ABSTRACT
Records retention is managed within an organization by developing and implementing a records retention schedule. A records retention schedule is a list of records maintained by an organization and the length of time that the records must be retained. It is a policy document that states the organization’s intent to maintain its records for defined time periods and to disposition them systematically once the time period is reached. Thus the retention schedule supports compliance activities within the organization, promotes transparency and good “corporate” governance.The purpose of the retention schedule is to manage each records series throughout its “life cycle”—the creation or receipt of the record through its disposition. Proper management of each records series ensures that the growth of records is controlled; that is, records are available as long as they are required to support the business need or to comply with a statutory or regulatory requirement and they are dispositioned when they have met these two requirements. Thus, records do not accumulate unnecessarily, and the organization does not incur the costs of maintaining obsolete records. Additionally, removing obsolete records routinely and systematically helps the organization to avoid the appearance of willful destruction, obstruction of justice (in the event of a pending legal action) and thus serves to limit the organization’s legal liability.
