What is the record retention schedule?

Business

A Record retention schedule defines for how much time data should be preserved and provides information related to disposal of data. It is also called as data retention schedule. It is examined by record type and business type. Retention schedule gives you an idea, for how much time you need the data for future use, and after how much time it can be dumped into a paper shredder, if no longer needed. It is an effective and doable way for an organization to manage their records.

How it works:

Record retention schedule is determined taking several factors in account, including types of data, ownership, business value of the data, etc. This schedule is made to help the organizations, maintaining the information related compliances, and helps in records management, by disposing of the data, that has no use in future. It is the established policy for data retention based on the needs of one’s business.

To establish a retention schedule:

Make the team to develop a record retention schedule and make them responsible for implementing it. It would be highly beneficial if the team members responsible for making retention schedule, are from different departments so that they could bring various insights into the making of schedule. Initially, the team should gain enough experience for the schedule. They should develop mission statements and vision statements. A vision statement provides a target to the team, that where they want to see the schedule in future. While the mission schedule targets the long-term goal of the schedule. Various employees of the organization should have been given the task to manage records. Several points should be considered, like finding a place to keep records. Permanent records should be placed in a fire safe box. Every organization has its unique needs, and record retention schedule should meet those needs, in order to work well.