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Records Retention

Business Records Retention & Destruction Policies and Schedules

The specific requirements of records retention for a given business is generally a job for either attorneys knowledgeable in this area, or records management consultants with a legal review. Implementing records management requires a development of a detailed records retention schedule which should at least be reviewed by a knowledgeable lawyer. CPA’s are also helpful in this process. But it is important that each business develop their own policy/procedure with competent counsel.

A sample record retention policy procedure can be found at www.skocpa.com/document_retention_recommendation.htm

In response to the current heightened legal environment for records retention many larger organizations are implementing automatic integrated content management electronic records storage solutions. In this case, records management software is employed to recognize key elements  in all e-documents (spreadsheets, e-mail, word, etc.)  including keywords, assigning a retention period and storing them automatically in an appropriate  electronic file where they can be readily retrieved particularly for legal purposes. High levels of sophisticated electronic security is then implemented to prevent unauthorized access to these e-files.

At this point these systems are cost justified exclusively by organizations continuously involved in multiple legal actions.

These large organizations however still find physical storage facilities such Peter F. Reilly to be the best answer for their vital and archival paper records storage.