Why is a document retention schedule so critical?

The backbone of a defensible records and information management program is a sound retention schedule. One that covers paper records and electronic documents and data. With this cornerstone laid, it’s possible to develop and implement a strong records and information management (RIM) program.

We’ll help you create and maintain a comprehensive, state-of-the-art schedule that meets all applicable regulatory and operational requirements. These will likely include federal and state laws, legal requirements and the retention period associated with specific document types and record series.

Our clients trust us to design and implement document retention policies because:

  • Companies are mandated by law to manage information in a compliant manner
  • Best practices and consumer demand require that organizations maintain tight information controls and retain certain documents, especially when personally identifiable information (PII) is involved
  • Retention schedules help run their businesses more compliantly and efficiently, thanks to consistency driven by governance
  • The retention schedule is the basic framework upon which other RIM/IG processes rely
  • Our IG consultants have developed thousands of retention schedules, both local and global

Does your records retention program meet the legal requirements for your industry?

Schedules need to be updated regularly for constant protection in the face of rapidly changing laws and regulations, like GDPR and CCPA.

Given the vast amount of information to be managed (document retention, information protection, secure document destruction, etc.), crafting a retention schedule requires specialized expertise and software.

How to Review and Document Your Retention Policy

Prepare Your Retention Schedule Project:

  • Review business processes and retention schedules
  • Analyze a sample of existing key documents and develop functional, activity and document-type
    business practices
  • Create a map of the information types and use-cases
  • Review organizational dynamics such as acquisition activity, entity and tax structures, expansion into new geographies or new industries, and more

Develop Your Retention Schedule:

  • Create an optimized set of functional groupings & record series definitions
  • Create a mapping of legal citations to each record type
  • Add retention triggers/file closure criteria (termination of contract, for example)
  • Include specific business cases, risk management, and privacy considerations
  • Review recommended schedule, then draft and approve the final retention schedule
  • Schedule annual updates to the retention schedule using LexiTrac

A Full Range of Information Governance Solutions

Beyond creating and implementing a retention schedule, Access’s information governance consulting practice includes a broad range of services that work together to secure your business’ confidential data.

The process begins with a comprehensive audit and assessment of existing records management policies, processes, and documentation. We then create and implement a unique information governance program to address gaps, shore up weaknesses, tackle change management, and create a roadmap for successful execution.

Information Governance Policy

A consistent set of IG policies in support of a retention schedule is crucial to effectively control, protect, and manage your company’s information. Feel daunting? It’s easy to get started with the right people in the room.

Program Implementation

To best implement and manage a great Records and Information Management (RIM) program you need a strong information governance foundation. An implementation program plan starts with understanding the state of existing IG policies, and the degree of compliance with them across the organization.

Legacy Records Management

Legacy records can create many challenges. Save time, space, money, and headaches with document digitization services that archive paper records electronically. You don’t even have to touch every file.

IG Technology Assessments

With sound information governance plans, policies, and procedures in place, it’s time to make sure you have the right systems in place to manage it. We’ll assess your tech stack to ensure that retention schedules and other key compliance needs are supported.

Regulatory Compliance

The regulatory environment continues to evolve quickly as privacy concerns amplify. We’ll help you create a centralized document management program that ensures compliance with your IG policies, and with regulations like HIPAA, CCPA, GDPR, SOX, and more.

 

 

Your Complete Information Management Solution

We specialize in retention policy and schedule creation, and holistic IG support including compliance and data privacy, coupled with years of expertise in traditional records and information management. This allows us to offer a full-service approach to managing the entire information lifecycle.

Retention Schedule Software to Support Your Information Governance Policy

Retention scheduling software

LexiTrac is a revolutionary retention schedule development and management tool.

Powered by AI, this software makes the crushing volume of complex data manageable, secure, and legally compliant.

LexiTrac Provides:

  • Intuitive and user-friendly retention schedule development
  • Retention schedule management, including ongoing legal and regulatory updates
  • Access to tens of thousands of functionally organized U.S. and global information compliance rules, laws, regulations, standards, and guidelines
  • Coverage in more than 110 countries
  • Information governance reports to show privacy concerns, data location restrictions, media requirements and ethics guidance
  • Electronic systems data mapping
  • Workflow functionality to support internal management processes

Additional Resources on Retention Schedules

6 Reasons to Consider a Records Management and Information Governance Consultant

Webcast: Retention Scheduling & Policy Review for 2020

How to Build a Records Program – Step 1: Develop a Plan

We solve records and information governance problems

See how Access can help you create and implement a retention schedule that fits your unique needs.