ABSTRACT
In light of the vast volume of computer and other electronic files and communications, and litigation obligations with respect to e-discovery, companies now realize the need for a comprehensive records retention policy. The benefits of an effective records management program include easier and timely access to necessary records; complying with statutory and regulatory retention obligations; reducing storage costs; protection of confidential and proprietary information; and meeting e-discovery obligations. An effective records retention policy can mitigate the risks of not actively managing electronically stored information, such as the inability to efficiently locate and use important business information, sanctions due to the failure to comply with statutory and regulatory retention and destruction laws, increased costs due to inefficiencies from inaccessible information, and the inability to comply with e-discovery requirements, court orders, and other litigation-related requirements. Companies that have invested the time and resources to prepare a comprehensive records retention policy can comply with their discovery obligations efficiently.
