A records retention schedule is a policy document that defines an organization's legal and compliance recordkeeping requirements.
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A records retention schedule is the cornerstone of an effective records management program. It is a policy document that defines an organization's legal and compliance recordkeeping requirements.
A company implements a records retention schedule in order to ensure that its records are kept as long as legally and operationally required and that obsolete records are disposed of in a systematic and controlled manner. The records retention schedule is intended to ensure that employees adhere to approved recordkeeping requirements, and that they do so consistently.
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Records retention schedules serve as a company's legal authority to retain and purge records and, therefore, hold great importance for a company. The records retention schedule captures all of the types of records created and used by a company in the course of its business and indicates how long these records are required to be retained. A retention schedule needs to be developed and applied in a systematic manner, as part of a company's corporate- wide records management strategy. Both development and implementation of a retention schedule are important elements in establishing a "good faith" effort and ensuring a sound records management program.
As the volume of retained business records expands, so do the associated risks of not having a retention schedule. Establishing how long to retain records requires the development and implementation of a credible records retention policy. Irregularity or inconsistency in a company's records program or the absence of a credible records management program can splinter outsiders' assumptions of good faith. Absent a viable reason, keeping records for longer or shorter times than guidelines dictate exposes a company to unnecessary risk.
The more information a business retains, the greater the burden of identifying and locating records when needed for reference purposes and legal compliance. Without a records management program with indexing capabilities, the effort of locating required documents can be immense. Risk exists if a company is not able to locate all seemingly relevant records and unintentionally withholds required documents.
A retention schedule organizes a company's records in categories called record classes—groupings of records that support similar business processes and that have related legal and operational retention requirements. Creating record classes allows a company to apply consistent retention practices to similar types of records. Each record class consists of a description of the process the records support and examples of the types of records that fall under the record class. A retention period or rule is associated with each record class. A retention period may be stated in terms of months or years, or may be expressed as contingent upon the occurrence of an event such as the termination of a contract or conclusion of a project. The retention schedule is accompanied by comprehensive legal research that documents current legal recordkeeping requirements and considerations.
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