Document retention is an important process for all businesses regardless of their industry or size. It increases efficiency for businesses decreases storage costs and aids in ensuring regulatory compliance. Secure document retention is just one aspect of a comprehensive strategy for managing information.
A robust document retention policy should consider federal and state legal requirements and company-specific policies. It must also include a clear outline of the procedure for storing, retrieving and destroying documents. It is also essential to establish the purpose of the document to decide on its retention period. This could involve anything from proving or refuting legal claims, backing tax deductions, or presenting the reasoning behind a business decision. Inconsistent archiving can lead to legal problems and hinder a business’s ability to respond to public inquiries or Freedom of Information Act requests.
Having a clear plan for document storage can help to avoid legal exposure, security risks, data breaches, and the cost of storage. It allows firms and financial advisors to focus on the day-to-day business of their company, knowing that obsolete or unused documents, as well as confidential files, are disposed at the right time.
A reliable, secure and flexible digital records management system such as FutureVault can help firms and financial advisors meet their document retention requirements and ensure the long-term security and integrity of vital client data. The extensive access controls and information management make it simple to enforce retention schedules and policies and workflows that are automated provide full accountability. Comprehensive indexing allows searchability by content dates, time, or any other attribute. Additionally, every capture, version annotation and workflow step is recorded for full transparency and auditing.
dataroomcorp.com/best-practices-for-secure-document-retention