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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 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 records retention schedule is a document, often developed using archival appraisal concepts and analysis of business and legal contexts within the intended jurisdictions, that outlines how long certain types of records need to be retained for before they can be destroyed. For the retention schedule to be utilized a number of guidelines need ...
Retention policies often circle around when data should be deleted on purpose as well, and held from public access, while preservation prioritizes permanence and more widely-shared access. Thus, data preservation exceeds the concept of having or possessing data or back up copies of data.
Records management is the process of ensuring that in whatever form, records are maintained and managed economically, effectively and efficiently throughout their life cycle in the organization. Information governance is the protection of records from access by individuals that are not supposed to access the records.
Records used infrequently may be moved to an “inactive records facility” until they meet their retention limit. Although some information retains long-term value, most records lose relevance over time, with their highest value occurring shortly after creation. Records then transition from active to semi-active and eventually to inactive. [12]
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.
Printing hard-copies of documents and images is a popular means of representing digital data and possibly acquires the qualities associated with original documents, especially their potential for endurance. More recent advances in printer technology have raised the quality of photographic images in particular.
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