The Corporate Retention Policy serves as a critical governance document that helps organizations manage their records in compliance with legal and regulatory requirements. This policy becomes necessary as companies accumulate various types of records, from financial documents to employee data, each subject to different retention requirements under U.S. law. The policy establishes clear guidelines for how long different types of records must be kept, how they should be stored, and when and how they should be disposed of. It helps organizations avoid legal complications, ensure regulatory compliance, and maintain efficient operations while protecting sensitive information.
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1. Purpose and Scope: Defines the objective of the policy and its applicability across the organization
2. Definitions: Key terms used throughout the policy including record types, retention periods, and legal holds
3. General Principles: Overall approach to records retention including legal compliance and business needs
4. Roles and Responsibilities: Defines who is responsible for various aspects of records management including compliance officers, department heads, and employees
5. Retention Schedule: Specific retention periods for different types of records based on legal requirements and business needs
6. Disposal Procedures: Methods and protocols for secure disposal of records after retention period expires
1. Industry-Specific Requirements: Additional requirements for specific regulated industries such as healthcare, financial services, or government contractors
2. International Data Requirements: Requirements for international data retention and cross-border data transfer requirements
3. Electronic Records Management: Specific procedures for managing electronic records including emails, databases, and cloud storage
1. Schedule A - Retention Schedule Matrix: Detailed table listing all record types and their specific retention periods
2. Schedule B - Disposal Log Template: Standard template for recording disposed records and verification of proper disposal
3. Schedule C - Legal Hold Procedure: Detailed procedures for implementing and managing legal holds on records
4. Schedule D - Department-Specific Guidelines: Specific guidelines and retention requirements for different departments (HR, Finance, Legal, etc.)
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