What is Records Retention Schedule?
If you want to create an effective records management program for your organization, then you cannot ignore the records retention schedule which forms the basis of the program. This is a policy document which outlines the legal and compliance record keeping needs of an organization. The primary purpose of implementing the records retention schedule is to make sure the records are preserved as long as they are required operationally or legally. It also assists in proper disposal of the records in a controlled and systemic manner when they are not needed anymore.
A records retention schedule also ensures that the employees of an organization follow the approved recordkeeping requirements in a consistent manner.
Why is records retention schedule so vital for your organization?
It is highly essential for organizations because it serves as the legal authority to preserve and dispose of the records. The records retention schedule covers all types of records that can be possibly created by a company during its years in business. It also indicates how long the records need to be retained. For best results, the records retention schedule must be applied systematically. It should be included as a part of an organization’s records management strategy.
The proper development and implementation of a retention schedule are essential for establishing an effective record management program. Organizations benefit in the following ways:
- This can ensure the optimum utilization of the resources available
- It reduces the risk of litigation
- It keeps a check on the expansion of records volume
- It demonstrates a certain level of compliance with recordkeeping requirements
- It makes it easier to search for records and retrieve information
Records Management Systems
As an organization grows, the volume of retained business records also expands, and this results in an increase in associated risks. As years go by and the information retained by business increases, it becomes more and more difficult to identify and locate records. Every organization needs a credible electronic records management system to ensure records are properly managed, retained and purged as required. Lack of a proper records management system can expose a company to unnecessary risks.
If your firm does not have a records management system, then it’s high time you get one that suits the requirements of your business. Choose a system that offers good indexing capability, reliable customer support and is mobile friendly so that your staff can easily access it anytime, anywhere.