https://dataroomcorp.com/best-practices-for-secure-document-retention/
Document retention is an essential process for businesses regardless of industry or size. It boosts efficiency of businesses reduces storage costs and aids in ensuring regulatory compliance. However, secure document retention is only one part of a comprehensive information management strategy.
A solid document retention plan should take into consideration both federal and state laws in addition to the company’s specific policies. It must include a detailed outline of the procedures for storing, retrieving, and destroying documents. It is also essential to identify the purpose behind a document in order to determine its retention period. This could involve anything from proving or disproving legal claims, supporting tax deductions or providing the reasons behind a business decision. Inconsistent archives can lead to legal issues, and could compromise a company’s ability respond to public inquiries or a Freedom of Information Act request.
Having a clear plan for document storage can help prevent legal exposure as well as security risks, data breaches, and the cost of storage. It gives businesses and financial advisors to be able to concentrate on the day-today activities of their business, being confident that outdated or unneeded files, along with confidential files, are destroyed in the appropriate manner.
A reliable, secure and flexible digital records management system like FutureVault can help businesses and financial advisors meet their document retention requirements and ensure the security of vital client data. Comprehensive access controls and data organization facilitate easy enforcement of retention policies and schedules, while automated workflows provide complete accountability. Searchable through content, date or any other characteristic. Every capture version, annotation and workflow process is logged to ensure full transparency and auditability.