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If you are looking for a record retention policy template, then look no further. This article will provide every detail.

Introduction and policy

The retention policy states the duration of time for which the record needs to be maintained and the action that must follow when this period is over. Members and staff are supposed to manage the present record keeping system utilising the policy schedule and also keep in mind the rules and regulations while saving new records. The retention policy contains all data regardless the type of documents to be stored.

What to do with these records once the time period is over?

Destruction of records: when the records reach the end of their shelf life, the data must be carefully destroyed. If the available data is in physical form, it should be shredded before disposal.

Transfer of records to the archives: if the data has been classified for permanent preservation, care should be taken while transferring it to the archives.

Transfer of information to other media: if these records are considered to be permanent, they should be converted into digital data so that storage is easier. The lifespan of data and ease in transferring data whenever and wherever possible should be considered.

Effective data retention policy template is necessary to:

  1. Ensure business is conducted in a systematic manner.
  2. Ensure the company get best value through improvements in the flow of procedures for better coordination of storage system.
  3. Protection of personal information and data subject right.
  4. Legislative, regulatory, and statutory requirements are met
  5. Avoid inaccurate and misinterpreted data and minimise risks of exploiting personal information.
  6. Erase data in accordance with regulatory and legislative requirements.

Information that is kept for longer period comes with additional risk and cost and may also breach data protection principles. A data retention policy template is necessary for smooth functioning of all the above stated processes.