We offer a summary of the steps you can take to analyze the case material for each of the eight points we just noted. Some of the events have to do with its founding, its initial products, how it makes new-product market decisions, and how it developed and chose functional competencies to pursue. Its entry into new businesses and shifts in its main lines of business are also important milestones to consider.
The process of records retention ensures that records are kept as long, as legally and operationally required, and that obsolete records are disposed of in a systematic and controlled manner. A legally compliant records retention schedule allows an organization to be compliant, manage intellectual property, control the costs of information storage, locate and retrieve documents for legal discovery, and dispose of records at the end of their business life.
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.
Both development and implementation of a retention schedule are important elements in establishing a "good faith" effort and ensuring a sound records management program. Risks of not having a Retention Schedule 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. Absent a viable reason, keeping records for longer or shorter times than guidelines dictate exposes a company to unnecessary risk. 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. Recommendations Overall, organizations are advised to drive towards consistency in every aspect of retention management.
Other important considerations to make when developing a records retention schedule are: Implement A Universal Retention Schedule: After obtaining senior management support, a company should implement a universal retention schedule for all business units. The retention schedule should be structured around a classification scheme by business function that categorizes "like" records into broader groupings to facilitate consistency and manageability.
The retention periods within the retention schedule should reflect the longer of the legal and operational value of the records. The justification for the retention periods, legal or operational, should be documented. In the case of a legal authority, the legal citations should be maintained on file.
Schedule Records for Destruction: Users should be discouraged from calculation of the specific destruction dates for individual records due to the likelihood of inconsistency. Rather, a proper records management system can calculate the actual retention dates by having users assign a standard records classification code and having a records management systems calculate the destruction date using the combination of the retention schedule within the system and the creation date of the records.
A retention schedule and policy should be viewed as dynamic. The retention schedule should be reviewed periodically approximately every 12 to 18 months to determine the impact of legal changes upon retention periods.
A retention schedule needs to be inculcated into a company as a way of life. The parameters of the retention schedule as well as the records management program should be communicated frequently and thoroughly within the organization.Business Purpose and Justifications April Slide 2.
2 Business & Travel Expense Policy Purpose and Justification These are examples of both poor and good purposes for expense reports using the business expense template. In these examples, we are using a generic purpose because there are Business Expense Justification Examples. COEPD is expert in Business Analyst Training in Hyderabad, Chennai, Pune and Mumbai.
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The Definitive Guide for Selecting a Food Service Provider for Your Company Cafeteria. Records retention is one of the most important areas of a records management program. Learn what your company needs to properly implement a records retention program.