What are the best practices for records retention policies?

1 Assess your records

The first step is to identify and classify your records according to their type, content, and value. You need to determine which records are vital, important, or routine, and how long they should be kept. You also need to consider the legal, regulatory, and operational requirements that apply to your records, as well as the risks and costs of keeping or disposing of them. A records inventory and a records retention schedule can help you organize and document your records assessment.

2 Store your records securely

The next step is to ensure that your records are stored securely and accessibly. You need to choose the appropriate format, location, and medium for your records, depending on their nature and purpose. You also need to protect your records from unauthorized access, modification, loss, or damage. You can use encryption, passwords, backups, firewalls, locks, and other security measures to safeguard your records. You also need to ensure that your records are easy to retrieve and use when needed, by creating indexes, labels, folders, and other metadata.

4 Train your staff

A records retention policy is only effective if your staff are aware of it and follow it. You need to train your staff on the importance, benefits, and responsibilities of records retention, and provide them with the tools and guidance they need to comply. You also need to monitor and evaluate your staff's performance and adherence to the policy, and provide feedback and support. You can use manuals, checklists, quizzes, audits, or other methods to train and assess your staff.

5 Review and update your policy

A records retention policy is not a static document, but a dynamic one that needs to adapt to changing circumstances and needs. You need to review and update your policy regularly, at least once a year, to ensure that it reflects the current legal, regulatory, and operational environment, and the best practices in records management. You also need to communicate any changes or updates to your staff and stakeholders, and ensure that they are implemented effectively.

6 Seek expert advice

A records retention policy can be complex and challenging to create and maintain, especially if you deal with a large volume or variety of records, or operate in a highly regulated or competitive industry. You may need to seek expert advice from records management professionals, lawyers, auditors, or consultants, who can help you design, implement, and evaluate your policy. They can also help you avoid common pitfalls, such as over-retention, under-retention, or non-compliance, and ensure that your policy meets your needs and goals.