Document retention is an essential process for all businesses regardless of industry or size. It enhances efficiency in business, reduces storage costs, and helps ensure regulatory compliance. But secure document retention is just one aspect of a comprehensive information management strategy.
A robust document retention policy should consider federal and state legal requirements and company-specific policies. It should also define clearly the procedures for keeping documents while retrieving them, as well as destroying them. To determine the length of time documents should be kept it is crucial to know its purpose. This could include anything from proving or disproving legal claims, backing tax deductions, or presenting the reasoning behind a business decision. Inconsistent archiving can cause legal issues and compromise the ability of a business to respond to public inquiries or Freedom of https://dataroomcorp.com/best-practices-for-secure-document-retention/ Information Act requests.
A clear plan for document management can help avoid legal liability and security risks, data breaches and more expensive storage costs. It gives firms and financial advisors the confidence to focus on the day-today activities of their business, knowing that old or inactive files, as well confidential files, are destroyed in the appropriate manner.
A reliable, secure and scalable digital records management system such as FutureVault can assist firms and financial advisors meet their document retention requirements and ensure the long-term security and integrity of crucial client data. Granular access controls, workflow automation and information organization help enforce retention policies and schedules. Searchable through content, date or any other attribute. Every capture, annotation, version and workflow step is logged to ensure full transparency and auditability.