In an article published in CFMA Building Profits’ January / February 2020 issue, Kelley Halliburton discusses strategies for managing risk through the development of a robust document retention policy, noting that doing so can reduce labor and storage costs, and minimize the potential of a data breach.
Halliburton details the importance of basic but critical elements of a document retention policy, including: selecting a point person; taking inventory of data; reviewing state and federal rules; creating a retention schedule and instructions; setting rules on document destruction; noting litigation holds and other exceptions; implementing document retention training; and updating the policy as needed.
Halliburton concludes, “A well-constructed and consistently applied document retention policy can save your company storage costs, help manage the risks of a data breach, and assist in easing the burden of discovery in the event of a litigation. While the process may be daunting, the benefits to creating such a policy are worth it.”
For the full article, click here.