A Record Retention Schedule is Part of Regulatory Compliance
As part of your records management system, you should have a record retention schedule. The record retention schedule is a well defined enterprise wide plan to manage data privacy and internal controls for all records, regardless of media type. The record retention schedule sets policies in place on how documents are created and the length of time that is legally and functionally required before destruction. The record retention schedule makes sure that inactive records are being purged on a regular basis following record management and document destruction guidelines.
Why Do You Need A Record Retention Schedule?
Record retention schedules ensure an organization meets the legal requirements over the life cycle of documents, from document creation to document destruction. The record retention schedule addresses issues of document creation like categorization of documents for controlling documents from active to inactive status. The retention schedule also provides document destruction guidelines according to the schedule. An effective records retention schedule will provide legal and regulatory protection and stabilize the growth of records in all formats.
Not having a records retention schedule in place can hamper the ability of your organization to function properly for employees, customers, and regulatory institutions. If your business is holding onto unnecessary records, it creates a problem for employees that have to search for and retrieve active records that are needed for reference or legal reasons. For customers, if you are unable to locate a record then it could cause anything from bad relations to litigation. Finally, not being able to provide records or show that records have been properly destroyed can put you out of compliance with many regulatory institutions.
Contact Us for Help Creating a Reliable Record Retention Schedule
Determining how long to keep records necessitates the creation and execution of a reliable records retention schedule. Our professional information management consultants are here to help. We will develop a record retention schedule within one department, company-wide or wherever your needs are. For more information on record retention schedules, give us a call at 1-800-803-1083 or send us a message today.