Alright, I don't believe anyone hit on this yet, but encryption is one layer of the security onion.
There are may other layers, pertaining to network/host-side scanning, behavioral analysis, etc...
Another point worth mentioning is the idea of two-factor authentication. Using methods as image recognition, biometrics, RSA keys (or, with their current situation, another company like nTrust).
If you are housing this data yourself and you have not looked much into other security perspectives other than encryption, look into IDS/IPS systems and SIM/SEM systems.
Physical security must also be taken into account.
The real question here is where this encryption is... Will this be encrypted company data that can sit behind 3 layers of firewalls within a data-center that has 3-factor authentication, is it being shipped around on thumb-drives, or is it just sitting on an open FTP server that a college kid has running under his desk?
Additionally, as I understand it, all the major encryption algorithms have been approved by the US government (as they stand now) and therefore I would just take it for granted that, at least at the governmental level, encryption is not an obstacle. It's been a while since I've studied the history/legislation surrounding encryption schemes, so please correct me if I'm wrong.
P.S. this questions has such a wide breath of possible answers.... covering almost every aspect of security. It may be beneficial to add some clarity to your question, that is unless you've already been given an acceptable answer.