{"id":34,"date":"2006-07-13T11:30:47","date_gmt":"2006-07-13T19:30:47","guid":{"rendered":"http:\/\/www.formtek.com\/blog\/?p=34"},"modified":"2006-07-13T11:30:47","modified_gmt":"2006-07-13T19:30:47","slug":"retention-management-is-central-to-corporate-record-and-information-management-policies","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/retention-management-is-central-to-corporate-record-and-information-management-policies\/","title":{"rendered":"Retention Management is Central to Corporate Record and Information Management Policies"},"content":{"rendered":"

Compliance<\/a> comes in many flavors.\u00a0 In the US, regulations include\u00a0Sarbanes-Oxley<\/a>, 5015.2<\/a>, HIPAA<\/a>, and SEC Section 17a<\/a>.\u00a0 Central to these many different kinds of compliance is the concept of Retention Management<\/a>.\u00a0 Retention management refers to company policies that are created to manage the lifecycle of documents within the corporation.\u00a0 It includes determining how long to keep a document, how it should be stored, and when and in what way it should be purged or archived.<\/p>\n

Retention policies can apply to any type of document.\u00a0 Recently there has been much discussion<\/a> and activity in this area for managing historical email and Instant Messaging documents.<\/p>\n

The main driver behind document retention is the need to satisfy legal and accounting requirements.\u00a0 Documents typically need to be retained to show\u00a0evidence of company policies and activities and also to support the context in which important company decisions were made.\u00a0 From a business perspective,\u00a0it is also common for companies to retain\u00a0important documents as part of\u00a0an overall\u00a0company record\u00a0or\u00a0corporate memory.\u00a0\u00a0\u00a0Retention periods<\/a> vary depending on the kind of document, the industry and individual company policy and exceptions.<\/p>\n

Retention disposition policies specify when documents are no longer needed and in what way they are to be disposed.\u00a0\u00a0A certain set of vital company records can be classified as permanent and will never be deleted.\u00a0 But almost all financial support documents will reach a point where they are no longer required for audit purposes and can be deleted.\u00a0 Other documents will need to be cleared out\u00a0at some point because the information that they contain has been either\u00a0superceded or outdated.\u00a0 Retaining such documents are burdensome to manage and their existance often only leads to confusion.\u00a0 If documents are no longer active but are required for audit or reporting purposes, they are typically moved to archive storage areas.<\/p>\n

Two international standards from ISO<\/a> have been created to address Retention Management issues.\u00a0 These documents provide a clear and useful overview for how a company can create a solid strategy for addressing document retention.\u00a0 While there are references to Records Management, the documents address retention more from a document management point of view.\u00a0<\/p>\n

The first of these is\u00a0ISO 15489-1:2001<\/a> (available by Whitefoot Forward as a free download), Information and documentation –Records Management.\u00a0 Section 9 of 15489-1 in particular has a good discussion about setting retention policies.\u00a0 The second follow-on ISO document is 15489-2:2001<\/a>\u00a0(another free download) Information and documentation — Records Management — Part 2 Guidelines.<\/p>\n

While Retention Management policy applies to both hardcopy and electronic documents, clearly the electronic management of documents can ensure more accurate, timely and consistent handling of document retention policies.\u00a0 Document and Content management systems such as those offered by Formtek<\/a> provide an excellent foundation for enabling policies for Retention Management.<\/p>\n

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Compliance comes in many flavors.\u00a0 In the US, regulations include\u00a0Sarbanes-Oxley, 5015.2, HIPAA, and SEC Section 17a.\u00a0 Central to these many different kinds of compliance is the concept of Retention Management.\u00a0 Retention management refers to company policies that are created to…<\/span><\/p>\n

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