Document retention is an essential process for every business, regardless of the size or industry. It enhances efficiency in business decreases storage costs and helps ensure regulatory compliance. But secure document retention is only one component of an overall strategy for managing information.
A solid document retention plan must take into account federal and state legal requirements, as well as company-specific policies. It should also clearly outline the procedure for storing documents as well as retrieving them and the destruction of them. To determine the length dataroomcorp.com/best-practices-for-secure-document-retention of time a document should be kept it is essential to know its purpose. It could be anything from supporting or refuting legal claims, defending tax deductions or proving the reason behind a company decision. Inconsistent archive management can lead to legal problems and hinder the ability of businesses to respond to public inquiries or Freedom of Information Act requests.
A clear plan for document storage can help avoid legal liability and security threats as well as data breaches and a rise in storage costs. It can also help firms and financial advisors to focus on their work day without worry that unneeded, obsolete, or confidential documents are removed at the right time without causing any disruption to the firm’s daily operations.
FutureVault is a reliable, secure and scalable digital records system that can assist firms and advisors to meet retention requirements while also ensuring long-term security of client information. Access controls that are robust and comprehensive as well as information organization facilitate easy enforcement of retention policies and schedules and automated workflows offer full accountability. A thorough indexing system allows searching by content dates, time, or any other attribute. Furthermore, each capture, version annotation and workflow step is recorded for full transparency and auditing.
