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Records Management: GDPR to Enforce Compliance with Retention Policies
The importance of Records Management is being driven by European regulations that are scheduled to go into effect next year. The General Data Protection Regulation (GDPR) attempts to strengthen data protection for individuals. Non-compliance with the regulation will be costly, with fines that can reach as much as four percent of global sales. Both the EU and the UK are expected to implement this regulation. Companies doing business in these countries should be aware of the requirements and the penalties.
A key piece of GDPR is the enforcement of record retention policies. Retention policies establish a schedule for certain types of documents and information and specifies how long the information is to be kept. At the end of the retention schedule, the information is destroyed. Retention policies apply to physical files, electronic documents and email correspondence.
Christine Andrews, managing director of data governance at DQM GRC, said that “the GDPR in fact demands a risk-based approach with the development of appropriate controls. This should, in a single stroke, ensure that management recognises the dangers associated with the loss, misuse, theft or any other compromise of customer data.”
