Advantages of Having A Record Retention Policy

For the favourable working of an organisation there are many records that need to be stored for future safety and legal proof but these same records may be harmful to you as in they may add up to your discovery, litigation and storage expenses. On the other hand it is unfavourable to delete almost anything that is important as you never know when it might be of use in the future. Therefore having a records retention policy may help you out in such a situation where you need to preserve the records without facing any additional costs. Records retention helps you in storing your data according to your needs and also in destroying it as and when required.

What is record retention schedule?

A record retention schedule is a plan which helps you direct and maintains your data according to your wish and need. You will be allowed to retain all information for the retention period chosen by you after which at a single order by you the retention period WILL either be renewed or the records will be deleted forever. This is also sometimes known as the records retention and disposition schedule as it allows you to both retain your records as well as dispose it off after the retention period ends. This way your records will be safe as well as your organisation will have added security from invaders.

How does it work?

There are many companies which offer these types of services in the form of document retention policy. These companies will save and store all your important documents and records safely at a very low rental. They take full responsibility for your organisational security and your data security. They also provide a document retention schedule which will have a clear plan of when you started storing, when you want the policy to end that is when you want to automatically delete all stored data. Moreover this policy involves the storing of records in both print, paper and digital, that is electronic data. Therefore you can store all your records at one single space.

Advantages of records retention schedule

• Security

It provides the organisation with a sense of security as in all the records are saved and stored without any fear of being leaked out to the public by competitors. Secondly all the records are in a position to be restored when the need arises with zero chances of being lost.

• Saved litigation costs

If in case a company is unable to produce a certain document or information which is of legal or personal importance then the company may face severe penalties and fines leading to added litigation costs. This happens when data is deleted. Records retention helps in recovering age old legal data too.

• Saved storage costs

Storage of huge number of records take a lot of time, money and labour for which companies need to hire people, waste paper, printing ink and files. This can be reduced by simply opting for a record retention policy.

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