Transocean's National Comprehensive Records Program Paves the Way for Digital Records
Reducing the risks and costs associated with the proliferation of records management regulations.
Transocean partnered with Iron Mountain to create a enterprise-wide compliant records management program.
Centralized, comprehensive records inventory listing across all of its business units which paves the way for a digital records solution.
With 83 mobile offshore drilling units and the largest “floating” rig driller in the
industry, Transocean Inc. is the world’s largest offshore drilling company. Transocean excels at constructing oil and natural gas wells in deep waters
and harsh environments. A Cayman Islands corporation, the company has approximately 11,600 employees worldwide.
"With Iron Mountain's advisors, we’ve identified our records compliance challenges and taken steps to help ensure compliance with evolving regulations."
Cindy Osterman, Corporate Quality Services Manager, Transocean
In 2004, Transocean sharpened its focus on its records retention program. With
more than 15,000 records onsite and 50,000 boxes of records stored offsite in
the U.S. alone, the ability to reduce the risks and costs of compliance was
becoming increasingly important for the company. With corporate standards
ratcheting upwards and state and federal regulations fast increasing, Transocean
wanted to ensure that its current program aligned with industry best practices.
To gauge its ability to respond to regulatory inquiries, Transocean sought to
identify any shortcomings in its current program and resolve any gaps with an
enhanced and properly executed program.
Transocean sought a vendor to provide guidance and insight on the proliferation
of records management regulations. It was also important that the vendor help
the company implement an end-to-end compliant records management program
that would give Tranocean’s senior executives confidence in the integrity of
their records management program.
Transocean selected Iron Mountain over six other vendors
to evaluate its records management program and coordinate
a master plan to resolve program deficiencies. Given Iron
Mountain's existing relationship with Transocean as its
Records Management provider, the vendor was already
familiar with the company's business, which emerged as a
key differentiator in the selection process. Robbie Pratt,
Manager of Facilities and Records at Transocean, closely
managed this relationship and was confident that Iron
Mountain could help Transocean classify its growing
inventory as it prepared for a move towards digital records.
As the day-to-day records operations manager, Pratt
collaborated with her colleague Cindy Osterman, Corporate
Quality Services Manager, to ensure all aspects of a
comprehensive compliant records management program
were taken into consideration during the selection process.
Both Pratt and Osterman were confident in Iron Mountain’s
expertise in the latest regulatory requirements. The fact
that Iron Mountain's Consulting Services is independent
from a compliance software solution additionally influenced
Transocean's selection. Strongly committed to the corporate wide
implementation of a compliant records program,
Transocean executives felt that with Iron Mountain's team,
they would receive the comprehensive expertise of the
consultants, not the finite capabilities of a software solution.
According to Cindy Osterman, Iron Mountain’s team won
full support of Transocean’s senior executives. She credits
Iron Mountain for enabling the company to proactively
address the increasing regulatory controls for records and
information management. “I have never had as much
respect or trust for a team of consultants before and their
ability to gain senior executive support,” said Osterman.
"By demonstrating its ability to help guide us towards
compliance, Iron Mountain’s legal expertise and high-level
strategy immediately gained executive support." said Pratt.
In 2004, the Iron Mountain Consulting team performed a
Risk Assessment to provide an in-depth analysis of the
overall health of Transocean’s records retention program.
In only four months, Transocean and Iron Mountain identified critical gaps in the program. Although the gaps
discovered were relatively minor, from this analysis Iron
Mountain outlined a customized Records Retention
Schedule catered to the needs of Transocean’s regulatory
exposure. In less than one year, Transocean and Iron
Mountain created a universal classification scheme based
on extensive legal research to ensure the proper retention
period for each record class by departmental and user group.
With Iron Mountain’s help, Transocean has established a
consistent method by which to identify records during the
inventory process. Now, the Records Retention Schedule
accounts for the location and content of paper and
electronic records to ensure Transocean preserves the
right information for the correct amount of time and meets
legal requirements more cost effectively. Transocean has
all vital information archived, and the information can be
accessed in a timely manner to ensure overall compliance.
Iron Mountain’s high degree of expertise in the changing
rules and regulations around records retention has
enabled Transocean to very quickly identify its records
compliance challenges and take the necessary steps to
close the gaps and establish a sound compliant records
retention program. Transocean now has a centralized,
comprehensive records inventory listing across all of its
business units, and the company is now ready to move
towards a digital records solution.
"Iron Mountain has guided us through every stage of the
compliant records management process,” said Pratt. “Our
partnership with Iron Mountain has provided Transocean
with a better understanding of where we were, where we
are today and where we need to be in the future as we
continue to roll out a compliant records management
program internationally over the next two years. With
offices in almost every country and over 50,000 boxes of
records stored offsite, we are confident in Iron Mountain’s
expertise to guide us."