Rules For Document Retention In Wake
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Retention Period Considerations: These values are based on an analysis of work processes, legal requirements, research needs, as well as other factors regarding how these records support the current work of the agency. Records may have value in more than one category.
For example, financial records may have longer retention periods than general administrative documents and industries such as healthcare and legal services may have specific requirements for retaining patient records or case files.
Determine Document Retention Periods The first step is to create a list of all records that need to be purged. This list should include the type of record, the date it was created, the retention date, and any other relevant information. Then, decide on a regular schedule for purging the records.
Six Key Steps to Developing a Record Retention Policy STEP 1: Identify Types of Records & Media. STEP 2: Identify Business Needs for Records & Appropriate Retention Periods. STEP 3: Addressing Creation, Distribution, Storage & Retrieval of Documents. STEP 4: Destruction of Documents. STEP 5: Documentation & Implementation.
An organization should only retain data for as long as it's needed, whether that's six months or six years. Retaining data longer than necessary takes up unnecessary storage space and costs more than needed.
Organizations must conduct a thorough analysis of the applicable statutory limitation periods to determine the appropriate data retention periods. This analysis involves considering the nature of the data, the potential legal risks, and the specific legal requirements in each jurisdiction.
To calculate the retention rate, divide the total number of employees who stayed with your company through the time period by the headcount you started with on day one. Then, multiply that number by 100 to get your employee retention rate.
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return.
ISO 27001 Data Retention Requirements – 3 years The ISO 27001 compliance framework requires organizations to retain data logs for at least three years.
