3.80- What is the Record retention?
By way of background, we must acknowledge that access to valid and authentic data is crucial for enterprises. To go a step further, the data must also be stored and maintained in an efficient manner so it can be made use of by the organization. If this is not the case, then the enterprise in question may as well be on its way to insolvency.
Put simply, records retention is indispensable for entities and they cannot do without it. It is a method that is made use of on behalf of organizations in order to make sure that the data in question is stored and preserved for multiple purposes. These purposes comprise retrieval, financial purposes (billing etc.). Since we are conversing about the purposes then it will be helpful to classify this under two main headings namely for potential lawsuits and recovering from setbacks. The second aim (setback recovery) refers to when the enterprise’s data system has been rendered useless or damaged to an appreciable extent. To add, records retention encompasses both the conventional paper documentation and electronic means too. Lastly, the norm is to employ record retention schedules and effective retention policies hence it is a pre requisite for organizations. The former schedule adheres to the relevant legislation and is pivotal for an effective records management system.