A records retention schedule is a key element of an effective records management program. It is created and implemented to define an organization’s legal and compliance recordkeeping requirements and serves as a good faith effort by the organization to adhere to a document management program. Records retention schedules serve as a company’s legal authority to retain and purge records.
Organizations implement a records retention schedule to ensure that its records meet legal and operational requirements and guarantee that records which have met their retention requirements are disposed of in a systematic and controlled manner. Organizations should implement a universal retention schedule for their entire organization. The retention schedule should be structured around a classification scheme that categorizes “like” records into broader groupings to facilitate consistency and manageability. A retention policy and schedule is a fluid document and as such should be added to your organization’s document review schedule. Crown Information Management recommends an annual review to keep up with ever changing legal requirements as well as best practices.
If you are interested in finding out more about Retention Policies and schedules, please drop us a line and we will answer any questions you might have.