Document Retention Policy – Best Practices
Document Retention Policy (DRP) is important and having a clearly defined policy could yield three benefits for businesses and organizations, which could be enumerated as: 1. Efficiency; 2. Safety; 3. Peace of mind. With the stated benefits, the DRP establishes and describes the management of records in a physical as well as electronic format. Also, locating key documents when they are needed is easier and more efficient comes under Document Retention Policy . In any event related to investigation or lawsuit, a well-drafted & implemented DRP demonstrated a legitimate and neutral purpose for destroying documents. Moreover, it also ensures that the organization abides by Govt. compliance standards with regards to this policy. There are several laws and regulations in place concerning document retention, including but not limited to tax audit procedures, employment laws, and mandates by concerned authorities. In addition to these federal laws, there may be numerous state and loc