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A Records Retention Policy sets clear rules for how long an organization keeps its documents and when to destroy them. It covers everything from employee files and financial records to emails and contracts, mapping out exactly how long each type of record needs to be stored to meet legal requirements.

These policies help companies comply with federal laws like HIPAA and Sarbanes-Oxley, while protecting sensitive data and managing storage costs. Having a solid policy prevents both premature destruction of important documents and the liability risks of keeping records longer than necessary. It's especially crucial during legal proceedings, audits, and regulatory investigations when organizations need to prove they've handled records properly.

Put a Records Retention Policy in place before your organization faces a regulatory audit or legal discovery request. Healthcare providers need it to manage patient records under HIPAA, while financial firms use it to handle SEC compliance requirements. It's essential when expanding operations, merging companies, or moving to digital storage systems.

The policy becomes particularly valuable during lawsuits, government investigations, or when responding to data privacy requests. Companies with multiple departments or locations especially benefit from having clear rules about document storage and deletion. This structured approach prevents costly mistakes like destroying evidence or keeping sensitive data beyond legal deadlines.

• Audit Retention Policy: Focuses specifically on preserving audit-related documents, financial statements, and tax records, typically following IRS and SEC requirements.
• Contract Retention Policy: Specialized for managing business agreements, vendor documents, and legal contracts with specific hold periods based on contract type and jurisdiction.
• Corporate Retention Policy: Comprehensive policy covering all company records, from HR files to board minutes, ideal for larger organizations needing unified document management across departments.

• Legal Counsel: Draft and review the policy to ensure compliance with federal, state, and industry-specific regulations while protecting the organization's legal interests.
• Records Managers: Implement and oversee day-to-day records management, coordinate with departments, and maintain documentation of compliance.
• Department Heads: Ensure their teams follow retention schedules, identify critical records, and participate in policy updates.
• IT Teams: Handle electronic storage systems, backup procedures, and secure destruction of digital records.
• Compliance Officers: Monitor adherence to the policy, conduct audits, and report violations to leadership.

• Document Inventory: List all types of records your organization creates, receives, and maintains across departments.
• Legal Requirements: Research retention periods required by federal laws, state regulations, and industry standards for each record type.
• Storage Assessment: Map out current storage systems, both physical and digital, and evaluate security measures.
• Department Input: Gather feedback from key stakeholders about operational needs and workflow impacts.
• Policy Framework: Use our platform to generate a customized policy that includes retention schedules, destruction procedures, and compliance requirements.
• Implementation Plan: Create training materials and establish monitoring procedures for policy rollout.

• Purpose Statement: Clear explanation of policy objectives and scope of records covered.
• Retention Schedule: Detailed table listing document types and their specific retention periods under federal and state laws.
• Legal Hold Procedures: Process for suspending normal destruction during litigation or investigations.
• Destruction Methods: Approved procedures for secure disposal of both physical and electronic records.
• Roles and Responsibilities: Assignment of key duties to specific positions or departments.
• Compliance Framework: References to relevant laws like HIPAA, SOX, or industry regulations.
• Review Process: Schedule and procedure for regular policy updates and audits.

While a Records Retention Policy and a Data Retention Policy may seem similar, they serve distinct purposes in an organization's compliance framework. A Records Retention Policy covers all business records, including physical documents, while a Data Retention Policy focuses specifically on digital information and electronic data storage.

• Scope: Records Retention Policies manage everything from paper contracts to meeting minutes, while Data Retention Policies primarily handle electronic data, databases, and digital communications.
• Regulatory Focus: Records Retention addresses broad business compliance including IRS requirements and industry regulations, while Data Retention specifically targets privacy laws like GDPR and CCPA.
• Implementation Methods: Records Retention involves physical storage systems and archive management, while Data Retention requires IT infrastructure and digital security measures.
• Destruction Procedures: Records Retention includes methods for physical document shredding and disposal, while Data Retention focuses on secure data deletion and digital wiping protocols.