LONDON - March 24, 2005 - FrontBridge Technologies today announced the appointment of Bernard Goulet as its National Manager of Regulatory Affairs. Goulet will host a series of international seminars, providing counsel to companies reviewing the requirements of more than 10,000 international regulations.
Regulations such as the Data Protection and Freedom of Information Acts in the United Kingdom, to Sarbanes Oxley and Gramm Leach Bliley in the United States place companies are under intense pressure to modify antiquated email communication policies. FrontBridge's comprehensive hosted solutions help companies mitigate the risk of non-compliance. Current legislation stipulates extensive legal actions, fines, sanctions and possible jail time for organisations and their executives for violations related to the retention and monitoring of electronic communications.
Enforcement in 2004 included fines and sanctions from the Securities and Exchange and Federal Trade Commissions, including multi million dollar fines against several well known financial services firms for failing to produce email to federal regulators.
"There are more than 10,000 regulations around the world and ignorance of applicable laws won't hold up when enforcement agencies knock on company doors," said Goulet. "FrontBridge aims to help companies better understand how to use outsourced services can help protect against corporate malfeasance and potential legislation."
Goulet has more than 15 years of securities experience with firms trading on the Chicago Board Options Exchange, The Pacific Stock Exchange and the Boston Stock Exchange. With his most recent position at George K. Baum in Kansas City, MO, Goulet helped companies prepare for initial and secondary public offerings, specifically with regards to navigating SEC rules. Goulet joins a team lead by Kevin Merritt, vice president of archiving and compliance, who joined FrontBridge after its acquisition of MessageRite in 2004. Prior to joining FrontBridge, Merritt was CIO for Smith Barney, a leading mutual fund company.
UK Legislation Calls for Best Practices
Government agencies worldwide are beginning to enforce compliance regulations in several high profile cases involving email. The Freedom of Information Act 2000, which applies to approximately 100,000 public authorities in England, Wales and Northern Ireland, requires government agencies to adopt and maintain a data protection and sharing scheme that enables the proactive distribution of information to the public and efficient response to information requests from members of the public. The data must be retrieved and produced within 20 working days, unless there are extraordinary circumstances.
The FrontBridge Message Archive managed service intercepts all inbound and outbound external messages, storing a fully indexed copy of each message in a secure, offsite message archive repository. Administrators, compliance officers, legal counsellors, and even end users can easily search and retrieve messages via a secure web-based interface.
"Organisations should not wait for a lawsuit before resolving the issue of storing and retrieving emails," continued Goulet. "Email retention is a critical compliance issue. Four of every five discovery requests in UK corporate litigation cases are now for e-mail, so it is important that the data can be archived and retrieved successfully. Organisations in both the public and private sector need to act now to mitigate their exposure."