What is records retention and why is it important?
This complete guide covers records retention definition, schedule, policy, and its importance to organizations. Records retention refers to methods and practices organizations use to maintain the important information for a required period of time for administrative, financial, legal, and historical purposes.
What is the retention period for records classes?
Each records class has a retention period that’s defined by a combination of corporate policy, business risk tolerance, external legal advice, regulatory requirements and legal obligations, says Sean Riley, a principal at Deloitte Risk and Financial Advisory.
What is a retention schedule?
The retention schedule, also called data retention schedule, is the core foundation of an effective records management initiative. The purpose is to define how different types of records are managed. In addition to how long they should be kept to comply with different laws and regulations requirements.
What happens if you don’t keep records properly?
Failing to act promptly can lead to serious financial and litigation consequences when still-needed records are automatically purged via inaction. It’s important to maintain tight oversight on retention periods, advises Caroline Morgan, a partner in the New York offices of national law firm Culhane Meadows.
How many employees does uniwave have?
Uniwave limited established since January 1990. Fully paid registered capital 30 million baht. Number of employee 44 which work in 2 Business Unit. Energy and Transport Business Unit. (ETU) Tel : 061 208 8804 or 082 108 8801
What is the duration of time (retention period)?
The duration of time (retention period) specifies how long records should be retained before they are destroyed. Organizations usually define the business document retention period based on multiple factors such as the nature of the business documents, industry regulations, or business needs.
What is document retention and document destruction compliance?
Document destruction in compliance with a fair corporate record retention program will assist in protecting the company from legal risks. Depending on industry regulations and business rules, organizations must have a flexible system to configure the retention period based on a predefined schedule.