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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. Likewise, they may be discoverable if ...
It is commonly advised by records and information management (RIM) professionals that any and all retention periods applied to organizational information should be reviewed and approved for use by competent legal counsel, which represents the organization, and is familiar with the specific business needs and legal and regulatory requirements of ...
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 ...
Data retention defines the policies of persistent data and records management for meeting legal and business data archival requirements. Although sometimes interchangeable, it is not to be confused with the Data Protection Act 1998 .
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.
Level 4 (Proactive): This level describes an organization that is initiating information governance program improvements throughout its business operations. Information governance issues and considerations are integrated into business decisions on a routine basis, and the organization easily meets its legal and regulatory requirements.
The US Securities and Exchange Commission fined six major credit rating organizations a total of $49 million for their “significant failures” to keep electronic communications.
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