Records Retention Schedule – A Brief Understanding

A records retention schedule is the foundation of the main business information management system for an organization. It is nothing but a policy document that highlights the authorized and compliance record keeping conditions and needs of the company. An organization executes a records retention schedule so as to make sure that its data is maintained as long as their legal and operational value remains, as well as the ones that are obsolete are discarded in a controlled and systematic manner. The records retention schedule is designed to make certain that the employees stick to the recordkeeping requirements that have been approved, as well as ensuring they do their work sincerely.

Records retention schedules are of great importance as they play the role of the company's legal authority that retains and purges the records. It captures all kinds of records that have been created and used by the company in its course of business and gives the information regarding the time for which these records are to be maintained. The development as well as implementation of a business records retention schedule is one of the most important elements for ensuring a secure records management program.

As the quantity of retained business records gets bigger, the risks associated with not having a record retention schedule increase as well. Therefore, it is very important to have a protocol in place. Any inconsistency or irregularity in an organization’s records program, or absence of a probable records management program, can result in inviting a large number of risks. Maintaining the records for less time than it is required would also be pushing you towards a new web of risks.

The burden of locating and identifying the records increases as some information needs to be retained whenever it is required for reference purpose or some legal compliance. Without a records retention scheduling program, which comprises of indexing capabilities, all the effort you put into locate required documents can prove to be a huge task in its own. Risks are evident, in case a company is not able to maintain their records.

The benefits of having documents retention policy are:

• It improves the overall use of the resources
• Manage the unreserved growth of the records volume
• Reveal the compliance with the regulatory and statutory recordkeeping needs.
• implement the constant execution of the recordkeeping policies
• Upgrade the ability to situate and retrieve the records when needed
• Reduce the risks associated with litigation

A record retention schedule manages a company's records in certain categories known as record classes that include grouping the records that support the business processes that are quite similar in terms of legal and operational retention requirements. A retention rule or period is linked with all the record classes. It may be stated as months or years, or even as dependent on the occurrence of any event like the termination of a contract or end of a project. The record retention schedule is always accompanied by a complete legal research that is supposed to document the current and legal recordkeeping needs and contemplations.

For more information on records retention and disposition schedule, visit www.irch.com

About The Author

Sarah Jones is an expert on business data management and records maintenance who also likes to write many interesting articles and blogs, helping enterprises in coming up with the best business record retention schedule and document preservation guidelines. She recommends IRCH.com as the best source of information on the subject.

IRCH provides market-leading products and services enabling customers to reduce costs and risks through implementing legally-defensible records retention and destruction practices.