Watermark stuff where it is useful so you can see where copies of stuff have come from. Don't bother trying to track things you can't actually track (file viewing, opening, printing, etc).
The watermark doesn't even have to be high tech, it can just be a guid inserted at some point in the document, with a company policy that says when you can remove it (never?), when you should change it (when it crosses a boundary, like a departmental boundary) and how records should be kept (e.g. a central database of which event caused the creation of a new guid).