Are You In Control of Your Records?
Many organizations are unsure what records they should or shouldn’t keep in order to comply with regulations and, by default, many simply keep everything. Believe it or not, saving everything could put your organization at even greater risk.
Most organizations are required by law to retain and dispose records after a set period of time to comply with various local, state, federal, and industry-specific regulations. Without an effective records retention policy, organizations can face legal ramifications that may result in million-dollar fines, and executives can be held personally responsible.
In today’s complex business environment, a records management program with processes that are consistent, repeatable, and easily auditable is crucial to the success of any business. However, according to a recent AIIM survey, only 47% of organizations have a records retention plan in place. Not having a solid records retention policy in place can lead to costly fines which is why it’s important for organizations to take the time to establish an effective records management policy. This records infographic:
- Explains how records help businesses manage information.
- Identifies the different types of records.
- Offers suggestions on how to effectively manage different record types.
How can records help your business?
1. They help ensure compliance with legal regulations
2. They help keep track of business transactions
3. They help manage processes and procedures
What are the types of records?
“A record is stored information, regardless of media or characteristics, made or received by an organization that is evidence of its operations and has value requiring its retention for a specific period of time.” — ARMA 2019
1. Vital Records
Needed for organizations to start over from scratch following a natural disaster, cyber-attack, etc. These records are difficult to replace and must be protected in a System of Record (SoR).
Examples: legal papers, blueprints, payroll documents, due invoices, corporate policy guides
2. Important Records
Necessary in performing business operations and are usually replaceable, but at a high cost. These records require a high degree of protection and should be protected in a SoR.
Examples: Personal records, sales records, financial and tax records, policy memos, reports, and contracts
3. Useful Records
Helpful in conducting business operations and are usually replaceable at a low cost. These records require minimal protection and don’t need to be protected in a SoR.
Examples: general emails, letters, memos, job postings
4. Nonessential Records
Valuable to businesses after their initial use. They have no reason to be recreated and require no protection. These records should not be protected in an SoR.
Examples: Announcements and bulletins to employees, acknowledgements, daily email messages