Record Retention Schedule: What You Need To Know in 2023

What is a Record Retention Schedule?

A record retention schedule is a set of guidelines that organizations use to determine how long to keep different types of records. The schedule defines the length of time records should be kept, where they should be stored, when they should be destroyed, and how to go about disposing of them. It also contains information about who is responsible for managing the documents and how often they should be reviewed.

Why is Record Retention Important?

Record retention is important for organizations for several reasons. It ensures that organizations are compliant with any applicable laws, regulations, and industry standards. It also helps organizations stay organized, save money, and protect confidential information. Finally, having a record retention schedule in place helps organizations limit their potential liability and prevent data breaches.

What Records Should Be Included in a Record Retention Schedule?

The types of records that should be included in a record retention schedule vary by industry, but most schedules include records related to financial transactions, customer information, employee records, contracts, and legal documents. Depending on the organization, the schedule may also include records related to marketing, research and development, or other business-related activities.

How Long Should Records Be Retained?

The length of time that records should be retained is determined by the organization’s legal and regulatory requirements, as well as any industry standards. Generally, records should be retained for the minimum amount of time required by law, but it is important to consult with an attorney or other legal professional to ensure that the schedule complies with all applicable laws and regulations.

What Should Organizations Do With Retained Records?

Organizations should designate a secure storage location for records that must be retained. The storage location should be locked and accessible only by authorized personnel. Organizations should also create a process for regularly reviewing and updating their record retention schedule to ensure that it remains compliant with applicable laws and regulations.