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A retention period (associated with a retention schedule or retention program) is an aspect of records and information management (RIM) and the records life cycle that identifies the duration of time for which the information should be maintained or "retained", irrespective of format (paper, electronic, or other). Retention periods vary with ...
A retention schedule is a listing of organizational information types, or series of information in a manner which facilitates the understanding and application of the identified and approved retention period, and other information retention aspects.
An inactive record is a record that is no longer needed to conduct current business but is being preserved until it meets the end of its retention period, such as when a project ends, a product line is retired, or the end of a fiscal reporting period is reached. These records may hold business, legal, fiscal, or historical value for the entity ...
U.S. laws require companies to retain records for years, and sometimes forever, and violating U.S. records retention laws can result in domestic fines and penalties. But this could be an issue ...
As a result, the first Guide to Record Retention Requirements was published in 1955. This guide is updated annually and is used by archivists and other record managers both in and out of government. [1] The Federal Records Act was amended over time. Amendments in 1976 emphasized paperwork reduction and information lifecycle management. [1]
A part of any effective data retention policy is the permanent deletion of the retained data; achieving secure deletion of data by encrypting the data when stored, and then deleting the encryption key after a specified retention period. Thus, effectively deleting the data object and its copies stored in online and offline locations. [7]
Records then transition from active to semi-active and eventually to inactive. [12] Retention periods are set by an organization-specific retention schedule based on regulatory, statutory, and legal requirements, business needs, and historical or intrinsic value.
Most business records have specified retention periods based on legal requirements and/or internal company policies. This is important because in many countries (including the United States), many documents may be required by law to be disclosed to government regulatory agencies or to the general public.