Document retention is a crucial process for all businesses, no matter how big or the industry. It improves business efficiency, reduces storage costs, and aids in ensuring regulatory compliance. However, secure document retention is only one part of a comprehensive information management strategy.
A solid document retention plan should take into consideration federal and state laws, as well as the company’s specific policies. It should also include a clear outline of the procedures for storing, retrieving and destroying documents. To determine the length for which a document should be kept it is essential to know its purpose. This could include anything from supporting or arguing against legal claims or tax deductions, or describing the reasoning behind an enterprise decision. Inconsistent archiving may lead to legal issues and hinder a company’s ability to respond to public inquiries or a Freedom of Information Act request.
A clear and organized plan for document storage can help to avoid legal exposure and security risks such as data breaches, legal exposure, and the cost of storage. It can also enable companies and financial advisors to concentrate on their work day with confidence knowing that unused, obsolete, or confidential files are being removed in the appropriate manner without causing any interruption to the company’s day-to-day operations.
A reliable, secure and easily scalable digital records management software like FutureVault can assist firms and financial advisors meet their requirements for document retention and ensure the long-term security and integrity of important client information. Access control, information organization and workflow automation assist in the implementation of retention policies and schedules. Searchable by date, content or any other characteristic. Each capture annotation, version and workflow process is documented to ensure transparency and auditability.
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