Records Retention Part 2 or 2

Here is Part 2 of our Taking the Risk out of Records Retention series:

What to Include:
Remember, ALL records need to have established retention periods. The retention schedule is a legal authority that needs to include:
- a description of the records
- the retention periods of all records in the series
- the medium used to record/store information
- where records are stored
- date and method of records disposition, or the storage of records transfer instruction, if disposition is not authorized.

The criteria detailed below will help you determine what needs to be kept and for how long.

What to look for
Records retention determination involves examining and analyzing data collected about specific records series (typically collected through inventories, reviews of existing documentation, and interviews with pertinent individuals or groups) to determine the records series value.
Record values used in determining records retention include the following:

Fiscal value:
Relates to records that document the use and control of financial resources, such as funds, debts and revenues

Legal value:
Relates to records that document transactions, agreements, and all other issues concerning ownership, licensing and litigation

Administrative value:
Relates to records that document operating procedures and the routine activities that must be conducted

Historical value:
Concerns records that document accomplishments, challenges, and changes

Issues to Consider:
The issues that must be considered when determining how long individual records series are to be retained include the following:

Legislative requirements:
Government or business requirements and any other pertinent legislation and regulations which stipulate the length of time for which specific records must be retained

Organizational and staff requirements:
Concern how long individual departmental units (especially the unit in which the respective records series originated) and their staff persons must have access to specific records in order to perform expected job duties and support necessary activities

Archival requirements:
Concern records with long-lasting value and therefore must be retained in perpetuity

Critical program Elements: To ensure the success of your organizations retention program, check that it contains the following components:

Documentation Guidelines:
Provide staff with specific guidelines for documenting records. The primary purpose for record keeping is to document the actions taken by staff at each step of the process

Records Retention Requirements:
Staff should establish retention requirements by document type, identify records to be retained, and research applicable legal and statutory requirements

Document Storage:
A determination should be made on where and how paper and electronic records will be stored. Staff should consider the need for records, which must be stored on a permanent basis or require protection from disaster or theft

Archiving and Record Keeping:
Organizations should establish a procedure for cataloguing and inventorying stored records. The organization needs to be able to retrieve the file as needed as well as schedule it for destruction

Records Destruction:
Staff should decide how the organization will destroy various documents. For example, confidential information should be shredded. Staff should also review all files before destruction to ensure that there are no reasons for retaining any file

Recordkeeping:
The organization should maintain records of all records retention activities

Please contact us at Filecorp to discuss your record keeping requirements in person.