A major component of corporate compliance is records management and retention, a highly complex issue in larger organizations. With multiple business units and operating models, companies are regularly challenged with effectively managing the mountain of records that they use to run the business and are required by law to maintain.
Some of the most common mistakes companies make on retention:
- Not keeping your records straight from your backup.
- Expecting the legal department to produce a rule of thumb for how long to store records.
- Assuming that document retention is someone else’s job.
- Not being able to respond quickly to a request.
- Having a policy you can’t follow.
- Failing to offer guidance on how to destroy old records.
- Telling people to delete information at the wrong time.
eDelta’s approach to records retention planning is straightforward and leverages knowledge and experience across multiple domains. The five key steps include:
- Situation Analysis and Risk Assessment
- Records Inventory and Data Classification
- Retention Method Selection
- Program Implementation
- Monitor and Maintain
Although every engagement is unique, particularly when it comes to records management and retention, some of the specific deliverables generated from our planning methodology are:
Addressing areas such as active/inactive records and information management, records retention, vital records protection, information security, email, Internet/Intranet usage, litigation response, electronic document management, imaging, and additional uses of technology to improve record-keeping practices.
Retention Schedule Creation
Matching legal retention requirements to company-specific recordkeeping requirements. The best way to ensure you are only retaining what files are necessary is through the development of a retention schedule. A properly outlined and legally compliant retention schedule helps you minimize your storage and handling costs by reducing the volume of paper and electronic records you need to store.
System Design and Selection
Identifying appropriate technology and vendors to satisfy the records retention requirements.
From basic box storage or file tracking applications to comprehensive electronic records and document management systems.