Director, " For some organizations, the policy on information destruction amounts
to a single sentence, advising employees to destroy sensitive information properly before it
is discarded. In today's social and business climate, that simply does not provide sufficient
direction to employees who are dealing with many forms of media ". Johnson adds " Because
of the consequences of improper disposal, regulators, auditors, courts of law, the media and
public sentiment are insisting on a more thorough approach to information destruction ."